Palace condoles with family of tycoon George Ty

Malacañang has offered its symphaties to the family of the late business icon and philanthropist George Ty.

Ty died on Friday after several months of battling pancreatic cancer. He was 86.

“The Palace expresses its deep condolences to the family, friends and colleagues of Mr. George Ty,” Presidential Spokesperson Salvador Panelo said in a statement on Monday.

“Mr. George Ty was a visionary and pillar of the Philippine economy. He started Metropolitan Bank and Trust Company, now one of the country’s largest and most respected financial institutions, before he had reached the age of 30,” he added.

Panelo noted that the “people recognize Mr. Ty’s amazing journey as a banker and entrepreneur but a grateful nation respects the man for his lasting legacy to the country.”

The Palace official also honored Ty’s Metrobank Foundation who “annually pays tribute to teachers, soldiers, and police officers as outstanding Filipinos.”

“Mr. Ty indeed exemplified the outstanding Filipino. He will be missed,” Panelo said.

Ty built a fortune out of banking and automotive manufacturing. He was the country’s ninth wealthiest man with an estimated net worth of $2.75 billion, according to Forbes magazine. /ee

READ: George Ty dies ‘surrounded by loved ones and family’