Toyota Motor Philippines (TMP) Chairman, Dr. George S.K. Ty, has passed away at this afternoon at the age of 86. Dr. Ty was ranked the ninth richest businessman in the Philippines, the executive helms GT Capital Holdings, which is a major stakeholder of TMP, Metropolitan Bank and Trust Co. (Metrobank), Federal Land, Inc. and stakes in insurance firm Philippine AXA Life Insurance Corp. and infrastructure conglomerate Metro Pacific Investments Corp, among others.

In 1988, Ty set up a joint venture with Japanese automotive giant Toyota, that would eventually evolve into Toyota Motor Philippines, the country’s leading and largest automotive brand and manufacturer. TMP continues to enjoy a significant lead over its closest local rivals and has recently celebrated its 30th Anniversary of continuous operation in the country.

He received his bachelor’s degree from the University of Santo Tomas. He was also granted an honorary doctorate degree in humanities by the university.

Dr. Ty was recognized not only for his exemplary achievements in business but also for his generous philanthropy through the Metrobank Foundation.

GT Capital Holdings Inc. has issued an official statement:

"It is with deep sadness that we announce the peaceful passing of our beloved Founder and Group Chairman Dr. George S.K. Ty.

He was surrounded by family and loved ones at the time. He was 86 years old.

Memorial services will start on November 25, 2018 at the Heritage Park, Taguig City. In lieu of flowers, donations to the Philippine National Red Cross, CBCP Caritas Filipinas Foundation and Philippine Disaster Resilience Foundation will honor his spirit of generosity and memory."