Tag Archives: George Ty Estate

It surprises me that no one seems to care — or is there a news blackout? — on the crisis of the George Ty estate. After all, we’re talking a conglomerate that has its hands dipped in insurance (AXA Philippines), transport (Toyota), banking (Metrobank), and real estate development (Federal Land), not to mention education (Manila Tytana Colleges) and energy (Global Business Power Corporation). GT Capital also has major stakes in Metro Pacific Investments Corp. (MPIC), which builds roads and tollways.

And while one might like to think that these are private businesses anyway, and therefore none of us should care about what happens to it, that would be small-minded of us. Obviously, this means thousands of jobs on the line. We should also be looking at all the public projects of GT Capital, the ones that it was able to get traveling with Duterte on his official visits to countries like Japan. And let’s not even start about the thousands of Metrobank and AXA Philippines clients, the properties being developed by Federal, the subscribers of Global Business.

It’s also a surprise, that for a President who insists that he is against the abusive rich, the wealthy, the elite, and whose propagandists insist that he wants to tax the rich more than the poor, that Duterte has fallen silent on the Ty’s estate-in-crisis.

George Ty died with a net worth of $3.4 billion dollars as of a June 2018 publication. That’s approximately P174,589,025,357.36 pesos, read: P174.5 BILLION PESOS given current exchange rates. But as of this report, whoever’s holding Ty’s will is  is only declaring his estate to be worth P3 BILLION PESOS.

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I rarely — if at all — care about the movements among big business and oligarchs, except when they are in cahoots with government and China to push for anti-people policies, and of course when the issue at hand is one that is about oppressing workers, demolishing the urban poor, and / or violating basic rights. And in this country, we’ve got a lot of that.

But this bit about what has happened since George Ty’s death in November 2018, via Vic Agustin’s Money Go Round column in the Inquirer, piqued my interest. On the surface, and admittedly, it was this narrative of two wives — one Filipino, one Chinese — that made it hard to ignore. (One wonders why Mother Lily isn’t making this into a Mano Po film yet, harhar.) But a bit of research on Ty, and one realizes that what has actually hung in the balance since Ty’s death are far more important: (1) thousands of Filipino jobs, (2) billions of pesos in people’s investments and savings, and (3) the national and global business conglomerate of the ninth richest man in the Philippines.

Even more surprising? If not suspicious, is how it seems like it’s being kept quiet, this whole Ty Estate crisis. Because after it filled mainstream news in February 2019, suddenly there was complete silence about what’s been going on. Save for Agustin’s June 2019 piece, there is practically nothing. No credible status update about Ty’s estate, a silence that puts at risk everyone that works and invests with GT Capital, but also puts at risk the credibility of the whole Ty conglomerate.

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