MALACANANG extended on Monday, November 26, its sympathies and condolences to the family of business icon and philantrophist George Ty.

Ty, founder of the Metrobank group, passed away on November 23 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 night.

"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.

Ty was the country's ninth richest man, with an estimated net worth of $2.75 billion, according to Fobres magazine.

Panelo said the people acknowledged Ty's "amazing journey as a banker and entrepreneur."

He added that Filipinos respect Ty "for his lasting legacy to the country," recognizing the business icon's Metrobank Foundation "that annually pays tribute to teachers, soldiers and police officers as outstanding Filipinos."

"Mr. Ty was quoted saying that he 'shared the dream of a better bank' but he would always be remembered for sharing a better society for Filipinos at a time when corporate social responsibility was yet to become the standard norm for companies," the Palace official said.

"Mr. Ty indeed exemplified the outstanding Filipino. He will be missed," he added. (SunStar Philippines)