Toyota’s Ty, Volkswagen’s Ayala in Philippines’ richest list
Ground breaking ceremony for Toyota Motor Philippines School of Technology (TMP Tech). GT Capital Group Chairman Dr. George S.K. Ty shakes hands with Mr. Shoichiro Toyoda, Honorary Chairman of Toyota Motor Corporation. Photo from GT Capital.
There’s a lot of profit in rolling metal these days. Businessman George Ty, whose company owns a majority of Toyota Motor Philippines (TMP), ranked seventh on the Forbes list of the Philippines’ richest persons, with a net worth of $3.7 billion dollars. Ty’s GT Capital owns 51% of TMP, with Japan’s Toyota Motor Corporation owning 49%. TMP is the country’s biggest automotive company. It has been breaking sales records this year, topping the 10,000 monthly unit sales and is set to well surpass its 2013 total of 75,587 units. The company recorded P80.02 billion (around $1.829 billion) revenues in 2013, with a gross profit of P10.25 billion ($234 million). Even that is a mere footnote to his Metrobank and GT Capital empire. Described by Forbes as “reserved, reclusive, and buttoned up,” Ty had given the chairmanship of the group to son Arthur in 2006.
Jaime Zobel de Ayala, who recently launched the Volkswagen brand in the Philippines, ranked No. 9 on the list, with $3.4 billion net worth. Before VW, Ayala Corporation had already invested in the automotive sector with its stakes in Honda Cars Philippines and Isuzu Philippines.
PGA Cars’ Robert Coyiuto, Jr. ranked 11th with a net worth of $1.8 billion. The 61-year old tycoon distributes the Porsche, Audi, Lamborghini, and Bentley brands in the Philippines. He also owns dealerships for other brands. Prudential Guarantee & Assurance, which he chairs, is one of the Philippines’ largest insurance companies. He also owns a stake in National Grid, in which Henry Sy is an investor, and in Oriental Petroleum & Minerals. Coyiuto has partnered with Porsche AG and Don Bosco Technical Institute to train scholars, setting up the Porsche Training and Recruitment Center Asia in Manila.
Ramon Ang, who has a stake in Petron Corporation, ranks No. 32, with $380 million. Alfonso Yuchengo, whose businesses include Honda dealerships, is listed at No. 23 with $685 million.
Topping the list for the seventh year in a row is mall magnate Henry Sy and family, with $12.7 billion net worth. The list is comprised of businessmen, and did not include any politicians or public officials.
The Forbes Top 50 richest list are worth a combined $74.2 billion.
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