GT Capital names Carlos Dominguez as independent director

MANILA, Philippines — GT Capital Holdings Inc., the conglomerate of the Ty Group, yesterday announced the election of former Finance secretary Carlos Dominguez to its board of directors.

GT Capital chairman Francisco Sebastian said the group looks forward to Dominguez’ guidance.

“We warmly welcome Mr. Dominguez to GT Capital and look forward to his valuable insights and contributions to the company, given his wealth of experience in both the country’s public and private sectors. Mr. Dominguez is certainly supportive of GT Capital’s commitment towards nation building. With his guidance, we are confident that the group will continue to help grow the Philippine economy,” Sebastian said.

Dominguez was the secretary of the Department of Finance under the administration of former president Rodrigo Duterte from 2016 until 2022.

In his capacity as Finance secretary, Dominguez also served as chairman of the Land Bank of the Philippines (LBP), state deposit insurer Philippine Deposit Insurance Corp.(PDIC), and Philippine Guarantee Corp.

In addition, he was a member of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).

Prior to his stint as Finance secretary, Dominguez also served as the secretary of the Department of Agriculture and the Department of Environment and Natural Resources under the administration of the late president Corazon Aquino.

In the private sector, Dominguez was chairman and president of Philippine Airlines, chairman of RCBC Capital Corp., director of Manila Electric Company (Meralco), and president of BPI Agricultural Development Bank.

GT Capital’s board also comprises of Arthur Ty, Carmelo Bautista, David Go, Regis Puno and independent directors Renato Valencia, Rene Buenaventura, Consuelo Garcia and Gil Genio.

The company holds interests in banking; automotive assembly, importation, distribution, and financing; banking; property development; life and non-life insurance; infrastructure and utilities; and motorcycle financing.

GTCAP’s subsidiaries are Federal Land Inc.; Toyota Motor Philippines Corp.; Toyota Manila Bay Corp.; and GT Capital Auto Dealership Holdings Inc.

The company also has significant shareholdings in Metropolitan Bank & Trust Company; Metro Pacific Investments Corp.; Philippine AXA Life Insurance Corp.; Toyota Financial Services Philippines Corp.; and Sumisho Motor Finance Corp.