Education is not preparation for life; education is life itself. — John Dewey
Happy are those who dream dreams and are ready to pay the price to make them come true. — Leon J. Suenes
On the afternoon of Aug. 7 at the 403-year-old University of Santo Tomas in Manila, I witnessed a poignant event in the life of one of Asia’s top bankers. Business leader and philanthropist George S.K. Ty returned to his alma mater with his family and top executives to receive an honorary doctorate in humanities from UST led by Rector Fr. Heminio Dagohoy, O.P., 59 years after he had dropped out of school.
Overcoming suffering with discipline & dreams
In 1955, Ty enrolled in a B.S. Commerce course at UST, but he soon had to stop schooling since he said he “couldn’t concentrate and was always thinking of too many things” while working in the textile import business of his father the late entrepreneur Don Norberto Ty. When I asked him what was his dad’s most important advice to him, the taipan replied: “Honesty. He taught me to always be honest.”
George Ty described his youth as “full of sufferings.” He overcame problems getting banks’ support but still succeeded in helping his father to set up their flourmill and was its general manager at age 19. At age 29, and without banking experience, Ty founded Metrobank in 1962 and built it into a leading financial conglomerate which now includes PS Bank, Toyota Philippines, Philippine AXA Life Insurance, real estate, power and other diverse ventures.
Forbes magazine estimates George Ty’s net worth at US$3.6 billion. He spearheads many civic endeavors through Metrobank Foundation, GT-Metro Foundation and Toyota Motors Philippines Foundation. Ty has lived an extraordinary life of excellence, integrity and discipline. Here’s his acceptance speech entitled “A Legacy of Trust and Hope.”
Reverend Father Herminio Dagohoy, distinguished guests, ladies and gentlemen, thank you all for this great honor. You honor not only me, but my parents, my family, my associates, and everyone who has contributed to my life and work.
I have received honorary doctorates from other institutions, but this one is different, because it comes from the University of Santo Tomas, my school. I stand before you humbled and grateful for the honor you have bestowed upon me today.
I was not a very good student, in the traditional sense. I had to drop out when I was 18 years old, because I had to help my father put up Wellington Flour Mills, which back then supplied one fourth of the total requirements of the country.
I had to endure many hardships as a young businessman in an unfamiliar industry, as well as inadequate bank financing. But despite all these limitations, and with God’s blessings, the flourmill turned out to be a great success. This experience gave me a greater confidence to put up a bank. Once again, I had to go through a lot of difficulties putting up Metrobank. It took me three years to convince the Central Bank to issue me a license despite my young age and inexperience in banking. And as fate would have it, Metrobank has become one of the country’s largest and strongest banks. In 2013, the Metrobank Group paid over P20 billion in taxes.
If there is anything I have learned in life, it is that education is very important. This is why, despite my shortcomings, I made sure that my children were given the best education I could afford. And I am happy to see that their education has not been wasted.
But I have also learned that education comes in many forms. If you are lucky, and if you have the time and money, you can go to a good school like U.S.T., and earn a degree.
But you can also learn from life itself, with experience as your professor. Experience can be a very hard, very strict teacher, sometimes even cruel. But the lessons you will learn from experience, you will never forget.
There certainly are many negative life lessons, but more importantly, there also are many positive ones. One good lesson I would like to share with you is this: if you go into business, there is nothing more important than trust.
Like all good things, trust is not given. It must be earned. You must make sure to deliver on your promises. You pay your debts, and you borrow only what you can pay. You keep your word. You stay honest, and you avoid scandal and shame. In other words, be a businessman with honor.
To be a businessman with honor, one has to be a law-abiding citizen. And as President Corazon C. Aquino, who served as chairperson of the Metrobank Foundation for many years, advised us: “Always follow the law.” In addition, one must engage only in legitimate and proper businesses.
In Metrobank, most of our depositors are ordinary people, small people with big dreams. They are depositing not only their savings, but with their hopes for a better future.
In that sense, good banking is always about more than money. It is about trust and hope, and about helping other people achieve their dreams.
It is for this reason that I put up the Metrobank Foundation in 1979. This is based on my philosophy that whatever I spend for my personal and family needs and wants, I should be able to give the same or even more for charity since there are many who are needy. I likewise believe that as a successful financial institution, Metrobank has the responsibility to contribute to build our country.
I have been fortunate to achieve my own dreams. Many, many years ago I dreamed of becoming a successful businessman like my father, and my children tell me that I have done that. I can only wish that my father, Don Norberto Ty, could be with us here today.
But I could not have done it without the help of my family and of many other people. Aside from being trustworthy, the other key to good business is to trust others. A good businessman will always find good people he can trust.
We have tens of thousands of employees in the Metrobank Group. There I have met many such people. They are no longer just employees but friends, and I also thank them today for all the hard work they did for me and for the company.
They shared my dream of a better bank, and ultimately of a better society for all Filipinos not only in Manila or Cebu or Davao, but in the smallest towns and cities that we can serve.
I suppose you can say that I made a deposit in my own bank — an investment in hope, an investment withstanding the test of time, an investment that will never be withdrawn. This is my legacy to the nation and to the future, and I am trusting you all to take good care of it.
Again, thank you for this great honor, and I wish you all a very pleasant day.
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