Using publicly disclosed 2025 dividend declarations and ownership stakes, Metrobank, BPI and BDO emerge as the biggest identifiable cash spigots to the parent holding companies of GT Capital, Ayala Corp. and SM Investments. When investors look at Philippine conglomerates, the eye usually goes first to malls, property launches, auto sales or telecom towers. But at the parent-company level, the more revealing question is simpler: which subsidiaries actually throw cash up to the holding company? On that test, the answer for the Ty, Zobel and Sy groups is strikingly similar. Their banks — Metrobank for GT Capital Holdings Inc., Bank of the Philippine Islands for Ayala Corp., and BDO Unibank for SM Investments Corp. — were the biggest identifiable dividend engines feeding the top of the house in 2025. Start with GT Capital . The Ty family holding company’s ownership map ties it directly to Metrobank , and Metrobank’s own disclosures show that GT Capital owns 37.2% of the bank...