Ayala Corporation

For its real estate subsidiary, see Ayala Land.

Ayala Corporation (Spanish: Corporación Ayala, formerly Ayala y Compañía (Ayala & Company)) is the publicly listed holding company for the diversified interests of the Ayala Group. Founded in the Philippines by Domingo Róxas and Antonio de Ayala during Spanish colonial rule, it is the country's oldest and largest conglomerate. The company has a portfolio of diverse business interests, including investments in retail, education, real estate, banking, telecommunications, water infrastructure, renewable energy, electronics, information technology, automotive, healthcare, management, and business process outsourcing. As of November 2015, it is the country's largest corporation in terms of assets ($48.7 billion).

Ayala Corporation

Formerly	Ayala y Compañía
Company type	Public
Traded as	PSE: AC
Industry	Conglomerate
Founded	Manila, Captaincy General of the Philippines 1834; 190 years ago (1834)
Founders	Domingo Róxas Antonio de Ayala
Headquarters	Ayala Triangle Gardens Tower 2, Paseo de Roxas cor. Makati Avenue, Makati, Metro Manila, Philippines
Area served	Philippines Global Presence[1] Americas: United States, Mexico, Cayman Islands, British Virgin Islands (4) Europe: United Kingdom, Germany, Czech Republic, France, Serbia, Bulgaria (6) Middle East: Israel, Saudi Arabia (2) Asia: India, China, Japan, Myanmar, Thailand, Vietnam, Hong Kong, Taiwan, Malaysia, Singapore, Indonesia (11) Oceania: Australia (1)
Key people	Directors[1] Jaime Augusto Zóbel de Ayala (chairman) Cezar P. Consing (President and CEO)[2] Maria Lourdes Heras-de Leon (Former president) Delfin Lazaro (Non-Executive Director) Keiichi Matsunaga (Non-Executive Director) Mercedita S. Nolledo (Non-Executive Director)[3] Antonio Jose U. Periquet (Lead Independent Director) Rizalina G. Mantaring (Independent Director) Management Committee[1] Jaime Augusto Zóbel de Ayala (advisor) Cezar P. Consing (President and CEO)[4] John Eric T. Francia (ACEN President and CEO) Ruel T. Maranan (Ayala Foundation President) Bernard Vincent O. Dy (Ayala Land President and CEO) Alfredo I. Ayala (iPeople COO) Arthur R. Tan (AC Industrial President and CEO) John Philip S. Orbeta (Chief Human Resources Officer) Jose Teodoro K. Limcaoco (BPI President and CEO) Solomon M. Hermosura (Chief Legal Officer) Jose Rene Gregory D. Almendras (AC Infrastructure President and CEO) Ernest Lawrence L. Cu (Globe President and CEO) Paolo Maximo F. Borromeo (AC Health President and CEO) Alberto M. de Larrazabal (Ayala Chief Finance, Risk, and Sustainability Officer) Francisco Romero Milan (Strategic Adviser for Human Resources)
Revenue	₱141.6 billion (2021)[5]
Net income	₱36.036 billion (2021)
Total assets	₱1.349 trillion (2021)[5]
Total equity	₱565.3 billion (2021)[5]
Owner	Mermac, Inc. (Zóbel de Ayala family's holding company) (47.8%)[6] Public (44.89%) SM Group (3.74%)
Number of employees	60,150 (2021) [1]
Subsidiaries	List of subsidiaries[1] Ayala Land (46.3%) BPI (48.5%) Globe (30.8%) ACEN (64.7%) Emerging Businesses: AC Health, AC Logistics Portfolio Investments: AC Industrials, AC Infra, AC Ventures, Manila Water, iPeople
Website	ayala.com.ph

History

Ayala y Compañía was established in 1876 and traces its origins to Casa Róxas, a partnership established in 1834 between Domingo Róxas and Antonio de Ayala.^[7] Casa Róxas began with the formation of a distillery which became known as the maker of Ginebra San Miguel. The distillery ultimately known as the Ayala Distillery was acquired by La Tondeña, Inc. in 1929.

In 1888, the company introduced the first tramcar service in the Philippines. The company participated in the construction of the Ayala Bridge over the Pasig River in Manila. Originally built of wood in 1872, the bridge was reconstructed in steel in 1908 to become the first steel bridge in the Philippines. The company was responsible for the urban development of Makati after World War II under the leadership of Col. Joseph Ralph McMicking, who was married to Mercedes Zobel de Ayala.^[8]

Ayala y Compañía shifted from a partnership to a corporation with the establishment of Ayala Corporation in 1968 and became public company in 1976.^[9] Ayala Corporation welcomed the minority investment of Mitsubishi Corporation as its strategic partner in 1974.^[10]

In 2011, Ayala Corporation began building its renewable energy portfolio, beginning with a joint venture with Mitsubishi for solar power and Sta. Clara Power for run-of-the-river hydro power, and the purchase of the iconic Northwind farm for wind power. Ayala will contribute 1000 MW to the Philippine power supply, by 2015.^[11] FinanceAsia named Ayala Corporation as the best-managed company in the Philippines in 2010 and 2015, as well as best for corporate governance and best for corporate social responsibility.^[12]

Attached companies and investments

Real estate Alveo Land Ayala Land Inc. AyalaLand Logistics Holdings Corp. (ALLHC) Ayala Malls Makati Development Corp. (MDC) AG Holdings, Ltd.[13][14] Avida Land [15] Amaia Land [16] Bellavita Portico Land Corp. - joint venture with Mitsubishi Corporation[17] Roxas Land Corp. - joint venture with Bank of the Philippine Islands and Hongkong Land Regent Wise Investments Limited MCT Consortium Berhad (32.95% ownership, based in Malaysia) Ortigas & Company Limited Partnership - Since November 2014, Ayala and SM Prime Holdings ended their dispute over the ownership of OCLP Holdings, the parent of Ortigas & Company. Ayala has recently sealed a deal with a group led by Ignacio Ortigas for the development of the Ortigas family's land bank area.[18] Trident Infrastructure and Development Corporation (TIDC) - Formerly known as "Team Trident" and "the super consortium", is a joint-venture between Aboitiz Equity Ventures, Inc. (AEV), Ayala Land Inc. (ALI), Megaworld Corporation (MEG) and SM Prime Holdings, Inc. (SMPH). It is aimed to develop the Laguna Lakeshore Expressway and Dike Project (LLEDP).[19] Ayala-GT Capital - In May 2015, through Ayala's Alveo Land and GT Capital's Federal Land, the two corporations will develop a 45-hectare property in Biñan, Laguna, aimed towards mid-range and high-end markets.[20] Financial services Bank of the Philippine Islands GCash Telecommunications Globe Telecom, Inc. Utilities Manila Water Company Inc. (only economic interests remain until 2029 - control handed over to Enrique K. Razon's)[21] Power and transport Ayala Corporation Energy Holdings, Ltd. - is the power unit of Ayala Corporation, with investments in the development of conventional as well as solar, wind, and mini-hydro energy sources.[22][23][24][25][26] AC Infrastructure Holdings Corp. - pursues toll road, rail and airport projects under government's public-private partnership program. Light Rail Manila Corporation - a consortium between the Ayala Corporation, Metro Pacific Investments Corporation, and Sumitomo Corporation for the Line 1 Common Station, Concession, and Bacoor Extension.[27] AF Payments, Inc. (10%) - another consortium between the Ayala Corporation and Metro Pacific Investments Corporation regarding the unified Automated Fare Collection System (Beep card) for Line 1-3, and eventually also for the PNR and other public transport.[28] North Avenue Grand Central station - the Unified Grand Central Station, is an interchange station currently in development by its stakeholders Metro Pacific Corporation, SMC-MRT7 of San Miguel Corporation, SM Prime Holdings, and Ayala Corporation. Entrego (60%) - courier and express parcel management that serve Zalora Philippines.[29] Manufacturing and automotive AC Industrial Technology Holding, Inc. (AC Industrials)[30][31] Integrated Micro-Electronics, Inc. (IMI)[32][33] Honda Cars Makati, Inc.[34][35][36] and Honda Cars Cebu, Inc.[37] - Established in October 1990, Ayala Automotive Holdings began with a 12.9% stake in the P1.1B investment for the local operations and production plant of Honda Cars Philippines. Isuzu Automotive Dealership, Inc.[38][39][40] Isuzu Philippines Corporation (IPC) (owns 15%) Volkswagen Philippines [41] Maxus Philippines, Inc [42] Kia Philippines, Inc [43] BYD Auto Philippines [44] Adventure Cycle Philippines, Inc. (KTM Philippines) ACI Solar Holdings North America Merlin Solar Technologies Inc.[45] AC Industrials Singapore Misslbeck Technologies GmbH [46]

Social infrastructure Ayala Healthcare Holdings, Inc. (AC Health) [47] Healthway Medical Network - Hospitals and clinics network that includes the Healthway Multi-Specialty Clinics, QualiMed Group of Hospitals, FEU Nicanor Reyes Medical Foundation, and the Healthway Cancer Care Hospital [48] Generika Drugstore [49] I.E. Medica Inc. [50] MedEthix Inc. [51] KonsultaMD - a joint venture with Globe's 917Ventures [52] Ayala Education, Inc. (AEI) University of Nueva Caceres - Ayala Education's flagship University [53] Affordable Private Education Center, Inc. (APEC Schools) - a joint venture between the Ayala Corporation and Pearson PLC's Affordable Learning Fund (Pearson ALF). It promotes affordable but high-quality education.[54][55] Professional Employment Program (PEP) [56] National Teacher's College (33%) Nonprofit organizations Ayala Foundation[57] CENTEX[58] Ayala Museum[59] Philippine Development Foundation[60] Ayala Technology Business Incubator[61] Filipinas Heritage Library[62] Ayala Social Initiatives[63] Business process outsourcing, Logistics and Digital businesses LiveIt Investments, Ltd.[64] Affinity Express[65][66] HRMall[67][68] Zalora Philippines Divestments Grail Research IQ BackOffice, Inc. The Insular Life Assurance Co., Ltd. - Mutual company owned by policyholders since 1987. Integreon[69][70] Philippine FamilyMart CVS, Inc. - Joint venture with Stores Specialists, Inc., Japan FamilyMart, and Itochu Corporation.[71] Acquired by Phoenix Petroleum Philippines, Inc. in 2018. Pilipinas Makro Inc. (defunct) - initially a joint venture partnership among Ayala, SM Investments Corporation (SM Prime Holdings), and the Netherlands' SHV Holdings NV formed to own and operate Makro branches in the Philippines. Ayala divested from the company in 2004.[72] Pure Foods Corporation - sold to San Miguel Corporation in 2001. Stream Global Services - sold to Convergys in 2014 for $820 million.[73] Muntinlupa–Cavite Expressway - the 4-kilometer (2.5 mi), 4-lane expressway connecting Daang Hari and South Luzon Expressway in Muntinlupa. Sold to Prime Asset Ventures Inc. of the Villar Group in August 2023.[74] AirSWIFT (sold to Cebu Pacific in October 2024)

Retirement of Jaime Zóbel de Ayala

In January 2006, the board of directors publicly announced the decision by Jaime Zóbel de Ayala to retire as chairman of the corporation by April 2006. The board also announced his appointment as chairman emeritus upon his retirement. His eldest son, Jaime Augusto Zóbel de Ayala, succeeded him as chairman and chief executive officer, while his younger son, Fernando Zóbel de Ayala, has assumed the position of president and chief operating officer. The Zóbel de Ayala family's holding company, Mermac, Inc., continues to hold the controlling stake (49%) in Ayala Corporation.^[75]

References

1. Ayala Corp. Building businesses for the greater good (2021 Integrated Report) (Report). Archived from the original on October 31, 2023.
2. "Disclosure No. 3552-2022 Results of Board Meeting held on September 27 2022 Election of Director Appointment of Officers Changes in the Composition of the Board Committees" (PDF). September 27, 2022. Archived (PDF) from the original on September 27, 2022. Retrieved September 27, 2022.
3. "Disclosure No. 3552-2022 Results of Board Meeting held on September 27 2022 Election of Director Appointment of Officers Changes in the Composition of the Board Committees" (PDF). September 27, 2022. Archived (PDF) from the original on September 27, 2022. Retrieved September 27, 2022.
4. "Disclosure No. 3552-2022 Results of Board Meeting held on September 27 2022 Election of Director Appointment of Officers Changes in the Composition of the Board Committees" (PDF). September 27, 2022. Archived (PDF) from the original on September 27, 2022. Retrieved September 27, 2022.
5. Ayala Corp. Ayala Corp.'s 2021 Annual Report (SEC-17A) (Report). Archived from the original on May 7, 2022.
6. https://edge.pse.com.ph/openDiscViewer.do?edge_no=1068e4a17b4212ffabca0fa0c5b4e4d0
7. Borja, Marciano (May 1, 2005). Basques in the Philippines. Nevada: University of Nevada Press. p. 124. ISBN 0874175909. Retrieved June 6, 2014.
8. Jamora-Garceau, Therese (October 6, 2017). "Ayala unveils McMicking memorial in Makati". Philstar.com. Archived from the original on November 7, 2023. Retrieved October 27, 2023.
9. Cruz, Nicole (September 22, 2019). "The Milestones That Made Ayala Corporation One of the Largest Conglomerates in the Country". Esquire Philippines. Archived from the original on May 25, 2022. Retrieved May 8, 2022.
10. Gonzales, Iris (March 16, 2018). "Mitsubishi eyes more collaboration with Ayala Group". The Philippine Star. Archived from the original on May 10, 2022. Retrieved May 10, 2022.
11. "Ayala Corp Builds Renewable Energy Portfolio with Run-of-the-River Hydropower" Archived April 23, 2011, at the Wayback Machine, The Philippine Daily Inquirer
12. "Asia's best managed companies: Indonesia and the Philippines" Archived May 11, 2011, at the Wayback Machine, Finance Asia
13. "Charles H. Cosgrove J.D.: Executive Profile & Biography - Businessweek". Businessweek.com. February 10, 2024.^{[dead link]}
14. "Philippine Ayala Corp eyes Chinese, Indian real estate markets_English_Xinhua". Xinhuanet.com. Archived from the original on April 8, 2009.
15. "Avida Properties in Vermosa Cavite, Avida Verra Settings". avidaverrasettings.com. Archived from the original on January 29, 2020. Retrieved January 29, 2020.
16. "Amaia Properties in Vermosa Cavite, Amaia Series in Vermosa Cavite". ayala-amaialand.com. Archived from the original on January 29, 2020. Retrieved January 29, 2020.
17. "Japan's Mitsubishi taps Ayala Land for Ortigas property venture". Interaksyon.com. Archived from the original on May 2, 2014. Retrieved June 28, 2014.
18. "Ayala Land, Ortigas group seal P15B deal". Thedailyguardian.net. Archived from the original on July 3, 2012.
19. "Why Ayala, Aboitiz, Sy, Tan formed 'Team Trident'". Abs-cbnnews.com. Archived from the original on February 27, 2015.
20. Cathy Yang. "DPWH mulls bid submission extension for Laguna Lakeshore PPP". Abs-cbnnews.com. Archived from the original on October 3, 2015. Retrieved October 16, 2015.
21. Piad, Tyrone Jasper C. "'End of an era': Ayala exits Manila Water". inquirer.net. Philippine Daily Inquirer Group. Retrieved August 4, 2024.
22. "Ayala unit seeks regulatory approval for capital hike | Top Business News". The Manila Times. Archived from the original on February 3, 2012. Retrieved May 10, 2012.
23. "Archived copy" (PDF). Archived from the original (PDF) on August 2, 2012. Retrieved May 10, 2012.{{cite web}}: CS1 maint: archived copy as title (link)
24. Remo, Amy R. (February 3, 2013). "AC Energy of Ayala group to invest $200M in 2013". Inquirer.net. Archived from the original on December 14, 2013. Retrieved December 19, 2013.
25. Kathleen A. Martin. "Ayala Corp. allots up to $700-M for energy projects". Abs-cbnnews.com. Archived from the original on January 5, 2014. Retrieved December 19, 2013.
26. "Ayala to build 405-MW plant". Manilastandardtoday.com. Archived from the original on October 21, 2016. Retrieved October 21, 2016.
27. Camus, Miguel R. (July 10, 2014). "Gov't expected to award P65-B LRT project to Ayala-MPIC group next week". Inquirer.net. Archived from the original on July 15, 2014. Retrieved July 14, 2014.
28. Agcaoili, Lawrence. "Gov't, MPIC-Ayala sign deal for MRT-LRT single ticket system". Philstar.com. Archived from the original on July 15, 2014. Retrieved July 14, 2014.
29. "Ayala Corp enters logistics business with Entrego". October 25, 2018. Archived from the original on September 29, 2019. Retrieved April 26, 2019.
30. "Ayala Corp. posts P7.3B net in first 9 mos., up 7%". Gmanetwork.com. November 11, 2011. Archived from the original on April 23, 2024. Retrieved May 11, 2012.
31. OECD, Organisation for Economic Co-operation and Development (2001). Corporate Governance In Asia: A Comparative Perspective. OECD Proceedings Series. OECD Publishing. ISBN 9789264183285.
32. "Integrated Micro-Electronics, Inc. (IMI) - IMI". Global-imi.com. Archived from the original on October 26, 2014. Retrieved October 20, 2014.
33. Mercurio, Richmond S. "Ayala-led IMI aims for billion dollar revenues". Philstar.com. Archived from the original on October 21, 2014. Retrieved October 20, 2014.
34. "Honda Cars Makati Inc. -". Archived from the original on July 22, 2016. Retrieved July 9, 2016.
35. "Our Company :: Honda Cars Philippines, Inc". Archived from the original on August 30, 2011. Retrieved June 8, 2011.
36. "Jaime Zobel de Ayala | Pinoy Profile". Archived from the original on February 4, 2012. Retrieved May 11, 2012.
37. "Honda Cars Cebu Inc". Hondacebu.com.ph. Archived from the original on July 18, 2018. Retrieved July 18, 2018.
38. "Our Story of Isuzu Philippines – Isuzu Philippines". Archived from the original on May 14, 2011. Retrieved June 8, 2011.
39. "Library unavailable - 0007". Myvirtualpaper.com. Archived from the original on August 18, 2016. Retrieved May 11, 2012.
40. "Ayala Corporation (PSE:AC)". The Philippine Builder. Archived from the original on June 15, 2013.
41. Liza Reyes. "Ayala group brings back VW; Beetle in 2014". Abs-cbnnews.com. Archived from the original on October 3, 2013. Retrieved February 2, 2014.
42. "China's Maxus enters Philippines auto market". philstar.com. Archived from the original on June 7, 2019. Retrieved June 7, 2019.
43. "Ayala conglomerate takes over Kia in PH". The Philippine STAR. Archived from the original on October 19, 2023. Retrieved September 9, 2023.
44. "China's BYD strikes deal with Ayala to sell EVs in Philippines". Archived from the original on September 9, 2023. Retrieved September 9, 2023.
45. Dumlao-Abadilla, Doris (February 26, 2018). "Ayala buys Silicon Valley-based solar tech firm". Business.inquirer.net. Archived from the original on August 1, 2018. Retrieved July 18, 2018.
46. "Ayala buys German auto parts maker MT Misslbeck Technologies". Nikkei Asian Review. Archived from the original on July 18, 2018. Retrieved July 18, 2018.
47. "AC Health". achealth.com.ph. Archived from the original on March 12, 2024. Retrieved March 12, 2024.
48. "Healthway Medical Network". healthwaymedicalnetwork.com.ph. Archived from the original on August 29, 2023. Retrieved July 9, 2023.
49. "Generika Drugstore". generika.com.ph. Archived from the original on October 17, 2023. Retrieved October 20, 2023.
50. "I.E. Medica". iemedica.com.ph. Archived from the original on March 12, 2024. Retrieved March 11, 2024.
51. "MedEthix". medethix.com.ph. Archived from the original on March 12, 2024. Retrieved March 11, 2024.
52. "KonsultaMD". konsulta.md. Archived from the original on February 8, 2024. Retrieved February 15, 2024.
53. "Ayala Education, Inc. Invests in University of Nueva Caceres | Ayala Group News Center". July 31, 2015. Archived from the original on July 31, 2015.
54. "APEC". Pearson PLC. Archived from the original on August 8, 2014. Retrieved August 4, 2014.
55. "Tuition in new private schools: 'P65 a day'". Rappler.com. May 16, 2014. Archived from the original on May 20, 2014. Retrieved August 4, 2014.
56. "PEP - Professional Employment Program". Ayalaeducation.com. Archived from the original on July 18, 2018. Retrieved July 18, 2018.
57. "In Honor of the Iconoclast | The Manila Bulletin Newspaper Online". Manila Bulletin. Archived from the original on September 4, 2012. Retrieved May 10, 2012.
58. "Archived copy". Archived from the original on September 8, 2012. Retrieved May 10, 2012.{{cite web}}: CS1 maint: archived copy as title (link)
59. "The Ayala Museum Makati City". Archived from the original on January 28, 2013. Retrieved May 10, 2012.
60. "PhilDev USA: AF-USA Renamed Philippine Development Foundation". Archived from the original on November 23, 2010. Retrieved May 10, 2012.
61. "Brain Gain Network - Institutions - Ayala Foundation TBI (Technology Business Incubator)". Archived from the original on May 26, 2012. Retrieved May 10, 2012.
62. INQUIRER.net (February 25, 2012). "Cultural advocate to speak at Filipinas Heritage Library's workshop". Inquirer.net. Archived from the original on March 4, 2016. Retrieved May 10, 2012.
63. "Can business 'do good' in bad times? - INQUIRER.net, Philippine News for Filipinos". Archived from the original on March 3, 2009. Retrieved May 10, 2012.
64. "BusinessWorld - Ayala subsidiary exits BPO company". Bworldonline.com. Archived from the original on July 18, 2018. Retrieved July 18, 2018.
65. Pamintuan, SKETCHES By Ana Marie. "Strength in unity". Philstar.com. Archived from the original on October 11, 2016. Retrieved October 21, 2016.
66. Miguel R. Camus. "Ayala's BPO unit expects to post profit as it expands". Abs-cbnnews.com. Archived from the original on May 12, 2012. Retrieved May 10, 2012.
67. "${Instrument_CompanyName} ${Instrument_Ric} Key Developments". Reuters.com. Retrieved July 18, 2018.
68. "Ayala BPO unit buys LA outsourcing firm". Yahoo.com. Archived from the original on July 19, 2012.
69. "EDITORYAL - Kulang na naman ang mga classroom?". Philstar.com. Archived from the original on October 11, 2016. Retrieved October 21, 2016.
70. "Integreon buys Grail Research; eyes more". Reuters.com. November 13, 2009. Archived from the original on July 19, 2018. Retrieved July 5, 2021.
71. "Ayala-SSI joint venture mulling options for FamilyMart business | InterAksyon". Archived from the original on October 27, 2017. Retrieved October 27, 2017.
72. "SM, Makro sued over billboard contract". ABS-CBN Corporation. February 1, 2010. Archived from the original on November 28, 2022.
73. "Ayala Corp.'s LiveIt and partners sell stake in Stream Global to Convergys". Gmanetwork.com. January 7, 2014. Archived from the original on July 18, 2018. Retrieved July 18, 2018.
74. Gonzales, Iris (August 10, 2023). "Villar Group completes acquisition of MCX". The Philippine Star. Archived from the original on August 10, 2023. Retrieved August 11, 2023.
75. "Zobel retires as Ayala chairman," Manila Bulletin, January 2006 "Zobel retires as Ayala chairman in April | the Manila Bulletin Newspaper Online". Manila Bulletin. Archived from the original on May 11, 2011. Retrieved September 16, 2010.

External links

• Ayala Corporation website
• Ayala at 175 magazine
• Philippine Stock Exchange Information Page on Ayala Corporation