Ayala Corporation

For its real estate subsidiary, see Ayala Land.

Ayala Corporation (Spanish: Corporación Ayala, formerly Ayala y Compañía; lit. '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^{[broken anchor]} 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

Ayala Triangle Gardens, site of the headquarters of Ayala Corporation
Formerly	Ayala y Compañía
Company type	Public
Traded as	PSE: AC
Industry	Conglomerate
Founded	Manila, Captaincy General of the Philippines 1834; 191 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

History

Ayala y Compañía was established in 1876 and traces its origins to Casa Róxas, a partnership established in 1834 between landowner and entrepreneur Domingo Róxas and his employee Antonio de Ayala.^[7][8] Their enterprise began with the formation of a distillery which became known as the maker of Ginebra San Miguel. Initially named Destileria y Licoreria de Ayala y Compañía , it was known ultimately as the Ayala Distillery and was acquired by Carlos Palanca-owned^[9] 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.

Under the leadership of Colonel Joseph Ralph McMickin - who was married to Mercedes Zobel de Ayala - the company was also responsible for the urban development of Makati after World War II.^[10]

Ayala y Compañía shifted from a partnership to a corporation with the establishment of Ayala Corporation in 1968. It welcomed the minority investment of Mitsubishi Corporation as its strategic partner in 1973^[8] -1974.^[11] The Ayala Corporation later became a public company in 1976.^[12]

In 2011, the 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.^[13] 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.^[14]

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.[15][16] Avida Land [17] Amaia Land [18] Bellavita Portico Land Corp. - joint venture with Mitsubishi Corporation[19] 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.[20] 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).[21] 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.[22] Financial services Bank of the Philippine Islands (BPI) Globe Fintech Innovations Inc., or Mynt (GCash) Telecommunications Globe Telecom Utilities Manila Water Company Inc. (only economic interests remain until 2029 - control handed over to Enrique K. Razon's)[23] 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.[24][25][26][27][28] 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.[29] 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.[30] 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.[31] Manufacturing and automotive AC Industrial Technology Holding, Inc. (AC Industrials)[32][33] Integrated Micro-Electronics, Inc. (IMI)[34][35] Honda Cars Makati, Inc.[36][37][38] and Honda Cars Cebu, Inc.[39] - 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.[40][41][42] Isuzu Philippines Corporation (IPC) (owns 15%) Volkswagen Philippines [43] Maxus Philippines, Inc [44] Kia Philippines, Inc [45] BYD Auto Philippines [46] Adventure Cycle Philippines, Inc. (KTM Philippines) ACI Solar Holdings North America Merlin Solar Technologies Inc.[47] AC Industrials Singapore Misslbeck Technologies GmbH [48]

Social infrastructure Ayala Healthcare Holdings, Inc. (AC Health) [49] 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 [50] Generika Drugstore [51] I.E. Medica Inc. [52] MedEthix Inc. [53] Ayala Education, Inc. (AEI) University of Nueva Caceres - Ayala Education's flagship University [54] 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.[55][56] Professional Employment Program (PEP) [57] National Teacher's College (33%) Nonprofit organizations Ayala Foundation[58] CENTEX[59] Ayala Museum[60] Philippine Development Foundation[61] Ayala Technology Business Incubator[62] Filipinas Heritage Library[63] Ayala Social Initiatives[64] Business process outsourcing, Logistics and Digital businesses LiveIt Investments, Ltd.[65] Affinity Express[66][67] HRMall[68][69] Zalora Philippines Divestments Grail Research IQ BackOffice, Inc. The Insular Life Assurance Co., Ltd. - Mutual company owned by policyholders since 1987. Integreon[70][71] Philippine FamilyMart CVS, Inc. - Joint venture with Stores Specialists, Inc., Japan FamilyMart, and Itochu Corporation.[72] (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.[73] Pure Foods Corporation (sold to San Miguel Corporation in 2001) Stream Global Services (sold to Convergys in 2014 for $820 million) [74] 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) [75] AirSWIFT (sold to Cebu Pacific in October 2024) KonsultaMD - a joint venture with Globe's 917Ventures (sold to Metro Pacific Investments Corporation in February, 2025) [76][77]

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.^[78]