Ayala Corporation

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Ayala_Corporation

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Ayala Corporation (PSE: AC) is a holding company founded in 1834. As of 2005 it is it one of the larger conglomerates operating in the Philippines.


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History

Ayala Corporation traces its roots back to Casa Roxas, founded by Domingo Roxas and Antonio de Ayala in 1834 to engage in agriculture, manufacturing, trading and mining. But in 1842 Don Domingo,is arrested for the third time and confined to Fort Santiago for almost a year before his daughter, Margarita, sails to Spain to secure authority from Queen Isabel II to free her father. She is successful but her father dies before she returns to Manila in 1843.

In 1843 Do�a Margarita, assumes control of the company combining business and civic work; she founds the Colegio de la Concordia (a school for girls that still exists). In 1844,Do�a Margarita marries Don Antonio 1844, consolidating the partnership of Ayala-Roxas. In 1851 Don Domingo's son, Jos� Bonifacio, buys the 16.5 square kilometres of Hacienda Makati and Banco Espa�ol-Filipino de Isabel II, now known as Bank of the Philippine Islands, is founded by Royal Decree of Queen Isabel II of Spain to become the first private commercial bank in the Philippines and Southeast Asia; Don Antonio becomes a director and one of two auditors of the bank

In 1852, BPI issues the country's first currency notes. It held this exclusive privilege until 1942. In 1864, Don Jos� Bonifacio pulls out of the partnership to go into business for himself; Do�a Margarita, her other brother Mariano, and her husband form Roxas Hermanos. In 1868 Don Mariano dies; the company changes its name to Casa Ayala

In 1869, Do�a Margarita dies; Don Antonio runs the company single-handedly for the next seven years

In 1876, Don Antonio dies and his daughters Camila, Carmen, and Trinidad inherit the company; the firm becomes Ayala y Compania; Do�a Carmen and Trinidad's husbands, Don Pedro and Jacobo Zobel Zangroniz, respectively, are named capitalist partners; they manage and continue to diversify the company. (One of Don Jacobo and Do�a Trinidad's children, Enrique Zobel de Ayala, later marries his first cousin Consuelo, the daughter of Do�a Carmen. Among their grandchildren are Enrique Zobel and Jaime Zobel de Ayala.)Ayala y Compa�ia participates in the construction of two bridges over the Pasig River, the Colgante and, with the Eiffel company, Ayala Bridge.

In 1889, Don Jacobo introduces the first tramcar service in the country Ayala y Cia finances the 19th-century Manila's telephone system and electric power utility

In 1890, Don Jacobo is elected a director of Banco Espa�ol-Filipino

In 1896, Don Jacobo dies and, with Don Pedro in Europe, Do�a Trinidad divests some properties and delegates management of others, she sells the tramcar services and the company's interests in pharmaceutical and invested in marketable securities in hotels and trade which boomed after the Filipino-American War and WWI, respectively. She increased family holdings in BPI, bought into Hong Kong & Shanghai Bank, and invested in Honk Kong real estate. Fernando Zobel, eldest son of Don Pedro and Do�a Trinidad, supports Gen. Emilio Aguinaldo's struggle for independence

In 1897, BPI opens it first branch in Iloilo, introducing branch banking to the country

In 1898, Carriedo Waterworks, Manila's first community water system, is built Ayala y Compa�ia enters real estate development

In 1910, Don Fernando becomes an industrial partner in the company

In 1912, Don Pedro dies in Paris; Do�a Carmen manages his estate which includes the newly incorporated Central Azucarera de Calatagan.

In 1914, The Roxases give up their interests in Ayala y Compa�ia to Do�a Trinidad Hacienda San Pedro de Makati is given to the children of Enrique Zobel (second son of Don Pedro and Do�a Trinidad) Jacobo, Alfonso, and Mercedes Zobel y Roxas

In 1918, Do�a Trinidad dies; Dons Enrique and Fernando assume the firm's management; they establish the first ceramic factory in the country

In 1924, Destileria de Ayala is sold to Carlos Palanca who renames it La Tonde�a

In 1925, Don Fernando retires to Spain leaving Don Enrique to manage the firm through the Depression

In 1929, Don Enrique's children Jacobo, Alfonso, and Mercedes, become partners in the firm bringing with them the Hacienda San Pedro de Makati and strengthening the firm's involvement in insurance and finance; only Alfonso remains in senior management

In 1930s, Ayala y Compa�ia develops its first subdivision, in Singalong, Manila

In 1931, Do�a Mercedes marries Joseph McMicking, Jr. After WWII, Don Alfonso Zobel de Ayala and Joseph McMicking Jr. (husband of Do�a Mercedes), consolidates the company's investments and focus on real estate development They transform 9.3 square kilometres of the original Hacienda Makati, starting with Forbes Park, into an integrated residential and business community under a 25 year controlled development program Asia's showcase of urban development 380,000 m² are set aside for a regional shopping center, now known as Ayala Center

In 1933, Filipinas Life Assurance Company is founded as a subsidiary of Filipinas Compa�ia de Seguros, a company established in 1913 by Don Antonio Melian

In 1948, Makati's population is 38,000

In 1950s, Makati's municipal income is P100,000

In 1952-62 Prime residential communities are developed in Makati San Lorenzo Village is developed Bel Air Village is developed Urdaneta Village is developed San Miguel Village is developed Magallanes and Dasmari�as Villages are developed Filipinas Foundation Inc., the Philippines' first corporate foundation, is established to provide scholarships in technical and vocation education, research, and the arts Dormant during WWII, Filipinas Life Assurance Company is reactivated by Col. J. R. McMicking to take over the industrial life insurance portfolio from Insular Life

In 1963, FGU Insurance Company is incorporated as a descendant of Filipinas Compania de Seguros, whose corporate life expired after 50 years of existence

In 1968, Ayala y Compa�ia ceases to be a partnership and becomes a corporation

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Timeline after Ayala y Compa�ia becomes Ayala Corporation

1971 Universal Insurance and Indemnity Company is reorganized from a direct-writing company into a professional company, Universal Reinsurance Corporation

1972 Makati's municipal income is P50 million

1974 Ayala Corporation invests in Globe-Mackay Cable & Radio Corporation, established in 1933 and heir to the Philippine Press Wireless founded in the commonwealth era to advocate independence

1976 The public and employees are allowed to own equity in Ayala Corporation; Mitsubishi Corporation of Japan becomes a significant minority stockholder Ayala Corporation expands and intensifies its land development activities, diversified with the help of partners, developed international operations, and divested non-essential investments

1980 Integrated Microelectronics Inc. is incorporated and operates, initially, in assembling and packing microchips

1980s Filipinas Life Insurance Company becomes a multi-line insurance company

1981 Ayala Corporation buys a majority equity position in Pure Foods Corporation (processed meats, hogs), a multi-food company established in 1956, and forms the Ayala Agricultural Development Corporation (hybrid corn, distributing seeds to farmers)

1983 Pure Foods starts poultry (broilers) and livestock operations BPI sets up the country's first electronic banking system

1986 Ayala Corporation supports the people's cause that led to EDSA FGU becomes one of the first computerized non-life operations with an on-line inquiry facility in the country

1988 Ayala Corporation spins off its Real Estate Division to form Ayala Land Inc., an independent subsidiary Ayala Museum is built to bring Philippine history and art to Makati

1990 Filipinas Life Insurance Company changes its name to Ayala Life Assurance Incorporated and becomes a full-service financial institution Filipinas Foundation changes its name to Ayala Foundation and expands the reach of its programs

1990s Ayala acquires 661 ha in Alabang, Muntinlupa, and develops it into a self-contained residential community known as Ayala Alabang Ayala Corporation and Singapore Telecoms International pool resources to boost Globe's capabilities MRT

1996 Filipinas Heritage Library, an electronic research library on Filipino history and culture, is inaugurated as the Ayala Group's centennial gift to the Filipino people Honda, Isuzu

1997 The Ayala Group sets up the Manila Water Company to upgrade water service in the east zone of Metro Manila Pure Foods acquired exclusive rights to develop the popular Burger King chain in the Philippines; PhilKing Restaurants Development Corporation, in which Pure Foods has a 49% stake, will manage the franchise

1998 The joint venture Purefoods-Hormel Co. is formed

1999 Ayala International Pte Ltd purchased 82.3% of Singapore-listed TLB Land Embarks on first e-commerce initiative, Ayala eCenter

2000 BPI completes merger with Far East Bank and Trust Company Completes transfer of ownership of insurance companies to BPI to reposition the bank as a fully integrated financial services company iAyala is incorporated to be the catalyst to the Group in identifying and building new Internet-driven businesses Completes transfer of real estate investment activities to Ayala International Holdings Limited (formerly TLB) The joint venture Pillsbury Purefoods Co. commences operations Philippine Nutrition Technologies, the joint venture with Taiwan's Great Wall, starts operations

2001 Globe becomes a 100% owner of Isla Communications Company Pure Foods Corporation is sold to San Miguel Corporation

2002 Created AC Capital Ayala Land signed an agreement for the joint acquisition of a controlling stake in Fort Bonifacio IMI merged with subsidiary Electronics Assemblies, Inc.

2003 BPI signed MOA for merger of Universal Reinsurance Corporation with Malayan Reinsurance Corporation Globe relaunched wirleine services under Innove Communications, Inc.

2004 AC successfully issued a P7 B bond, the biggest issue for a domestic corporate name ever Globe launched breakthrough m-commerce service G-Cash MWC laid the groundwork for its initial public offering scheduled in March 2005 AFI inaugurated new Ayala Museum in commemoration of Ayala's 170th anniversary

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External links

  • Ayala Group of Companies

News

  • Alindogan appointed new DBP Chairman - Manila Bulletin
  • Peso hits new 3 1/2 year high at 51.095:$, stocks up - ABS CBN News
  • Peso hits 51.05:$, stocks up - ABS CBN News
  • Peso stonger at 51.96:$, stocks up - ABS CBN News
  • Asian IT start-ups advised to tap non-IT industries - INQ7.net

Related articles

Image:Wikipedia-small.png Wikipedia article about Ayala Corporation (search). This article uses material from that article.
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