THE OFFICIAL PUBLICATION OF THE AYALA GROUP OF COMPANIES
Volume 18 No 1 Special Anniversary Issue
180
Years
of Pioneering
the Future
Vol 18 • No 1 • 2014
Inside Ayala
R
ooted in an entrepreneurial vision and carried through
generations by an untiring spirit of pioneering and innovation,
Ayala has reached 180 years with greater strength than ever, its
presence in the nation’s economic, social, and cultural life larger
and deeper, its further promise and potential incalculable.
The Ayala corporate character is the reason for all these—traced
to the company’s founders, cultivated by successions of visionary
leaders and managers, and nurtured decade after decade by
dedicated and faithful employees. People are what make Ayala’s
history.
With the communities—mall merchants, telecom retailers,
bank clients, cooperatives of water consumers, and microentrepreneurs, to name a few—Ayala continues to create shared
value. It keeps a keen eye on their emerging socioeconomic
contributions as these become increasingly linked with its own, so
that together they can grow and flourish.
From 1834 to 2014, an Ayala core value has remained the same
and will continue without cease: the deeply held commitment to
Philippine development and to the Filipino.
From the top: Enrique Zobel de Ayala is seen at the left window in the Ayala y Compañia office, 1901; Founders Antonio de Ayala and Domingo Roxas, and Margarita Roxas
de Ayala; Ayala y Cia (represented by managing partner Joseph McMicking, far left) is recognized in 1951 by the National Historical Committee as the oldest commercial
house of Spanish origin in the Philippines, noting its “numerous commercial and industrial enterprises that contribute to the country’s economic development, including
agricultural estates, urban land, alcohol distilleries, coal mines, indigo industry, brick factories, porcelain and twine, horse-drawn and steam-powered trams, sugar mills,
insurance companies, etc.” The company was founded on March 10, 1834.
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In a special 180th anniversary publication shared with employees, board
members, and partners, Ayala’s story follows the achievements of unique
individuals. We look far back and look at the now, and we see their legacy: a truly
great company.
Our leaders—including the Chairman Emeritus—provide us with a glimpse
of what’s in their minds and their hearts, given the dynamic present and the
exciting future.
Expressing themselves, too, are employees—about how their own Ayala
experiences changed, guided, and inspired them.
Outstanding alumni and present members of the executive corps remember
their beginnings and emphasize the values they consider as true foundations of
Ayala’s successes.
We acknowledge the public’s constant expectations of us as Ayala individuals
ourselves.
These do we in celebration of Ayala’s 180-year-old story, one of significant
contribution to national development and which at its core continues as a
human narrative.
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THINGS TO KNOW
ABOUT THE PHILIPPINES’
OLDEST BUSINESS HOUSE
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Not too many know
the 180-year-old Ayala story—especially
that it is in essence a story of people.
So, here are 10 essential things
that everyone may need to know
to better appreciate our company.
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AYALA’S BIRTH REPRESENTED A
PHILIPPINE TRANSITION FROM
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AGRICULTURE TO INDUSTRY
In an era when Manila’s business houses were into buying and selling
commodities for a fee (they were called commission houses), and the
Spanish upper class looked down on farming and working on soil, a
prominent landowner by the name of Domingo Roxas was deep into
agriculture. He and his 29-year-old industrial partner Antonio de Ayala
began Casa Roxas, the bulk of whose assets went into the pursuit of a
key fundamental idea: to derive greater value from cane sugar. The
factory they built would be known in its heyday as Destileria y Licoreria
de Ayala y Compañia.
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FOR A TIME, THE AYALA BUSINESS
HOUSE WAS RUN BY A WOMAN
Domingo’s eldest child, Margarita, showed strength of character and
uniqueness of her own throughout her life. At a time that most
wellborn ladies cared little for matters outside the home, Margarita
took charge of the family’s primary business, the distillery, while her
brothers managed the farms and other interests in Batangas and
Laguna. Then, in 1844, another remarkable thing happened. The
partnership with Antonio de Ayala was brought to a new level when he
and Margarita, aged 29, were married.
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BANK OF THE PHILIPPINE ISLANDS
WAS THE FIRST BANK IN
SOUTHEAST ASIA
In 1851, the precursor of Ayala’s Bank of the Philippine Islands, El
Banco Español-Filipino de Isabel II, was established by Spanish royal
decree, becoming the ﬁrst bank in Southeast Asia. The family’s
involvement began when the Spanish government appointed Antonio
de Ayala as the bank’s director representing the Manila business
community. Its charter gave Banco Español-Filipino the exclusive
privilege of issuing currency notes. The original bank notes are
collectively called pesos fuertes, Spanish for “strong pesos.”
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TODAY’S LEADING LIQUOR BUSINESS
TRACES ITS ROOTS TO AYALA
Many years after its founding, the Ayala distillery acquired sophisticated equipment to improve and expand production. It became known as
a leading manufacturer of rum, whiskey, brandy, chartreuse, anis, and
anisette, but its prime moneymaker was the gin that still carries the
trademark Ginebra San Miguel, today’s prime gin brand. In 1924,
Destileria y Licoreria de Ayala was sold to Carlos Palanca. Much later
the company would become Ginebra San Miguel Inc, a subsidiary of
the conglomerate San Miguel Corporation.
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SO DOES THE LARGEST POWER
RETAILER
Antonio and Margarita Roxas de Ayala’s daughter Trinidad married the
family company manager’s son and namesake, Jacobo Zobel y
Zangroniz. His Compañia de los Tranvias de Filipinas operated modest
wood-and- steel carriages and soon converted these into the
steam-powered trams that became the city’s major means of public
transportation. In the 1900s, Trinidad de Ayala de Zobel sold the
tramcar lines to an American ﬁrm known as Manila Electric Railway
and Light Company, or MERALCO, today the power distributor in
Metropolitan Manila.
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THE MAKATI BUSINESS DISTRICT’S
FUTURE SITE WAS DEEMED WORTHLESS
In 1851, Domingo Roxas’ son Jose Bonifacio bought the 1,650-hectare
Hacienda San Pedro de Makati for 52,800 pesos. It was vast, extending
all the way to the banks of the Pasig River on the north side, but it was
considered unattractive even for agricultural land and too distant from
both where the Roxas family resided in Manila’s San Miguel district
and where the commercial and social center was, in Intramuros.
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THE CORE OF THE MAKATI CBD
WAS ONCE AN AIRPORT
In 1937, shortly before the Second World War, Ayala leased 42
hectares of land in Makati to a group led by a New Zealand-born
businessman, Laurie Reuben Nielson. This became the site of the
country’s ﬁrst commercial airport, servicing the ﬁrst airline, the
Philippine Air Taxi Co. (known today as Philippine Airlines) and the
Iloilo-Negros Air Express. Flights to Baguio, Nueva Vizcaya, Cagayan,
Leyte, Cebu, Camarines Sur, and Albay originated from there until the war
in the Paciﬁc broke out in 1941.
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MAKATI WAS DEVELOPED WITH
CALIFORNIA AS INSPIRATION
By the late 1940s, only 900 hectares were left of the sprawling cogon
ﬁelds bought by Jose Bonifacio Roxas. It was thanks to the vision of
Col. Joseph McMicking that Ayala developed a 25-year master plan for
a “multi-zone sub-city.” He had seen the results of integrated urban
planning in the San Francisco Bay Area, and was inspired by the
decorous Spanish-mission homes around Palo Alto.The ﬁrst
subdivision that Ayala opened was Forbes Park. To assure buyers that
it was safe to live in Makati, Ayala laid out street lighting and provided
motorized patrols at its own expense. The partners demonstrated
their conﬁdence in Forbes Park by being among the ﬁrst to move in. In
the ﬁrst year, only 10 lots were sold. Today, Forbes Park and the other
Ayala “villages” in Makati, Alabang, Cebu and elsewhere are among the
highest valued residential subdivisions in the Philippines.
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AYALA PIONEERED IN CORPORATE
FOUNDATION WORK
Ayala set up its socioeconomic development arm in 1961—long before
corporations were deemed to have a social responsibility. Known as
Filipinas Foundation, it institutionalized the philanthropy that could be
traced all the way back Margarita Roxas de Ayala. In 1990, Jaime
Augusto and Fernando Zobel de Ayala decided to harness the Ayala
group’s diverse resources and involve the entire group in social
development. In conjunction with the foundation, renamed Ayala
Foundation, Inc, the subsidiaries would apply their own capabilities to
initiate social programs.
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THE PERSONAL PHILANTHROPY
CONTINUES
Jaime and Bea Zobel de Ayala, with little or no fanfare, have been
involved with the Mangyan indigenous people of Mindoro Island since
the late 1980s. They have set up a clinic, built a school, helped get their
ancestral land title, and provided feeding programs. They have given
hundreds of Mangyan scholarships, and a growing number of them
have graduated from college and vocational training programs. Now
they are developing a housing program for the Mangyan families. JAZA
himself has served on the boards of Children’s Hour and World Wildlife
Fund, among others, and his brother FZA is a board member of
Habitat for Humanity International and actively supports its housing
programs in the Philippines.“We devote about one-ﬁfth of our time to
social development endeavors, through partnerships with others, as
our way of leveraging our own networks to help contribute to
developmental initiatives,” JAZA said. “I like to think that at the end of
the day, we have to give back and help contribute to something bigger
than ourselves.”
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A History of Ayala
in 18 Objects
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1 Commemorative token on the occasion of Ayala’s incorporation, 1968 • 2 Volkswagen keychain • 3 IMI brand cube • 4 Door coat hanger from Botica Zobel • 5 Receipt of Ker,
MMicking, & Co. for Domingo Roxas’ purchase of boilers for the distillery, 1842 • 6 Medallion to mark the centenary of Ayala, 1934 • 7 Plate presented to JZA by Sung Sio Ma,
chairman and CEO of Singapore Telecom, 1993 • 8 Privilege card on the occasion of Ayala’s 165th anniversary • 9 Ayala Land’s 25th anniversary commemorative Swatch • 10 JZA’s
speech on the “Golden Decade of Ayala”, 1995 • 11 Book on Ayala’s history published on its 150th anniversary • 12 Special publication on Ayala’s 180th year • 13 A magazine and
a Christmas card on Ayala’s 175th anniversary • 14 Pencil used during the negotiations between Ayala and Morgan Guaranty Trust of New York for the merger of People’s Bank
with and into BPI, 1974 • 15 An advertisement for Destileria Ayala y Compañia • 16 Passenger ticket for the third-class section of the tranvia • 17 BPI’s 150th anniversary gold and
silver ingots bearing images of the Philippine islands and the first currency issued in 1852 • 18 Magnetic tape recording of Jaime Velasquez’s talk on “ The Future of Makati”, 1965
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Celebrating
180 Years
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A Homecoming
Close to 300 Ayala citizens and retirees gathered on March 31 at Ayala Museum for a
homecoming in celebration of Ayala’s 180th anniversary. A Thanksgiving Mass led by His
Eminence Gaudencio Cardinal Rosales was followed by a musical revue presented by maestro
Ryan Cayabyab. Highlights of the day included a message from JZA, a short film featuring Ayala
alumni and new employees, and a special exhibit on Ayala’s history and legacy.
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A Thanksgiving
On April 8, JAZA and Lizzie Zobel hosted a thanksgiving dinner at their residence in Forbes Park for Ayala
group board directors and management teams and members of the Zobel family. A highlight of the evening’s
program was the special recognition of institutions with enduring partnerships with Ayala: the Roman Catholic
Archdiocese of Manila for BPI, Mitsubishi Corporation, Singapore Telecom for Globe, and Resins, Inc. for IMI.
By row, from the top: FZA, JAZA, and AC board director Ramon del Rosario, Jr.; Zobel family with His Excellency Luis Antonio Cardinal Tagle; FZA, Iñigo Zobel, and JAZA; Marides
and Sec. Rene Almendras; ALI board director Riza Mantaring, Chicho Mantaring, and Bobby Dy; ALI, MWC, and BPI board director Oscar Reyes and Aris Estrada; Jaime Urquijo
and Monica Urquijo; Esperanza Padilla, Da. Bea Zobel, Maricris Zobel, and Alejandro Padilla; Patricia Zobel; Bea Zobel, Jr; Georgina Padilla Macrohon and Diana Macrohon
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JAZA and FZA with AC board director and Mitsubishi Corporation Manila Branch general manager Yoshio Amano and Mitsubishi Corporation senior vice president Yasuhiko
Kitagawa; A gift presented to Ayala on its 180th anniversary on behalf of Mitsubishi Corporation chairman of the board Yorihiko Kojima and president and CEO Ken Kobayashi;
BPI board director Gigi Montinola and Luli Heras-de Leon; AC and MWC board director Delfin Lazaro; Ricky Jacinto, Junie Jalandoni, and Fred Ayala; IMI board director Alelie
Funcell; JZA, IMI board members Jose Ignacio Carlos and Rafael Ma. Romualdez, and Resins founder Meneleo Carlos, Jr.; Fred Ayala and Ato Jiao; Albert de Larrazabal and Bong
Consing; AC board director Xavier Loinaz; Rebecca Eclipse, Globe board director Manuel Pacis, and Gerry Ablaza; Til Mariano and Joey Gotuaco; Amb Jun Paynor and ALI board
director Jaime Laya; Monica Zobel Pla, Lizzie Zobel, and former Chief Justice Artemio Panganiban; Cristina Zobel Suarez de Puga; ALI board director Tony Aquino and Sofia Zobel-Elizalde
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A Truly Filipino
Welcome Reception
for World Economic
Forum on East Asia
Ayala culminated its 180th anniversary festivities by hosting the
Philippine Welcome Reception for the 23rd World Economic Forum
(WEF) on East Asia, held May 21 at Tower One. It was a celebration of
Filipino culture, food, and talent.
The WEF delegation led by Professor Klaus Schwab, founder and
executive chairman of the World Economic Forum, experienced
Filipino hospitality at its best as they gathered in the Philippines for
the first time.
Vice President Jejomar Binay welcomed the participants as did JAZA
and FZA. More than 600 WEF delegates and guests from government,
business, and the diplomatic corps attended the event.
Tower One and Exchange Plaza was transformed by a showcase of
fine furnishings created by artisans from Manila and Cebu.
The reception program featured a spectacular video presentation on
the Philippines, a fashion show of the works of some of the country’s
best fashion designers, and performances by Louie Ocampo, Lani
Misalucha, Thor Dulay, Steps Dance Studio, the Ramon Obusan
Folkloric Group, and The Brat Pack.
The Philippine Welcome Reception took place the night before the
formal proceedings of the World Economic Forum on East Asia, which
focused on the theme “Leveraging Growth for Progress”.
On this page, by row from the top: JAZA introduces WEF founder and executive chairman Klaus Schwab to Vice President Jejomar Binay; VP Binay and JAZA welcome the WEF
delegates and guests; Manuel Osmena and Gigi Montinola; Nabbie Alejo and Margarita Delgado; Patxi and Sofia Elizalde; Kit Zobel; Tony Paner and Felipe Estrella III; the creative
and production team led by Emi de Lara, Mau Barreiro, and Mariana Zobel; Lance Gokongwei and TG Limcaoco; Vic Valdepeñas, Gil Genio, and Tammy Lipana; Bill Luz, Finance
Secretary Cesar Purisima, Paolo Borromeo, JP Orbeta, and Eric Francia
Opposite page: FZA with Senate president Franklin Drilon; Dan Abando, Bobby Dy, and Joel Luna; WEF senior director Sushant Rao (far right) greets delegates; WEF delegates;
Steps Dance Studio scholars from Centex with Louie Ocampo and Anton Mendoza; yoyo performance artists; Perry Rivera, Gerry Ablaza, and Chito Gonzalez; Oscar Reyes and Xie
Luming; Art Tan and Anton Huang; Volkswagen is the official VIP vehicle partner of WEF on East Asia in Manila
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The official video of the event may be
viewed at www.youtube.com/ayala1834.
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18 FROM 180:
MILESTONES IN
SOCIAL RESPONSIBILITY
AND SUSTAINABILITY
Social commitment is integral to Ayala’s business philosophy. These 18 concrete
expressions of social responsibility are a few examples of the practice of giving
that was there since the beginning. It remains strong to this day: in the personal
philanthropy of members of the founding family and employees, the continuous
transformation of the country’s ﬁrst corporate foundation, and recent
investments in sustainable development.
The Center of Excellence in Public Elementary
Education (CENTEX) provides quality public
school education to bright children from
underprivileged communities, with the support
of Ayala Land and Globe. The following year,
the Ayala Young Leaders Congress is launched,
with the aim to nurture future leaders
committed to integrity in service.
Margarita Roxas de Ayala helps establish a
school for girls, Colegio de la Immaculada
Concepcion Concordia. Her social work
well known, she is considered the ﬁrst
Filipino woman philanthropist.
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Ayala provides a prime one-hectare site in Makati
for the Asian Institute of Management, the
pioneering international management school in
Asia. In later years, parcels of land in Ayala’s
subdivisions are also donated to other
educational institutions, including De La Salle
University in Alabang and Colegio de San Agustin
in Makati, in keeping with Ayala’s commitment to
develop fully integrated communities.
Ayala Museum is opened to the public in
its own building designed by Leandro
Locsin. Crowds are drawn to the Dioramas
of Philippine History, ethnic and
anthropological specimens, historical
papers, and its ﬁne art collection.
Pedro Pablo Roxas is involved in civic and
social work including Real Hospicio de San
Jose, San Juan de Dios Hospital, and the
College of the Society of Jesus.
A lover of art and culture, Enrique Zobel de
Ayala establishes Premio Zobel, the
Philippines’ oldest literary award given to
works written in Spanish. He also funds
Fernando Amorsolo’s art education in
Europe.
Ayala publishes the ﬁrst conglomerate
sustainability report in the Philippines
based on the guidelines of the Global
Reporting Initiative, reinforcing its
commitment to disclose—and improve—its
economic, social, and environmental
bottom lines.
BPI Foundation shares with the public the
results of its ﬁrst study on Climate Risk
Adaptation in partnership with WWF
Philippines. In the same year, Globe’s mobile
cash transfer service is used to deliver
immediate assistance for humanitarian
services as part of the initiative of the United
Nations World Food Programme.
Following its immediate response in the
wake of Typhoon Haiyan/Yolanda, the
Ayala group and its partners continue to
rebuild and rehabilitate communities in
Central Philippines.
Fernando Zobel de Ayala leads the Ayala
group’s volunteer eﬀorts in Habitat for
Humanity’s Jimmy Carter Work Project, and
Jaime Augusto Zobel de Ayala is
instrumental in bringing the Children’s
Hour fundraising campaign to the
Philippines. They remain actively involve in
these programs.
Ayala Foundation USA is established to allow
Filipino communities in the U.S. to support
projects of various organizations back home. In
the Philippines, Ayala Foundation begins a
decade of many technology-enabled projects
including the U.P.-Ayala Technology Business
Incubator, Text2Teach, and Gearing up Internet
Literacy and Access for Students (GILAS).
Ayala Land partners with WWF Philippines
to ensure the sustainable development of
its property developments including Nuvali
in Laguna and Anvaya Cove in Bataan.
Filipinas Foundation becomes Ayala
Foundation, signifying that corporate social
responsibility has become a joint
undertaking of the Ayala group with the
foundation acting as its lead agency. It
becomes a more development-oriented
institution, emphasizing strategic approaches
to poverty alleviation.
Ayala Foundation donates a 3.3-hectare
property for the Iraya Mangyan of
Mindoro, inspired by the personal
commitment of Jaime and Bea Zobel de
Ayala to their livelihood and education
since the late 1980s.
Manila Water rolls out “Tubig Para Sa
Barangay”, a program that provides access
to safe, potable, and aﬀordable water in
densely populated communities in its
concession area.
Ayala partners give rice to employees to help
them through postwar inﬂation and food
shortage. Despite depleted reserves, Insular
Life does not close down, as nearly all of its
prewar competitors did, with the conviction
that the company has a social obligation to
remain in existence. It honors all claims,
including those on policies paid for in
subsequently nulliﬁed wartime pesos.
Fernando Zobel y Montojo remains
immersed in the Philippine art scene,
helping solidify modern art in the country.
He secures scholarships for Filipino artists
to study overseas, supports the excavation
of pre-colonial ceramics in the family’s
estates, and lectures art history at Ateneo
de Manila University
Joseph and Mercedes Zobel McMicking
establish the Filipinas Foundation, precursor
of Ayala Foundation and the country’s ﬁrst
corporate foundation. Programs include
social science and scientiﬁc research,
entrepreneurship, community work,
emergency response, and art and culture.
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180
and
Beyond
Discover
more of
Ayala on
the occasion
of its 180th
anniversary
Apple Apps and iBooks
Early this year, Ayala’s 2012 Annual
Report was made available as a
downloadable application from the
Apple ITunes Store—the first for
a listed Philippine company. Ayala
also developed iBooks for its special
magazine, Ayala at 175, and for its
corporate videos since 2006.
These apps were preloaded on
iPads given to Ayala and Sonoma
employees as part of an anniversary
gift set that also included a copy of
Inside Ayala, notebooks, and a special
note signed by JZA, JAZA, and FZA.
The 2013 annual report as well as
Inside Ayala will soon be available as
a free download on iTunes.
Exhibits
JZA
in High
Life
A visual history of Ayala was
presented to employees
and retirees, Ayala group
shareholders, and the
general public in exhibits at
Ayala Museum, Tower One,
and Fairmont Makati.
Businessworld gave
a fresh account of
JZA’s career in Ayala
in the first issue of its
redesigned magazine
in July.
New plane
Ayala Aviation’s new King Air 350i uses the call sign
RP-C1834, a reference to Ayala’s founding year.
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Ayala’s New Corporate Website
Online Timeline
2013 Ayala Annual Report Mini-Site
Launched in April, the new Ayala website
supports the conglomerate’s commitment
to good governance practices for
transparency and accountability. The new
website uses a modern user interface to
engage various stakeholders.
www.ayala.com.ph
This interactive timeline allows
website visitors to trace the company’s
entrepreneurial roots and transformation,
as well as sort the milestones according
to themes that define how Ayala has done
business over the past 180 years.
www.ayala180.com
To make our primary investor communication
tool available to a broader audience, the
mini-site for the Ayala Annual Report has
been updated to cover 2013 financial and
operational highlights. Mini-sites for other AGC
annual reports are also being developed.
annualreport.ayala.com.ph.
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Inside Ayala
For the homecoming celebration of Ayala’s 180th anniversary, this short video gives life to stories of
Ayala’s recent past and demonstrates that its culture, its principles and values, and its promise
to pioneer the future remain as relevant and as vibrant today.
I think all of us have to be very proud of the legacy we built for the last 180 years. But in the same breath
I think we have a duty to perpetuate and preserve those traditions, those legacies, and those values. And
if everything goes well, as I’m sure it will, let me assure you that the best is still to come.
Xavier P. Loinaz
Former BPI President and Ayala Independent Board Director
In Every Day, Ayala
It’s the break of dawn. You open your eyes.
Ahead of you is a familiar day.
Friendly faces in places you know and the work you do.
The daily routine is good. But there is a way to make this
every day even better.
Within each routine and every repetition lies the chance to
make a decision.
You and I look past our immediate goals, ask why we do what
we do, and we realize: Beyond the self, something bigger is at
stake. Beyond every success is a chance for significance.
This is what Ayala is about every day.
Each employee sparks change in every action.
Every action sparks the wheels of progress in motion.
We wake up and seize the day.
We break ground and build the future.
We innovate and create better opportunities.
We reach out, connect, and transform lives.
Because when we create ideas and put care in every effort,
we expand your horizon of possibilities.
At Ayala we do this every day.
We did it for 180 years.
We are ready to do more.
So that a better future becomes familiar to all Filipinos.
Ayala group employees and stakeholders participated
in the making of Ayala’s 180th anniversary video.
View it online at www.youtube.com/ayala1834.
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Incredulity—bewilderment—gratitude, deep gratitude! I thought
I was dreaming. But when I realized that I was not, I thanked
God for your being such an integral part of me.
From the bottom of my heart, THANK YOU for your lovely
surprise! GOD BLESS YOU ALL!
View the official video of the Ayala group flash mob at www.youtube.com/ayala1834
PUBLISHER John Philip Orbeta EDITOR IN CHIEF Emily de Lara MANAGING EDITOR Janella Cacdac-Siena DESIGN Medium3
We take this opportunity to thank all those who participated in the 180th anniversary celebrations and supported the production of Inside Ayala,
our videos and apps, and Ayala Now.
To access online material on your mobile device, download a QR (quick-response) code application and scan the codes printed in this publication.
EDITORIAL OFFICE: Ayala Corporation–Corporate Communications, 32F Tower One, Ayala Triangle, Ayala Avenue, Makati City 1226 Philippines | Email: [email protected]