Only one company can truly claim to be the oldest conglomerate in the Philippines, a company that has been around since the Spanish colonial era and has played a major role in shaping the nation’s economy, cities, and industries. That company is Ayala Corporation.
If you’re living in the Philippines, chances are you’ve used or encountered something owned by the Ayala Group. From banks and telecom networks to shopping malls, real estate, and even water utilities, Ayala has its fingerprints on almost every part of Filipino life. What makes them stand out even more is how they’ve not only survived but thrived across three generations — evolving from a small colonial-era business into one of Southeast Asia’s most respected conglomerates.
So how did it all begin? Let’s trace the story of Ayala Corporation and how it became the business empire we know today.
Ayala’s story begins in 1834, during the Spanish colonial period. At the time, the Philippines was still under Spanish rule, which lasted for 333 years. For much of that time, the colony wasn’t particularly profitable for Spain. It wasn’t until the late 1850s, when Spain started investing in infrastructure, education, and industry, that the local economy began to pick up.
Enter Domingo Roxas and Antonio de Ayala, two businessmen who saw the potential in a developing Philippine economy. Together, they founded Casa Roxas, which would eventually evolve into what we now know as Ayala Corporation. Over the decades, the company would undergo several name changes — from Casa Roxas to Casa Ayala, then Ayala y Compañia, and finally Ayala Corporation.
Casa Roxas is widely regarded as the first company ever established in the Philippines, and its story began in an unexpected place: a liquor distillery.
The first venture of Casa Roxas was in the distillery business, an industry that was beginning to grow as the colony developed. In 1834, Roxas and Ayala invested heavily in creating the Ayala Distillery, the first of its kind in the country.
The distillery produced a range of spirits, including cognac, rum, whisky, and most famously, gin. This gin was tailored to the tastes of visiting Europeans and Filipino elites and was sold under brands such as Ginebra Ayala and Ginebra Nacional.
That same gin brand lives on today as Ginebra San Miguel, one of the most iconic names in Philippine liquor. The Ayala Distillery was eventually sold in 1924 to La Tondeña, a company owned by Filipino-Chinese entrepreneur Carlos Palanca Sr. Although the distillery was no longer under Ayala’s control, it marked the company’s first major business success and gave them the capital to explore new industries.
La Tondeña itself became a historic company, later acquired by San Miguel Corporation in 1987, and renamed Ginebra San Miguel Inc. It remains one of the most recognizable liquor brands in the country.
While still running the distillery, Ayala entered another industry that would define its future: banking. In 1851, a Spanish royal decree established El Banco Español-Filipino de Isabel II, named after Queen Isabella II of Spain. This was the first bank in the Philippines and the first private commercial bank in Southeast Asia.
The bank was founded in response to major changes happening in the colony’s economy. The rise of global demand for abaca (a fiber used for rope and textiles) and coconut oil boosted foreign trade, which accounted for around 30% of the country’s GDP. Merchants needed financing to keep up with demand, and a central banking system was required to regulate the growing money supply. Before 1851, various currencies were used in the Philippines, so the new bank was also tasked with issuing a unified currency, the Philippine peso.
Antonio de Ayala became the bank’s director, representing the business community in Manila. For decades, the bank functioned as the central bank of the Philippines. Its first branch outside Manila opened in Iloilo in 1897, a testament to the growing importance of trade in the Visayas.
The bank was privatized in 1912, reflecting the Philippines’ shift toward greater autonomy under American rule. It was renamed Bank of the Philippine Islands (BPI), the name it still carries today. Although the Ayala family was involved from the start, they didn’t become majority owners until 1969. Since then, BPI has become the financial flagship of the Ayala Group. As of 2019, it was the fourth-largest bank in the Philippines by assets.
Another pivotal chapter in Ayala’s history began in 1974, when it acquired a 60% stake in a company called Globe-Mackay Cable and Radio Corporation, originally founded as Globe Wireless Limited in 1928 by the Robert Dollar Company of California.
In 1992, Globe-Mackay merged with Clavecilla Radio Corporation to form GMCR, which was soon renamed Globe Telecom, Inc. The timing was perfect — demand for telecommunications was surging, both internationally and domestically, and Globe quickly became one of the country’s major telecom players.
Today, Globe is jointly controlled by Ayala Corporation and Singapore Telecommunications (SingTel). While SingTel owns 47% of Globe’s common shares, Ayala retains effective control by issuing preferred shares — a legal workaround that dilutes SingTel’s voting power while keeping majority control in Filipino hands. Preferred shares don’t have voting rights but are included when calculating total ownership percentages. Through Asiacom, a company that owns 100% of Globe’s preferred shares (60% Ayala, 40% SingTel), Ayala maintains significant influence over Globe’s direction.
Globe remains one of Ayala’s most profitable ventures and a cornerstone of its modern portfolio.
If there’s one project that defines Ayala’s legacy beyond business, it’s Makati City. Though Manila is the country’s capital, Makati is its financial heart — home to the Philippine Stock Exchange, major corporations, and foreign embassies.
The story begins in 1851, when Don Jose Bonifacio Roxas acquired the vast Hacienda San Pedro de Macati for ₱52,800. This land would become the foundation of modern Makati. Fast forward to 1937, when aviation enthusiast Laurie Reuben Nielson sought land to build an airport. Enrique Zobel de Ayala, then managing partner of Ayala y Compañia, offered part of the Hacienda. Nielson Airport was built, laying the groundwork for future development.
World War II almost changed everything. The Japanese military seized the airport and demanded that the Ayala family sell the land. With Don Enrique Zobel de Ayala gone, leadership fell to Don Alfonso Zobel de Ayala, who resisted Japanese pressure and stalled negotiations until October 1943, when Japan established a puppet government in the Philippines. His patience saved the property — and the Ayala legacy.
After the war, Ayala transformed Makati into the country’s first modern central business district. Former runways became Ayala Avenue in 1949, now one of the most prestigious business addresses in the country. In 1963, the Makati Stock Exchange was established, later merging into the Philippine Stock Exchange in 1992.
Today, Makati’s land prices can reach ₱695,000 per square meter, surpassing even Bonifacio Global City (BGC). It’s a testament to Ayala’s vision and persistence.
Ayala’s real estate operations grew so large that they were eventually spun off into a dedicated company: Ayala Land, Inc. Today, Ayala Land is one of the top three real estate developers in the Philippines and remains Ayala Corporation’s most profitable business unit.
Ayala Land develops residential communities, office spaces, malls, and mixed-use estates. Its flagship developments include Nuvali in Laguna, envisioned as the country’s first sustainable city, and Arca South, a 74-hectare project dubbed the “next BGC.” In 2003, Ayala Land acquired a 50.4% stake in Bonifacio Global City, transforming it into another major financial hub.
Ayala Land also operates the Seda Hotels chain, with 11 properties across the country, and has expanded abroad by taking a 66% stake in MCT Berhad, a Malaysian developer.
Ayala’s reach goes far beyond banking, telecom, and real estate. Its portfolio spans numerous industries:
Nearly 200 years after its founding, Ayala Corporation remains one of the Philippines’ most powerful and influential companies. It has weathered colonial rule, revolutions, wars, and economic upheavals. It has adapted to changing times and industries, always finding ways to grow and stay relevant.
More than anything, Ayala has shaped the way Filipinos live — from the cities they work in and the banks they trust, to the phones they use and the water that flows into their homes. Its story is more than a corporate success story. It’s a story of how business, when built over generations, can shape a nation’s history and future.
