Ayala Corporation Explained

Ayala Corporation
Former Names:	Ayala y Cía,Ayala y Compañía
Type:	Public company
Foundation:	Manila, Captaincy General of the Philippines
Industry:	Conglomerate
Founders:	Domingo Róxas Antonio de Ayala
Location:	Ayala Triangle Gardens Tower 2, Paseo de Roxas cor. Makati Avenue, Makati, Metro Manila, Philippines
Area Served:	Philippines
Key People:
Net Income:	billion (2021)
Revenue:	billion (2021)
Num Employees:	60,150 (2021)
Assets:	trillion (2021)^[1]
Equity:	billion (2021)
Homepage:	ayala.com.ph

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 ($48.7B).

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.^[2] 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.^[3]

Ayala y Compañía shifted from a partnership to a corporation with the establishment of Ayala Corporation in 1968 and became public company in 1976.^[4] Ayala Corporation welcomed the minority investment of Mitsubishi Corporation as its strategic partner in 1974.^[5]

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.^[6] 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.^[7]

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.^{[8] [9]}
• Avida Land ^[10]
• Amaia Land ^[11]
• Bellavita
• Portico Land Corp. - joint venture with Mitsubishi Corporation^[12]
• 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.^[13]
• 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).^[14]
• 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.^[15]

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)^[16]

Power and transport

• AirSWIFT
• 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.^{[17] [18] [19] [20] [21]}
• 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.^[22]
  • 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.^[23]
  • 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.^[24]

Manufacturing and automotive

• AC Industrial Technology Holding, Inc. (AC Industrials)^{[25] [26]}
  • Integrated Micro-Electronics, Inc. (IMI)^{[27] [28]}
  • Honda Cars Makati, Inc.^{[29] [30] [31]} and Honda Cars Cebu, Inc.^[32] - 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.^{[33] [34] [35]}
  • Isuzu Philippines Corporation (IPC) (owns 15%)
  • Volkswagen Philippines ^[36]
  • Maxus Philippines, Inc ^[37]
  • Kia Philippines, Inc ^[38]
  • BYD Auto Philippines ^[39]
  • Adventure Cycle Philippines, Inc. (KTM Philippines)
  • ACI Solar Holdings North America
    • Merlin Solar Technologies Inc.^[40]
  • AC Industrials Singapore
    • Misslbeck Technologies GmbH ^[41]

Social infrastructure

• Ayala Healthcare Holdings, Inc. (AC Health) ^[42]
  • 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 ^[43]
  • Generika Drugstore ^[44]
  • I.E. Medica Inc. ^[45]
  • MedEthix Inc. ^[46]
  • KonsultaMD - a joint venture with Globe's 917Ventures ^[47]
• Ayala Education, Inc. (AEI)
  • University of Nueva Caceres - Ayala Education's flagship University ^[48]
  • 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.^{[49] [50]}
  • Professional Employment Program (PEP) ^[51]
  • National Teacher's College (33%)

Nonprofit organizations

• Ayala Foundation^[52]
  • CENTEX^[53]
  • Ayala Museum^[54]
  • Philippine Development Foundation^[55]
  • Ayala Technology Business Incubator^[56]
  • Filipinas Heritage Library^[57]
  • Ayala Social Initiatives^[58]

Business process outsourcing, Logistics and Digital businesses

• LiveIt Investments, Ltd.^[59]
• Affinity Express^{[60] [61]}
• HRMall^{[62] [63]}
• Zalora Philippines

Divestments

• Grail Research
• IQ BackOffice, Inc.
• The Insular Life Assurance Co., Ltd. - Mutual company owned by policyholders since 1987.
• Integreon^{[64] [65]}
• Philippine FamilyMart CVS, Inc. - Joint venture with Stores Specialists, Inc., Japan FamilyMart, and Itochu Corporation.^[66] Acquired by Phoenix Petroleum Philippines, Inc. in 2018.
• Pilipinas Makro Inc. (defunct) - initially a joint venture partnership between 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.^[67]
• Pure Foods Corporation - sold to San Miguel Corporation in 2001.
• Stream Global Services - sold to Convergys in 2014 for $820 million.^[68]
• Muntinlupa–Cavite Expressway - the 4km (02miles), 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.^[69]

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.^[70]

External links

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

Notes and References

1. Ayala Corp. . Ayala Corp.'s 2021 Annual Report (SEC-17A) . May 7, 2022 . https://web.archive.org/web/20220507091719/https://drive.google.com/file/d/15RGZl13r_Jo9xxu8Xt9-sJlljSxO4wOr/view . live .
2. Book: Borja. Marciano. Basques in the Philippines. May 1, 2005. University of Nevada Press. Nevada. 0874175909. 124. June 6, 2014.
3. News: Jamora-Garceau . Therese . Ayala unveils McMicking memorial in Makati . 27 October 2023 . Philstar.com . October 6, 2017 . November 7, 2023 . https://web.archive.org/web/20231107103643/https://www.philstar.com/lifestyle/modern-living/2017/10/06/1746147/ayala-unveils-mcmicking-memorial-makati . live .
4. Web site: The Milestones That Made Ayala Corporation One of the Largest Conglomerates in the Country. Nicole. Cruz. Esquire Philippines. September 22, 2019. May 8, 2022. May 25, 2022. https://web.archive.org/web/20220525012641/https://www.esquiremag.ph/the-good-life/mavericks/ayala-corp-history-a00300-20190922-lfrm2. live.
5. Web site: Mitsubishi eyes more collaboration with Ayala Group. Iris. Gonzales. The Philippine Star. March 16, 2018. May 10, 2022. May 10, 2022. https://web.archive.org/web/20220510073028/https://www.philstar.com/business/2018/03/26/1800260/mitsubishi-eyes-more-collaboration-ayala-group. live.
6. http://business.inquirer.net/money/breakingnews/view/20110420-332221/Ayala-to-venture-into-green-hydro-power-projects-with-Sta-Clara "Ayala Corp Builds Renewable Energy Portfolio with Run-of-the-River Hydropower"
7. http://www.financeasia.com/Tools/Print.aspx?CIID=173287 "Asia's best managed companies: Indonesia and the Philippines"
8. Web site: Charles H. Cosgrove J.D.: Executive Profile & Biography - Businessweek. Businessweek.com. February 10, 2024 .
9. Web site: Philippine Ayala Corp eyes Chinese, Indian real estate markets_English_Xinhua. https://web.archive.org/web/20090408054935/http://news.xinhuanet.com/english/2009-04/06/content_11139785.htm. dead. April 8, 2009. Xinhuanet.com.
10. Web site: Avida Properties in Vermosa Cavite, Avida Verra Settings. avidaverrasettings.com. January 29, 2020. January 29, 2020. https://web.archive.org/web/20200129071916/https://avidaverrasettings.com/. live.
11. Web site: Amaia Properties in Vermosa Cavite, Amaia Series in Vermosa Cavite. ayala-amaialand.com. January 29, 2020. January 29, 2020. https://web.archive.org/web/20200129071919/https://ayala-amaialand.com/. live.
12. Web site: Japan's Mitsubishi taps Ayala Land for Ortigas property venture. Interaksyon.com. June 28, 2014. May 2, 2014. https://web.archive.org/web/20140502134852/http://www.interaksyon.com/business/74118/japans-mitsubishi-taps-ayala-land-for-ortigas-property-venture. live.
13. Web site: Ayala Land, Ortigas group seal P15B deal. https://web.archive.org/web/20120703110930/http://www.thedailyguardian.net/index.php/iloilo-business-news/13601-ayala-land-ortigas-group-seal-p15b-deal. dead. July 3, 2012. Thedailyguardian.net.
14. Web site: Why Ayala, Aboitiz, Sy, Tan formed 'Team Trident'. Abs-cbnnews.com. dead. https://web.archive.org/web/20150227083635/http://rp1.abs-cbnnews.com/business/02/27/15/why-ayala-aboitiz-sy-tan-formed-team-trident. February 27, 2015.
15. Web site: DPWH mulls bid submission extension for Laguna Lakeshore PPP. Cathy Yang. Abs-cbnnews.com. October 16, 2015. October 3, 2015. https://web.archive.org/web/20151003032754/http://www.abs-cbnnews.com/business/09/30/15/dpwh-mulls-bid-submission-extension-laguna-lakeshore-ppp. live.
16. Web site: Piad . Tyrone Jasper C. . ‘End of an era’: Ayala exits Manila Water . inquirer.net . Philippine Daily Inquirer Group . 4 August 2024 . net.inquirer_ayalaexistmwc.
17. Web site: Ayala unit seeks regulatory approval for capital hike | Top Business News . . May 10, 2012 . dead . https://web.archive.org/web/20120203140537/http://www.manilatimes.net/index.php/business/top-business-news/16059-ayala-unit-seeks-regulatory-approval-for-capital-hike . February 3, 2012 .
18. Web site: Archived copy . May 10, 2012 . https://web.archive.org/web/20120802090533/http://www.global-imi.com/media/IMI-Definitive-IS.pdf . August 2, 2012 . dead .
19. Web site: AC Energy of Ayala group to invest $200M in 2013. Amy R.. Remo. Inquirer.net. February 3, 2013. December 19, 2013. December 14, 2013. https://web.archive.org/web/20131214084317/http://business.inquirer.net/105673/ac-energy-of-ayala-group-to-invest-200m-in-2013. live.
20. Web site: Ayala Corp. allots up to $700-M for energy projects. Kathleen A. Martin. Abs-cbnnews.com. December 19, 2013. January 5, 2014. https://web.archive.org/web/20140105012024/http://www.abs-cbnnews.com/business/04/19/13/ayala-corp-allots-700-m-energy-projects. live.
21. Web site: Ayala to build 405-MW plant. Manilastandardtoday.com. October 21, 2016. October 21, 2016. https://web.archive.org/web/20161021195427/http://manilastandardtoday.com/business/114130/ayala-to-build-405-mw-plant.html. live.
22. Web site: Gov't expected to award P65-B LRT project to Ayala-MPIC group next week. Miguel R.. Camus. Inquirer.net. July 10, 2014. July 14, 2014. July 15, 2014. https://web.archive.org/web/20140715005850/http://business.inquirer.net/174432/govt-expected-to-award-p65-b-lrt-project-to-ayala-mpic-group-next-week. live.
23. Web site: Gov't, MPIC-Ayala sign deal for MRT-LRT single ticket system. Lawrence. Agcaoili. Philstar.com. July 14, 2014. July 15, 2014. https://web.archive.org/web/20140715004515/http://www.philstar.com/headlines/2014/04/01/1307460/govt-mpic-ayala-sign-deal-mrt-lrt-single-ticket-system. live.
24. Web site: Ayala Corp enters logistics business with Entrego. October 25, 2018. April 26, 2019. September 29, 2019. https://web.archive.org/web/20190929173253/https://www.portcalls.com/ayala-corp-enters-logistics-business-with-entrego/. live.
25. Web site: Ayala Corp. posts P7.3B net in first 9 mos., up 7%. Gmanetwork.com. November 11, 2011. May 11, 2012. April 23, 2024. https://web.archive.org/web/20240423071220/https://www.gmanetwork.com/news/money/content/238195/ayala-corp-posts-p7-3b-net-in-first-9-mos-up-7/story/. live.
26. Book: OECD , Organisation for Economic Co-operation and Development . Organisation for Economic Co-operation and Development . Corporate Governance In Asia: A Comparative Perspective . OECD Publishing . OECD Proceedings Series . 2001 . 9789264183285 .
27. Web site: Integrated Micro-Electronics, Inc. (IMI) - IMI. Global-imi.com. October 20, 2014. https://web.archive.org/web/20141026090623/http://www.global-imi.com/about-imi/imi. October 26, 2014. dead.
28. Web site: Ayala-led IMI aims for billion dollar revenues. Richmond S.. Mercurio. Philstar.com. October 20, 2014. October 21, 2014. https://web.archive.org/web/20141021085929/http://www.philstar.com/business/2014/10/20/1382077/ayala-led-imi-aims-billion-dollar-revenues. live.
29. Web site: Honda Cars Makati Inc. - . July 9, 2016 . https://web.archive.org/web/20160722001554/http://www.hondamakati.com.ph/ . July 22, 2016 . dead .
30. Web site: Our Company :: Honda Cars Philippines, Inc . June 8, 2011 . dead . https://web.archive.org/web/20110830161030/http://www.hondaphil.com/ver2/ourcompany.php . August 30, 2011 .
31. Web site: Jaime Zobel de Ayala | Pinoy Profile . May 11, 2012 . dead . https://web.archive.org/web/20120204091820/http://www.pinoyprofile.com/jaime-zobel-de-ayala/ . February 4, 2012 .
32. Web site: Honda Cars Cebu Inc.. Hondacebu.com.ph. July 18, 2018. July 18, 2018. https://web.archive.org/web/20180718100415/http://hondacebu.com.ph/. live.
33. Web site: Our Story of Isuzu Philippines – Isuzu Philippines . June 8, 2011 . dead . https://web.archive.org/web/20110514203852/http://www.isuzuphil.com/corporate-information/the-story-of-isuzu-philippines/ . May 14, 2011 .
34. Web site: Library unavailable - 0007. Myvirtualpaper.com. May 11, 2012. https://web.archive.org/web/20160818122345/http://ai.myvirtualpaper.com/doc/ayala/ayala-corp-2009-annual-report/2010063001/7.html. August 18, 2016. dead.
35. Web site: Ayala Corporation (PSE:AC). The Philippine Builder. https://web.archive.org/web/20130615150926/http://www.philippine-builder.com/featured/company/178-ayala-corporation-pseac.html. June 15, 2013. dead.
36. Web site: Ayala group brings back VW; Beetle in 2014. Liza Reyes. Abs-cbnnews.com. February 2, 2014. October 3, 2013. https://web.archive.org/web/20131003021548/http://www.abs-cbnnews.com/business/09/29/13/ayala-group-brings-back-vw-beetle-2014. live.
37. Web site: China's Maxus enters Philippines auto market. philstar.com. June 7, 2019. June 7, 2019. https://web.archive.org/web/20190607090336/https://www.philstar.com/business/2019/06/07/1924187/chinas-maxus-enters-philippines-auto-market. live.
38. Web site: Ayala conglomerate takes over Kia in PH . . September 9, 2023 . October 19, 2023 . https://web.archive.org/web/20231019121330/https://www.philstar.com/business/motoring/2019/01/02/1881635/ayala-conglomerate-takes-over-kia-ph . live .
39. Web site: China's BYD strikes deal with Ayala to sell EVs in Philippines . September 9, 2023 . September 9, 2023 . https://web.archive.org/web/20230909132905/https://asia.nikkei.com/Business/Automobiles/China-s-BYD-strikes-deal-with-Ayala-to-sell-EVs-in-Philippines . live .
40. Web site: Ayala buys Silicon Valley-based solar tech firm. Doris. Dumlao-Abadilla. Business.inquirer.net. February 26, 2018. July 18, 2018. August 1, 2018. https://web.archive.org/web/20180801212919/https://business.inquirer.net/246577/ayala-buys-us-solar-energy-solutions-firm. live.
41. Web site: Ayala buys German auto parts maker MT Misslbeck Technologies. Nikkei Asian Review. July 18, 2018. July 18, 2018. https://web.archive.org/web/20180718234549/https://asia.nikkei.com/Business/AC/Ayala-buys-German-auto-parts-maker-MT-Misslbeck-Technologies. live.
42. Web site: AC Health. achealth.com.ph. March 12, 2024. March 12, 2024. https://web.archive.org/web/20240312031826/https://www.achealth.com.ph/. live.
43. Web site: Healthway Medical Network. healthwaymedicalnetwork.com.ph. July 9, 2023. August 29, 2023. https://web.archive.org/web/20230829094556/https://healthwaymedicalnetwork.com.ph/. live.
44. Web site: Generika Drugstore. generika.com.ph. October 20, 2023. October 17, 2023. https://web.archive.org/web/20231017014413/http://generika.com.ph/. live.
45. Web site: I.E. Medica. iemedica.com.ph. March 11, 2024. March 12, 2024. https://web.archive.org/web/20240312031826/https://www.iemedica.com.ph/. live.
46. Web site: MedEthix. medethix.com.ph. March 11, 2024. March 12, 2024. https://web.archive.org/web/20240312031825/https://www.medethix.com.ph/. live.
47. Web site: KonsultaMD. konsulta.md. Feb 15, 2024. February 8, 2024. https://web.archive.org/web/20240208174550/https://konsulta.md/. live.
48. Web site: Ayala Education, Inc. Invests in University of Nueva Caceres | Ayala Group News Center. https://web.archive.org/web/20150731001935/http://ayalanews.com/ayala-corporation/news/2015/07/ayala-education-inc-invests-university-nueva-caceres. dead. July 31, 2015. July 31, 2015.
49. Web site: APEC. Pearson PLC. August 4, 2014. August 8, 2014. https://web.archive.org/web/20140808045504/http://www.affordable-learning.com/the-fund/investments/apec.html. live.
50. News: Tuition in new private schools: 'P65 a day'. May 16, 2014. Rappler.com. August 4, 2014. May 20, 2014. https://web.archive.org/web/20140520104417/http://www.rappler.com/nation/58195-ayala-affordable-private-education-center. live.
51. Web site: PEP - Professional Employment Program. Ayalaeducation.com. July 18, 2018. July 18, 2018. https://web.archive.org/web/20180718205505/http://ayalaeducation.com/pep/. live.
52. Web site: In Honor of the Iconoclast | The Manila Bulletin Newspaper Online. https://archive.today/20120904055942/http://www.mb.com.ph/articles/359007/in-honor-iconoclast. dead. . May 10, 2012. September 4, 2012.
53. Web site: Archived copy . May 10, 2012 . https://archive.today/20120908041635/http://www.inmetromanila.com.ph/company/ayala-foundation-centex-manila.html . September 8, 2012 . dead .
54. Web site: The Ayala Museum Makati City. https://archive.today/20130128131610/http://www.makaticity.com/museums/ayala-museum.php. dead. May 10, 2012. January 28, 2013.
55. Web site: PhilDev USA: AF-USA Renamed Philippine Development Foundation . May 10, 2012 . dead . https://web.archive.org/web/20101123173654/http://www.phildev.org/site/News2?page=NewsArticle&id=5556 . November 23, 2010 .
56. Web site: Brain Gain Network - Institutions - Ayala Foundation TBI (Technology Business Incubator) . May 10, 2012 . dead . https://web.archive.org/web/20120526032959/http://www.bgn.org/institutions/page/10 . May 26, 2012 .
57. Web site: Cultural advocate to speak at Filipinas Heritage Library's workshop. INQUIRER.net. Inquirer.net. February 25, 2012. May 10, 2012. March 4, 2016. https://web.archive.org/web/20160304023956/http://lifestyle.inquirer.net/36333/cultural-advocate-to-speak-at-filipinas-heritage-librarys-workshop. live.
58. Web site: Can business 'do good' in bad times? - INQUIRER.net, Philippine News for Filipinos . May 10, 2012 . dead . https://web.archive.org/web/20090303180207/http://opinion.inquirer.net/inquireropinion/columns/view/20090117-183867/Can-business-do-good-in-bad-times . March 3, 2009 .
59. Web site: BusinessWorld - Ayala subsidiary exits BPO company. Bworldonline.com. July 18, 2018. July 18, 2018. https://web.archive.org/web/20180718205019/http://www.bworldonline.com/content.php?section=Corporate&title=ayala-subsidiary-exits-bpo-company&id=132889. live.
60. Web site: Strength in unity. SKETCHES By Ana Marie. Pamintuan. Philstar.com. October 21, 2016. October 11, 2016. https://web.archive.org/web/20161011212237/http://www.philstar.com/opinion/379522/strength-unity. live.
61. Web site: Ayala's BPO unit expects to post profit as it expands. Miguel R. Camus. Abs-cbnnews.com. May 10, 2012. May 12, 2012. https://web.archive.org/web/20120512081909/http://www.abs-cbnnews.com/business/04/17/12/ayalas-bpo-unit-expects-post-profit-it-expands. live.
62. Web site: $ $ Key Developments . Reuters.com. July 18, 2018.
63. Web site: Ayala BPO unit buys LA outsourcing firm. https://archive.today/20120719160903/http://ph.news.yahoo.com/ayala-bpo-unit-buys-la-outsourcing-firm-20110418-094743-054.html. dead. July 19, 2012. Yahoo.com.
64. Web site: EDITORYAL - Kulang na naman ang mga classroom?. Philstar.com. October 21, 2016. October 11, 2016. https://web.archive.org/web/20161011191444/http://www.philstar.com/opinyon/576354/editoryal-kulang-na-naman-ang-mga-classroom. live.
65. News: Integreon buys Grail Research; eyes more. Reuters.com. November 13, 2009. July 5, 2021. July 19, 2018. https://web.archive.org/web/20180719025826/https://in.reuters.com/article/idINIndia-43913520091113. live.
66. Web site: Ayala-SSI joint venture mulling options for FamilyMart business | InterAksyon . October 27, 2017 . https://web.archive.org/web/20171027232514/http://www.interaksyon.com/ayala-ssi-joint-venture-mulling-options-for-familymart-business/ . October 27, 2017 . dead .
67. Web site: SM, Makro sued over billboard contract . . 2010-02-01 . https://web.archive.org/web/20221128045809/https://news.abs-cbn.com/business/02/01/10/sm-makro-sued-over-billboard-contract . 2022-11-28 . live.
68. Web site: Ayala Corp.'s LiveIt and partners sell stake in Stream Global to Convergys. Gmanetwork.com. January 7, 2014. July 18, 2018. July 18, 2018. https://web.archive.org/web/20180718205752/http://www.gmanetwork.com/news/money/companies/342777/ayala-corp-s-liveit-and-partners-sell-stake-in-stream-global-to-convergys/story/. live.
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