Message from the
Chairman
The events of the past year have challenged the corporate momentum we have built over the last decade. However, history has shown Ayala’s resilience across multiple business cycles over the 186 years that we have been in operation. This ability to deal with adversity has been built on our fundamental strengths of adhering to the highest standards of corporate governance, always looking to develop value over the long term, remaining flexible to adjust to changing circumstances, and constantly aligning our business objectives with the broader development needs of the country. These fundamental values have stood us in good stead through the years, defined Ayala as a successful multi-business group, and ensured our continuity and relevance throughout the years.
While the challenges of the past year have resulted in one of the most difficult periods in our corporate history, it is also during trying times that the strength of our diversification initiatives and massive expansion program are put to the test.
Recall that in 2011, the Ayala group set in motion a strategic agenda that led to the expansion of our established franchises in real estate, banking, and telecommunications to capitalize on the strong momentum we saw taking place in the domestic environment. In parallel, we invested in energy generation as a new growth platform from which we would derive future sources of earnings and value creation. These initiatives have cemented our competitive advantage, maintained our relevance in our markets, and established the foundation for long-term growth and value regardless of the prevailing macroeconomic or competitive environment.
Message from the
President
Let me begin by thanking all of you for your continued support and confidence in Ayala. The past year was a trying time for our group as we confronted an unprecedented situation in Manila Water and our Metro Manila concession area. The water supply shortage that emerged in March 2019 impaired the high standards of service Manila Water has maintained over the past 23 years. Several factors led to this unfortunate incident. While the situation was compounded by low dam levels brought about by the prolonged dry season last year, the main factor in the shortage was the delay in new water source development under the government’s Water Supply Master Plan.
In order to prevent this from happening again, Manila Water is working closely with MWSS and this administration on the timely execution of the Water Supply Master Plan. Several medium-term water supply projects are now in various stages of review and development. These projects will provide additional water supply for the growing water demand of our East Zone customer base in the coming years.
These initiatives, along with the continued network management and optimization program, has enabled water availability for customers to be maintained within regulatory levels despite lower raw water supply.
Although we faced significant challenges in both our water and global manufacturing businesses in 2019, our real estate, banking, telco, and power units continued to serve as engines of growth. This validates the strength of a diversified portfolio and the expansion strategy we put in place a decade ago.
Non-executive Director
Independent Director
Non-executive Director
ZOBEL DE AYALA
Executive Director, Chairman, and
Chief Executive Officer
ZOBEL DE AYALA
Executive Director,
Vice Chairman,
President and
Chief Operating Officer
Independent Director
Lead Independent Director
Management Committee
Managing Director, President, Ayala Foundation
Managing Director, President and CEO, AC Energy, Inc.
Senior Managing Director, President and CEO, Ayala Land, Inc.
Chairman and Chief Executive Officer
Managing Director, Chief Operating Officer, iPeople, Inc.
Senior Managing Director, CEO of Integrated Micro-Electronics, Inc. and President and CEO, AC Industrials Technology Holdings, Inc.
President and Chief Operating Officer
Managing Director, Chief Human Resources Officer and Group Head, Corporate Resources
President and CEO, Globe Telecom, Inc.
Senior Managing Director, Chief Finance Officer, Chief Risk Officer and Chief Sustainability Officer, Finance Group Head and President of AC Ventures Holding Corp
Managing Director, Group Head, Corporate Strategy and Development President and CEO, Ayala Healthcare Holdings Inc.
Managing Director, Chief Legal Officer, Corporate Secretary, Chief Compliance Officer, Data Protection Officer, and Group Head, Corporate Governance
Senior Managing Director, President and Chief Executive Officer, Bank of the Philippine Islands
Senior Managing Director, President and CEO, AC Infrastructure Holdings Corporation and Manila Water Company, Inc.