Manila: Where it all began
For over four centuries, the city of Manila was the center of trade and commerce in the Philippines, thanks to its strategic location that made it a natural business hub.
It should thus come as no surprise that some of the largest conglomerates and companies in the Philippines began in this city.
1. Ayala Corp.
Celebrating its 190th anniversary this year, Ayala Corp. traces its roots to Casa Roxas, founded by Domingo Roxas and Antonio de Ayala in 1834.
The bulk of Casa Roxas’ assets was invested in a distillery by the Pasig River.
Known in its heyday as Destilería y Licorería de Ayala y Compañía, the distillery produced award-winning spirits, including the gin later trademarked as Ginebra San Miguel. It was sold to Carlos Palanca in 1924.
Also founded in Manila in 1834 was Botica Zobel, opened in Intramuros by the grandfather of Jacobo Zóbel y Zangróniz, who married Trinidad de Ayala y Roxas, a third-generation partner of the early Ayala enterprise. The pharmacy was sold at the turn of the 20th century.
Today, Ayala has diverse interests in real estate, banking, telecommunications, renewable energy, infrastructure, logistics, health care, education, electronics manufacturing and mobility—building businesses that enable people to thrive.
2. San Miguel Corp.
When founder Don Enrique Maria Barretto y de Yacaza was awarded a royal grant from Spain to create a brewery in the Philippines, he first opened the business, La Fabrica de Cerveza San Miguel, at No. 6 Calzada de Malacañang.
The original building at this address was expanded to accommodate the country’s first brewery and a small cold storage plant. The street was later named Calle Conde de Avilés and eventually Jose Laurel Street, now part of the Malacañang complex.
Today, San Miguel Brewery Inc. (SMB) is the largest producer of beer in the Philippines, with nine out of 10 beer drinkers preferring its brands.
From a single product produced in a single brewery in 1890, SMB has developed an array of popular beer products over the past century, catering to the distinct tastes and preferences of beer drinkers across all segments and markets in the Philippines.
It carries a portfolio of 11 strong and popular beer brands: Red Horse Beer, San Mig Light, San Miguel Flavored Beer, San Mig Zero, Gold Eagle Beer, San Miguel Super Dry, San Miguel Premium All-Malt Beer, Cerveza Negra, Kirin Ichiban, the country’s first nonalcoholic beer San Mig Free and its flagship brand San Miguel Pale Pilsen.
3. Metropolitan Bank and Trust Co.
Metropolitan Bank and Trust Co.’s beginnings in 1962 were a brave response to a call for growth and progress. The new era of optimism, brought about by government liberalization of fiscal and economic policies heightened the growing need for fresh sources of credit to jump-start the economy. Spurred by this challenge, a group of businessmen led by the late Metrobank Group chair George Ty pooled their resources to heed this call.
On April 6, 1962, Ty’s dream became a reality—Metrobank was incorporated. Then on Sept. 5 that year, Metrobank opened its first head office at Plaza Calderon in Binondo, located on the first and second floors of the Wellington Building. President Diosdado Macapagal and first lady Eva Macapagal led the inauguration.
Some trivia:
The current location of the Metrobank Downtown Center Area Office and Branch is where the famous Hotel de Oriente previously stood. It was a first-class hotel in the 1850s that was said to be frequented by Jose Rizal.
Metrobank founder George Ty, together with former vice chair and senior adviser James Go, started engaging with businesses in Binondo with just a handshake.
To date, there are 19 Metrobank branches in Binondo.
4. SM Supermalls
The eventful SM story began in 1958 when founder Henry Sy Sr. opened the first Shoemart store in downtown Manila, introducing new merchandising and retail concepts.
At that time, Sy, who was honored as the Father of Philippine Retail by the Philippine Retailers Association, thought that if he could sell a pair of shoes to every Filipino, he could be a successful man.
From there, Sy expanded into department stores and supermarkets before opening the country’s first shopping center, the SM City North Edsa, in 1985.
Today, SM Supermalls is one of Southeast Asia’s biggest developers, operating 85 malls in the Philippines and eight others in China.
5. Tanduay Distillers Inc.
In 1854, Ynchausti y Compania was founded, laying the foundation for Tanduay rum.
In 1860, a plant was constructed in Isla de Tanduay, which bordered the Quiapo and San Miguel districts of the city of Manila. This is what is considered the original distillery of Tanduay, which is celebrating its 170th year this year.
Tanduay originates from the word “tang’way,” the Tagalog term for “peninsula,” a reference to Isla de Tanduay’s susceptibility to flooding during the rainy season.
Tanduay Distillers Inc. has since become part of the Lucio Tan Group of Companies. Today, it is ranked as the world’s No. 1 rum brand for the seventh year, selling 23.4 million case liters in 2023. Tanduay also ranked seventh overall among the largest selling spirits in the world.
6. China Banking Corp.
China Banking Corp. was founded by Dee C. Chuan, a leading business leader and philanthropist, along with Don Albino Sycip, known as the Dean of Philippine Banking, and 10 other prominent businessmen of the era.
Chinabank opened for business in 1920 at No. 90 Calle Rosario (now Quintin Paredes Street), Binondo. It was the first privately owned local commercial bank in the Philippines. In Mandarin, its name is Zhong Xing Yin Hang (the Chinese characters literally mean “China Prosper Bank”). “Yin hang,” the term for a bank, means “silver institution.” In Hokkien, the bank’s full name is pronounced Tiong Hieng Gun Hang.
The bank’s first print advertisement announced: “This bank is entering the local financial field of commercial banking because it believes that there is ample room for Chinese merchants and others engaged in business pursuits to be represented in a cooperative and constructive way by a bank that shall minister understandingly to their credit requirements.”
As of Dec. 31, 2023, Chinabank’s nationwide footprint spanned 648 branches, complemented by self-service and digital banking channels available 24/7 — 1,069 ATMs, Cash Accept Machines, Chinabank TellerPhone, Chinabank Online, and Chinabank Mobile App.
7. Rustan’s
Rustan Group of Companies began in 1952, when the late Bienvenido “Benny” Tantoco Sr. and Gliceria “Glecy” Rustia-Tantoco brought back beautiful and unique products from their trips abroad to show to friends in the comfort of the living room of their home in San Marcelino.
As more people visited their home to view Glecy’s product selections, the couple decided to open their first store along San Marcelino Street.
Some 72 years later, the home-based enterprise evolved into a retail giant known as the Rustan Group of Companies, a combination of Rustia and Tantoco.
Today, Rustan’s has department stores in five major locations, launched several boutique stores, and has licensed more than 2,000 international brands.
8. McDonald’s Philippines
In 1974, George T. Yang first sent a letter to the McDonald’s headquarters in the United States to convey his intent to bring the world-famous franchise to the Philippines.
The Philippines was deemed “very far from their radar” at that time, according to Yang. But he would not take no for an answer.
His vision was to change the landscape of dining out in the Philippines after completing his MBA at the Wharton School of Business in Pennsylvania.
His persistence paid off and opened the first McDonald’s store in Morayta in 1981. The branch still stands today and the network has since grown to 744 branches all over the Philippines.
