Ayala Corporation (AC) was founded in 1834, incorporated in 1968, and was listed in the Philippine Stock Exchange in 1976. AC is the holding company of the Ayala Group of Companies, with principal business interests in real estate and hotels, financial services and bancassurance, telecommunications, electronics, information technology and business process outsourcing services, utilities, automotives, international and others. Based on the Securities and Exchange Commission's parameters, the significant subsidiaries of AC as of December 31, 2008 are AC International Finance, Ltd., Ayala Land, Inc., and Integrated Micro Electronics, Inc. AC's significant associates include Globe Telecom, Inc., Bank of the Philippine Islands, and Manila Water Company. Source: SEC Form 17-A (2008)