In the Philippines, a country in Southeast Asia, business is the common trade. There are as many of the same stores in each corner in the urban areas of the thousands of islands in the country. Even places that aren’t completely urbanized have a store that operates on the same business model as the other stores of its type in as far as their location goes. Small businesses are sprawling all over the country and they do not show any signs of stopping their multiplication process. Such is the practice of business in that country full of people trying to make it big and provide a better life for their family.
There is, however, one name that has spread all across the islands and has become the facet of business that many people can only hope to achieve. That name is Ayala. The Ayala Empire is one of the Philippine’s largest conglomerates and is the most consistent in the top spots of the country’s richest. The powerhouse has operate variouses businesses that range from real estate, business process outsourcing, telecommunications to financial services, and several infrastructures, and many more. The man behind it all? Jaime Augusto Zobel de Ayala II, the chairman and CEO of Ayala Corporation.
Business Runs in the Family
Jaime was born on March 6, 1959 in Manila, Philippines. His father, Jaime Zobel de Ayala I, was the former president and chairman or Ayala Corporation and his mother was Beatriz Miranda. His brother is Fernando Zóbel de Ayala, who is currently the president and chief operating officer of Ayala Corporation.
Jaime studied at the Ateneo de Manila University from 1966 to 1968, Ladycross School from 1968 to 1971, and Worth School from 1972 1976 before earning a B.A. degree in economics, in which he was honored as cum laude, from Harvard College in 1981, and an MBA from Harvard Business School in 1987.Life in BusinessAfter graduating, Jaime and his brother were prepared for the challenges that they were about to face due to their legacy. The two went seperate ways by working in different companies after graduation. Jaime went on to train for a year in 1981 and then went on to join Purefoods, which was part of the Ayala Group at the time. They would later rejoin each other in 1982.
In 1995, his father had to step down from his position of Chief Executive Officer due to company laws requiring him to do so, and Jaime took over as the new CEO. Under his tenure, and with his brother Fernando by his side serving as president and COO, Ayala went on to make huge ventures, including Globe Telecom, which was one of the riskiest investments of Ayala. It took a while to take off due to the huge capital investments that were involved and the growing pains that the fledging telecommunications industry was going through at the time. Had Globe not turn profits, the Ayala Group would have negative earnings overall and would have incurred large debts.