SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jan 23, 2017

2. SEC Identification Number

34218

3. BIR Tax Identification No.

000-153-610-000

4. Exact name of issuer as specified in its charter

AYALA CORPORATION

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

32F to 35F , Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(02)908-3000

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	620,726,154
Preferred B Series 1 Shares	20,000,000
Preferred B Series 2 Shares	27,000,000
Voting Preferred Shares	200,000,000

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Ayala CorporationAC

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Clarification of News Article: “Ayala group to spend $100M to 200M to expand healthcare biz”

Source	The Manila Times (Internet Edition)
Subject of News Report	“Ayala group to spend $100M to 200M to expand healthcare biz”
Date of Publication	Jan 23, 2017

Clarification of News Report
This refers to your request to clarify the news article entitled “Ayala group to spend $100M to 200M to expand healthcare biz” posted in the January 23, 2017 issue of The Manila Times (Internet Edition). The article reported in part that: “Ayala Healthcare Holdings Inc., the healthcare subsidiary of listed conglomerate Ayala Corp. (AC), is set to invest $100 million to $200 million (about P5 billion to P10 billion) in its clinics and pharmacies over the next few years as part of its expansion strategy. ‘As a group, at least for our clinics and for our pharmacies, we’re looking at anywhere between $100 million to $200 million budget over the next few years, not necessarily this year,’ Paolo Maximo F. Borromeo, AC head of corporate strategy and development, said last week. Borromeo said AC is focusing on five sectors in the coming years which are healthcare, power, infrastructure, industrial, and education. . . . .” We wish to confirm that the abovementioned five sectors are of key interest to Ayala. We wish to however clarify that the abovementioned amounts for healthcare are indicative investment ranges over the next 3-5 years.
Other Relevant Information
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