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)

Dec 6, 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	621,292,010
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 entitled, "Big consortium to rebuild Naia”

Source	http://thestandard.com.ph
Subject of News Report	"Big consortium to rebuild Naia”
Date of Publication	Dec 5, 2017

Clarification of News Report
This refers to the request to clarify the news article entitled, “Big consortium to rebuild Naia” posted on Manila Standard (internet edition) on December 5, 2017. The article reported in part that: “A ‘super consortium’ composed of the country’s seven largest conglomerates is being formed to undertake the rehabilitation, modernization and expansion of Ninoy Aquino International Airport, industry sources said. Sources said the seven groups were planning to work together to finally have the important infrastructure project implemented. The seven groups include Ayala Corp., LT Group Inc., Filinvest Group, JG Summit Holdings Inc., Aboitiz Equity Ventures Inc., Metro Pacific Investments Corp. and Megaworld Corp., sources said. Metro Pacific president Jose Ma. K. Lim confirmed the plan in a text message. ‘The idea is being discussed, but we have not formally agreed on anything at this point,’ Lim said. . . . . Under the plan, the private sector partner will improve, upgrade and enhance the operational efficiencies of all existing terminals of Naia, covering both landside and airside (except air traffic services), to meet the International Civil Aviation Organization standards and develop the main gateway airport. . . . .” We confirm that we are in discussions with other groups to participate in a project involving the Ninoy Aquino International Airport. However, we wish to clarify that the discussions are still in the exploratory phase and no firm commitments or formal agreements have been reached, including on the composition of the consortium.
Other Relevant Information
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