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 21, 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 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Consortium formed for rehabilitation, operation, and maintenance of NAIA
Background/Description of the Disclosure
Please be informed that AC Infrastructure Holdings Corporation, a wholly owned subsidiary of Ayala Corporation, has agreed to form a consortium with Aboitiz InfraCapital Inc., Alliance Global Group Inc., AEDC, Filinvest Development Corporation, JG Summit Holdings Inc., and Metro Pacific Investments Corporation for the rehabilitation, operation, and maintenance of the Ninoy Aquino International Airport (NAIA) through an unsolicited proposal which it plans to submit to the Department of Transportation. The terms of the Memorandum of Understanding or framework of the consortium are still under negotiation. The consortium will work with foreign technical partners with world class track records in airport operations to improve, upgrade, and enhance the operational efficiencies of NAIA. The consortium believes that NAIA will continue to be a strategic gateway and a key hub of airline operations for the Philippines. With proper upgrades and strategic improvements, NAIA can easily accommodate an additional 11 million passengers annually from the current 39.5 million passengers, and can increase its hourly aircraft movements from 40 movements per hour to 48 movements per hour. The unsolicited proposal is intended to help accelerate the government’s “Build Build Build” program. Augmenting NAIA’s capacity is the quickest way to address airport congestion while other airports are being developed outside Metro Manila. The consortium believes that this approach promotes greater economic benefit and sustainability for the whole country.
Other Relevant Information
Please see the attached press release.