SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-A, AS AMENDED

ANNUAL REPORT PURSUANT TO SECTION 17
OF THE SECURITIES REGULATION CODE AND SECTION 141
OF THE CORPORATION CODE OF THE PHILIPPINES

1. For the fiscal year ended

Dec 31, 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 or organization

Makati City, 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

(632) 908-3000 / 908-3357

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

Not applicable

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
Preferred A (all are in treasury shares)	12,000,000
Preferred B Series 1 (8M are in treasury shares)	28,000,000
Preferred B Series 2 (3M are in treasury shares)	30,000,000
Voting Preferred	200,000,000
Common	621,292,010
Debt outstanding as of December 31, 2017 (in PHP)	40,000,000,000

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

As of December 31, 2017, a total of 616,784,515 common shares, 12,000,000 preferred A (“ACPA”) shares, 28,000,000 preferred B series 1 (“ACPB1”) shares, and 30,000,000 preferred B series 2 (“ACPB2”) shares are listed in the Philippine Stock Exchange (“PSE”). A total of 12,000,000 ACPA shares, 8,000,000 ACPB1 shares, and 3,000,000 ACPB2 shares are held in Treasury by the Company.

12. Check whether the issuer:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

13. State the aggregate market value of the voting stock held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within sixty (60) days prior to the date of filing. If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided the assumptions are set forth in this Form

About P243.8 billion (based on bid stock price as of March 28, 2018 and shares owned by the public).

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE PRECEDING FIVE YEARS

14. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Yes

No

DOCUMENTS INCORPORATED BY REFERENCE

15. If any of the following documents are incorporated by reference, briefly describe them and identify the part of SEC Form 17-A into which the document is incorporated:

(a) Any annual report to security holders

2017 Consolidated FS of AC & Subsidiaries, BPI, and Globe; 2017 Supplementary Schedules and Opinion.

(b) Any information statement filed pursuant to SRC Rule 20

Not applicable

(c) Any prospectus filed pursuant to SRC Rule 8.1

Not applicable

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 17-1 - Annual Report References: SRC Rule 17 and
Section 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year ended	Dec 31, 2017
Currency	in Thousand Pesos

Balance Sheet

	Year Ending	Previous Year Ending
	Dec 31, 2017	Dec 31, 2016
Current Assets	315,635,874	288,465,350
Total Assets	1,021,545,752	911,704,503
Current Liabilities	241,787,169	235,799,202
Total Liabilities	610,453,364	540,708,625
Retained Earnings/(Deficit)	170,302,028	145,622,311
Stockholders' Equity	411,092,388	370,995,878
Stockholders' Equity - Parent	256,347,751	230,922,532
Book Value Per Share	374.75	334.4

Income Statement

	Year Ending	Previous Year Ending
	Dec 31, 2017	Dec 31, 2016
Gross Revenue	266,785,763	222,944,240
Gross Expense	200,887,569	162,283,109
Non-Operating Income	22,341,811	14,341,549
Non-Operating Expense	26,113,471	21,063,097
Income/(Loss) Before Tax	62,126,534	53,939,583
Income Tax Expense	12,259,759	10,506,974
Net Income/(Loss) After Tax	49,866,775	43,432,609
Net Income/(Loss) Attributable to Parent Equity Holder	30,263,842	26,011,263
Earnings/(Loss) Per Share (Basic)	46.67	39.88
Earnings/(Loss) Per Share (Diluted)	45.99	39.31

Financial Ratios

	Formula	Fiscal Year Ended	Previous Fiscal Year
		Dec 31, 2017	Dec 31, 2016
Liquidity Analysis Ratios:
Current Ratio or Working Capital Ratio	Current Assets / Current Liabilities	1.31	1.22
Quick Ratio	(Current Assets - Inventory - Prepayments) / Current Liabilities	0.94	0.85
Solvency Ratio	Total Assets / Total Liabilities	1.67	1.69
Financial Leverage Ratios
Debt Ratio	Total Debt/Total Assets	0.34	0.32
Debt-to-Equity Ratio	Total Debt/Total Stockholders' Equity	0.85	0.8
Interest Coverage	Earnings Before Interest and Taxes (EBIT) / Interest Charges	5.3	4.78
Asset to Equity Ratio	Total Assets / Total Stockholders' Equity	3.98	3.95
Profitability Ratios
Gross Profit Margin	Sales - Cost of Goods Sold or Cost of Service / Sales	0.27	0.29
Net Profit Margin	Net Profit / Sales	0.17	0.19
Return on Assets	Net Income / Total Assets	0.05	0.05
Return on Equity	Net Income / Total Stockholders' Equity	0.13	0.13
Price/Earnings Ratio	Price Per Share / Earnings Per Common Share	21.75	18.32

Other Relevant Information

Please see attached SEC Form 17A as of December 31, 2017 with: 2017 Consolidated Financial Statements of Ayala Corporation and Subsidiaries; 2017 Consolidated Financial Statements of Bank of the Philippine Islands and Subsidiaries; 2017 Consolidated Financial Statements of Globe Telecom, Inc. and Subsidiaries; 2017 Opinion on and Supplementary Schedules; 2017 BIR Received copy of Ayala Corporation (Parent) FS Face - Auditor's Report, Financial Position, Income Statement, Changes in Equity and Cash Flows; 2017 Ayala Corporation and Subsidiaries SFFS