Philippines’ Ayala Corp. To Sell Minority Stake In AC Health To Temasek’s ABC Impact

AC Health operates a network of pharmacies, clinics and hospitals across the Philippines.

Courtesy of Ayala Corp

AC Health—a wholly-owned subsidiary of billionaire Jaime Zobel de Ayala and his family’s Ayala Corp.—is selling a 16% stake for an undisclosed amount to ABC Impact, a Singapore-based investor backed by Temasek.

In its maiden Philippine venture, ABC Impact will inject primary capital into the healthcare company, supporting the Philippine company’s expansion, AC Health said in a statement. ABC Impact has a regional portfolio that includes investments in India, China, and Vietnam.

“ABC Impact’s investment reinforces the strength of our integrated model and our commitment to making healthcare more inclusive,” AC Health CEO Paolo Borromeo said.

Ayala Corp. said in April it aims to grow AC Health into becoming its next unicorn with $2 billion in equity valuation by 2035, four times its current value. Founded a decade ago, AC Health has been building up its hospitals, multi-specialty clinics, and retail pharmacies through organic growth and acquisitions.

By 2027, AC Health aims to expand its network to at least 10 hospitals, 300 clinics, and 1,150 pharmacies. In April, it had 880 drugstores, two drug importers licensed to distribute over 1,178 medicines, 236 corporate and multi-specialty clinics and six hospitals under Healthway Medical.

ABC Impact’s investment follows a strategic partnership AC Health entered into last week with Dexa Group, one of Indonesia’s largest pharmaceutical companies, to import and distribute medicines into the Philippines.

Ayala Corp. has invested 15 billion pesos ($263 million) since 2015 into AC Health, which posted a net loss of 610 million in 2024 as asset impairment charges and costs of its new cancer center eroded a 10% increased in sales to 9.4 billion pesos.

“This partnership with Ayala and AC Health reflects our mission to improve lives by advancing access to quality care,” ABC Impact CEO David Heng said. “Through our regional healthcare experience and impact lens, we aim to support AC Health’s efforts to strengthen systems and serve more communities across the Philippines.”

Ayala Corp., the country’s oldest conglomerate, was started by the great grandfather of Jaime Zobel de Ayala, the family patriarch, in 1834 as a distillery. Today, the Manila-listed company has interests in banking, energy, logistics, utilities and real estate. With a net worth of $3.4 billion, the family ranks seventh among the richest in the Philippines.