The Filipinas Foundation, the predecessor of the Ayala Foundation, was formally incorporated.
Established by Colonel Joseph McMicking and his wife Mercedes Zobel de Ayala y Roxas, the Filipinas Foundation was one of the first corporate foundations in the Philippines and its mission was to conduct social and research development for the achievement of humanitarian objectives. In January 1990, the foundation changed its corporate name to Ayala Foundation.
Fernando Zobel de Ayala y Montojo was born in Manila to Enrique Zobel de Ayala and Fermina Montojo y Torrontegui.