1. lTANDUAY DISTILLER INC. History
Tanduay has over a hundred years of history. It all began in 1854 when Don Joaquin Elizalde,
together with his uncle, Juan Bautista Yrissary, and the Manila-based Spanish businessman and financier
Joaquin Ynchausti established a trading partnership, which acquired the Manila Steamship Company. This
alliance was named the Ynchausti Y Cia. Their main line of business was ship chandlery and later on
ventured into abaca making. The steamships they owned plied the Laguna Lake to Manila route. Later,
Valentin Teus, a cousin of the Elizaldes, joined the partnership. Teus acquired a distillery in Hagonoy,
Bulacan from Elias Menchatorre and merged it with Ynchausti Y Cia. Six years later, a rectifying plant of
this distillery was constructed in San Miguel District, Manila. This small distillery was transformed by four
successive generations of the Elizaldes into the modern Tanduay Distillery, considered one of the largest in
the Philippines.
The Elizalde Family invested and developed agricultural properties in Western Visayas, particularly
in Panay and Negros Occidental, wherein they grew sugar cane. These plantations became a vital
necessity in the production of sugar, the most important raw material in making rhum. Ynchausti Y Cia used
the steamboats to transfer the raw materials to the Tanduay compound where they produced rhum.
In 1893, Don Joaquin Elizalde became the majority stockholder in Ynchausti Y Cia, and the
company was renamed Elizalde & Co. Inc. This paved the way for further diversification of its business
interests. Slowly but surely, Tanduay was transformed into a successful industry, producing quality rhum
and other distilled spirits for both the domestic and international markets.
In May 10, 1988, Twin Ace Holdings Corporation, owned and managed by the Lucio Tan Group of
Companies (L.T.G.C.), acquired Tanduay Distillery from the Elizalde Family. The new management
launched a plant modernization and expansion program that increased the distillery's production capacity
by almost 50 times.
On July 8, 1999, Asian Pacific Equity Corporation (APEC), a company listed in the Philippine Stock
Exchange, also owned and controlled by the Lucio Tan Group, acquired 100% ownership of Twin Ace
Holdings via a share swap with Twin Ace's existing shareholders which formalized Tanduay's entry to the
local stock market scene. On July 30, 1999, Twin Ace Holdings changed its corporate name to Tanduay
Distillers, Inc. and its authorized capital increased from 1 Million to 2 Billion at a par value of 1.00 per share.
On November 10, 1999, APEC changed its corporate name to Tanduay Holdings, Inc. and increased its
authorized capital from 1 Billion to 5 Billion at a par value of 1.00 php per share.
Source: Company's web site, 2002]
Tanduay Distillers have three distilling plants:
- Manila Plant
- Bacolod Plant
- Cabuyao Plant
[Source: Rum Portal, 2002]
The Elizalde Family invested and developed agricultural properties in Western Visayas, particularly
in Panay and Negros Occidental, wherein they grew sugar cane. These plantations became a vital
necessity in the production of sugar, the most important raw material in making rhum. Ynchausti Y Cia used
the steamboats to transfer the raw materials to the Tanduay compound where they produced rhum.
In 1893, Don Joaquin Elizalde became the majority stockholder in Ynchausti Y Cia, and the
company was renamed Elizalde & Co. Inc. This paved the way for further diversification of its business
interests. Slowly but surely, Tanduay was transformed into a successful industry, producing quality rhum
and other distilled spirits for both the domestic and international markets.
In May 10, 1988, Twin Ace Holdings Corporation, owned and managed by the Lucio Tan Group of
Companies (L.T.G.C.), acquired Tanduay Distillery from the Elizalde Family. The new management
launched a plant modernization and expansion program that increased the distillery's production capacity
by almost 50 times.
On July 8, 1999, Asian Pacific Equity Corporation (APEC), a company listed in the Philippine Stock

2. Exchange, also owned and controlled by the Lucio Tan Group, acquired 100% ownership of Twin Ace
Holdings via a share swap with Twin Ace's existing shareholders which formalized Tanduay's entry to the
local stock market scene. On July 30, 1999, Twin Ace Holdings changed its corporate name to Tanduay
Distillers, Inc. and its authorized capital increased from 1 Million to 2 Billion at a par value of 1.00 per share.
On November 10, 1999, APEC changed its corporate name to Tanduay Holdings, Inc. and increased its
authorized capital from 1 Billion to 5 Billion at a par value of 1.00 php per share.
[Source: Company's web site, 2004]
The Lucban Tan-owned Tanduay Distillers Inc., the country's number one rhum maker, is investing
P1 billion (US million) for the construction of a new distillery facility in Cagayan de Oro to serve the
Mindanao market.
In a press conference for the company's 150th anniversary, TDI president and chief operating
officer Wilson T. Young said the new facility with a monthly production capacity of 400,000 cases of rhum
will be operational by early 2006. The expansion project will be funded through internally-generated funds.
Young said the facility, which will be TDI's fourth rhum production site in the country, will most
probably be located near its existing facility in El Salvador in Cagayan de Oro The new facility will include a
distillery, warehouse and a bottling plant.
[...]
Tanduay rhum corners 98 percent of the domestic rhum market.
[Source: Yahoo! News, May 28, 2004]
Tanduay have adopted its corporate name from its location, a triangular region encircled by the
esteros of San Miguel and San Sebastian, which Spanish mapmakers referred to as Isla de Tanduay. The
word 'Tanduay' originated from the word tanguay, an old Tagalog term for isthmus or peninsula. It also
means 'low-lying land' because the entire area, including Quiapo, was frequently flooded during the rainy
season. In the Cebuano and Visayan dialect, tanguay meant 'a place where tuba, a local coconut-based
liquor, is bought and sold'.
[Source: Company's web site, 2005]
The name 'TANDUAY'
Tanduay have adopted its corporate name from its location, a triangular region encircled by the
esteros of San Miguel and San Sebastian, which Spanish mapmakers referred to as Isla de Tanduay. The
word 'Tanduay' originated from the word tanguay, an old Tagalog term for isthmus or peninsula. It also
means 'low-lying land' because the entire area, including Quiapo, was frequently flooded during the rainy
season. In the Cebuano and Visayan dialect, tanguay meant 'a place where tuba, a local coconut-based
liquor, is bought and sold'.
[Source: Company's web site, 2006]
The Tanduay trademark
Heraldry developed in different parts of the globe to satisfy a practical need; that of an aid to
recognition in battles and tournaments. Mostly, those who were of the royal family and nobility made use of
heraldries as a symbol of their families, their holdings, even their honors and prestige.
Later on, commercial firms would have arms of their own or designs that give the impression of
being armorial, just to give cachet to their products. That is why this type of heraldry is conveniently
referred to as cachet heraldry.
Arms suggest excellence, permanence and reliability. In the advertising trade, if certain products
are adorned with arms or imitations of it, these may appeal to certain people. This may be true for wine
labels, especially if their target clientele is on the high-end. Sometimes, the arms the firms used were
genuine and were those of the owner or eponym of the vineyard. But usually they represent what a
commercial firm imagines noble heraldry should look like. That is why we see abundance of barred helms,
plumes, crowns and supporters on these.
The Tanduay arms does not seem to be genuine. This allegation was validated by both Mr. Munarriz
and Mr. Francisco J. Elizalde. The arms was just made up by Manda Elizalde. This is understandable
because Tanduay was the flagship product of the Elizaldes and was being marketed abroad. A heraldic like
trademark would give Tanduay products a patina of world-class excellence, reliability, permanence and

3. would reflect its more than a century old heritage.
The tanduay arms consists of a barred helmet with an elaborate plume (which in England was a
symbol usually reserved for peers and was known as 'peer's helm'). Below it is a fleur-de-lis, which
symbolizes the Virgin Mary. Flanking the fleur de lis are two escutcheons. The left one is quartered where a
semblance of a tree is shown slanting opposite with each other. The right one shows a castle. During the
15th century, the use of two escutcheons in one helmet was acceptable as long as this was technically
possible. This was done so as the rights of the owner of arms would all be displayed. This was also done
when two families form an alliance, which may be the case with Tanduay when the Elizaldes were
formulating concepts for the arms. The tree in heraldry usually reflects the characteristics of the place of the
owner of the arms and usually symbolizes self-government and justice. The castle on the right side, on the
other hand, symbolized the House of Castille, a customary Spanish symbol.
[Source: Company's web site, 2006]
Company Information
Full name
Tanduay Distillers Inc
Headquarters
7/F Allied Bank Center, Ayala Ave, Makati City ; Makati City ; NCR Status: Non-Listed
Legal Form: Limited Liability Company
Operational Status: Operational
CIBI: 0000151096
Financial Auditors: SYCIP GORRES VELAYO AND COMPANY (2011)
Tel: (632) 8180675
Company Description:The leading manufacturer of rum in the Philippines, recognized to be one of the top
competitors in the World Liquor Market. It is one of the most stable and mature pioneers in the liquor
industry.
Quality policy:
total customer satisfaction
guided by pur corporate values of excellence, teamwork, integrity, concern for the people and loyalty to
the organization, we are commited to achieving the highest standards quality through:
a dynamic and empowered workforce
cutomer-focused business processes
a working environment of continuous quality imrprovement
in doing so, we will be recognized as the Best in our business and a world-class filipino company.