About Us

The Ynchaustis are one of the oldest Basque Filipino families still active in business, and one of the few with roots as deep in the cultural and commercial life of the Basque Country as they are embedded in the Philippines. YCO, acronym of Ynchausti & Company, represents one of the oldest and most storied brands in Philippine economic history.

The Ynchausti family founded agricultural, industrial, maritime and financial enterprises, most of which still exist today. The catalog of family-related firms is a glittering one filled with brands still cherished by Filipinos, from YCO Paints and Floor Wax to Tanduay Rum, which to this day, bears the family’s coat of arms. Other companies that contain the Ynchausti entrepreneurial DNA are the Bank of the Philippine Islands (formerly Banco Español-Filipino de Isabel II), La Carlota Sugar Central, and Rizal Cement to name a few.

From the second half of the 19th Century to the first quarter of the 20th Century it was the largest enterprise in the Philippines. Indeed, by the early 20th century, YCO could rightfully claim to be the first multinational conglomerate in the country, with offices in Hong Kong, Singapore, Beijing, Tokyo, San Francisco, and New York.

Having achieved the pinnacle of commercial success, over a nine-year period starting in 1927, the family started divesting some of their traditional holdings.

This was an era of social, economic, and political transition and great social tension, both in the Basque Country and the Philippines. Imbued with the social teachings of the Catholic Church, Manuel M. de Ynchausti became determined to adopt a new direction in terms of the economic activities of the family: declining, on one hand, direct involvement in the politics of the Philippines, while upholding, on the other, Catholic social teachings in the administration of contentious assets such as sugar and abaca estates.

This was done in a systematic and quiet manner: some lands were given to tenant farmers or to the Catholic Church; for his steadfast commitment to the social teachings of the Church, Pope Pius XI conferred a papal knighthood, the Order of St. Gregory the Great, on Manuel M. de Ynchausti in a private audience.

By 1933, this process of disengagement concluded, with the old YCO being dissolved and its enterprises acquired by others more willing to assume the political and social risks Manuel M. de Ynchausti declined to take. Henceforth a “low profile” policy would characterize the Ynchausti enterprises.

However, Civil War in Spain, and the Second World War which engulfed Europe, America, and the Philippines, meant that the next stage of the Ynchausti story was never quite fulfilled: Manuel M. de Ynchausti found the cause of the Basque Country, and the fight against fascism monopolizing his social and financial resources; his Philippine interests, in turn, were beyond reach during the Japanese Occupation and devastated in the aftermath of the War.

It was not until 1964 that Manuel M. de Ynchuasti’s son, Antonio Ynchausti, established the Ynchausti Development Corporation, an import-export firm based in Manila, with a subsidiary in San Sebastian. This much-postponed new chapter in entrepreneurship also led to the institutionalization of the family’s commitment to Social Justice and development by means of the Ynchausti Foundation.

The Ynchausti Foundation is the oldest operating family foundation in the Philippines. The foundation’s work is a testament to the family’s dedication to improving the lives of the Filipinos at the grassroots level, combining social transformation with a commitment to environmental sustainability.

1953

Built Puente Colgante in 1852. It was the first steel suspension bridge in Asia and the first toll bridge of its kind in the Philippines. It was considered as one of the most identifiable landmarks in pre-World War II Manila.

1956

Diversified their business line to rum production. In 1862, the family built a rectifying plant in San Miguel District, Manila which was the precursor of what would become known worldwide as Tanduay Distillery. The coat of arms of the Ynchausti family became the seal on Tanduay rum.

Founded the Ynchausti Rope Factory which manufactured high-quality ropes that would become renowned worldwide for their quality.

Mid 19th Century

By the middle of the 19th century, established Banco Espanol-Filipino de Isabel II (renamed as Bank of the Philippine Islands) and an obras pias named Monte de Piedad represented the Ynchausti’s primary assets. In 1851, the bank was established via royal decree, at which point Jose Joaquin was one of the principal stockholders. He also served as Managing Director from 1868-1873 and 1876-1884.

Established the Ynchausti Steamship Company and achieved the dual aims of participating actively in the trade routes - such as Manila to Hong Kong and the Laguna Lake to Manila - and transporting raw materials such as hemp, abaca, etc from their plantations to their factories of Tanduay and Tondo in Manila. It was the largest inter-island shipping company during its time, controlling trade between Manila and ports such as Iloilo. During this period, YCO owned and operated a great number of boats, 105 ships, among them 53 steamers, 33 lorchas, and 16 motorboats.

1890s-1900s

Developed another domain closely related to their other businesses: sugar production. By the 1890s and 1900s, YCO would be known to have important sugar assets, such as the famed sugar central La Carlota, one of the first modern sugar mills in Negros, and other plantations in Negros and Panay.

Early 20th Century

Towards the end of the 19th century, the Ynchaustis controlled the first multinational conglomerate in the Philippines as they expanded their offices in HongKong, Singapore, Beijing, Tokyo, San Francisco, New York.

The Ynchausti brothers established the railway system in Negros, which linked their haciendas and sugar centrals to the port in Pontevedra. From there the production was sent via their ships to YCO’s offices in Iloilo and Manila.

1925

Acquired Rizal Cement Company in 1925, the first Portland cement manufacturing company founded in 1914.

1925

Started production of industrial paints in 1925, later on adopted YCO Paints in 1930.

Beyond business diversification, Manuel’s primary focus was the constant pursuit of social justice and helping those in need. To him, social justice is not merely charity but involves deeds that entail deprivation and personal effort; it denotes sacrifice and commitment. He lived by the slogan,

“Money given to those who need it, is money that is best put to good use.”

Late 1920s

By late 1920s, he responded to cases of abuse and deception by his representatives and partners in Manila with unparalleled generosity by donating extensive farmlands owned by YCO in Negros, Panay and Bicol to farmers and the Catholic Church. This act of generosity earned Manuel M. de Ynchausti the knighthood of St. Gregory in a private audience with Pope Pius XI.

1929

By 1929, he established the Our Lady of Lourdes Foundation in Malate, a free medical clinic for poor patients under the auspices of the Sisters of Saint Paul de Chartres.

1933

The late 1920s and early 1930s saw a rapidly changing and uncertain situation in Europe and the Philippines. In the Philippines, the economic prospects were unstable, with a tariff banded semi-independent relationship looming with the United States. During the American era, after receiving increased pressure from the government, the family decided to sell some of YCO's assets, specifically the sugar holdings, to the Elizaldes in 1933. Other interests, were spun off and sold to other Filipino industrial families.

1936 -1939

During the outbreak of the Civil War in Spain in 1936, the family evacuated from San Sebastian to France where Manuel actively provided human and financial support to the Basque Government and the Basque National Party in exile. From 1936 to 1939, Manuel established the Comite National Catholique d’Accueil aux Basques (The International League of Friends of the Basques) to provide political protection and vast financial support to the Basque government in exile.

1939 - 1947

In 1939, he decided to return to the Philippines to re-establish himself in his home country and to begin the process of developing the Ynchausti family's Philippine assets. What was meant to be a a stopover in New York was extended until 1947 after the attack by Japanese forces on Pearl Harbor.

1940

One of the most important contributions to the future of the Basque country is his rescue of Jose Antonio Aguirre, President of the Basque government, from the Nazis to the United States. He also managed to create the Basque Secret Service, a spy ring based on Basque sailors in various ports throughout Europe.

1948

Organized the VII Congress of Basque Studies in Biarritz in 1948.

1954

Spearheaded VIII Congress in Baiona in 1954.

1960 - 1964

Appointed Philippine Consul in San Sebastian from 1960-1964. But, there was another purpose for his being named as consul and entering the Philippine Foreign Service. Antonio was to act as courier between the Basque government in exile and the Basque Resistance. He personally smuggled and delivered confidential messages, funds, supplies to the Basque Resistance movement, even crossed the frontier about 150 times per year.

Antonio dedicated himself to the Bishop's Businessmen's Conference Livelihood Foundation, where he worked to help communities develop cooperatives to uplift themselves economically and socially.

1987

He was instrumental to the negotiation of the peace agreement between MILF and the Philippine government. He provided a copy of the Statute of Autonomy for the Basque Country as a formula for a political solution to the Moro conflict. On August 26, 1987, he participated in a meeting together with General Fidel Ramos, Emmanuel Pelaez (then Ambassador of the Philippines to the United Nations) and the MILF-Reformist group. This was the beginning of a series of meetings that, with the mediation of the Jesuits of Mindanao and the copy of the Basque statute, led to the Peace Agreement between the MILF-Reformist and the Philippine Government.

To preserve the Basque history, funded and helped organize the publication of de Borja’s Basques in the Philippines by the Center for Basque Studies in Nevada, Las Vegas.

During the latter part of Antonio’s life, he oriented the Ynchausti foundation towards preserving, researching and promoting the Basque history in the Philippines.

Mission:

Improve the lives of the Filipinos while creating a positive impact to the environment.

Vision

Future-proof operations through strategic investments in mission-critical infrastructure to enable the next wave of growth in the country.

Mission & Vision

Our Core Values

Sustainability

we incorporate environmental, social, and economic considerations into our business strategies and plans to deliver long-term value for all stakeholders, including future generations.

Stewardship

we are dedicated to responsible and ethical management of all resources entrusted to us; from protecting the environment to caring for the well-being of the communities.