MANILA (UPDATED) - Doña Beatriz Zobel de Ayala, the matriarch of the Ayala family has passed away, the Ayala Corporation confirmed on Tuesday. She died on Sept. 23. She was 88 years old.

Doña Beatriz is survived by her husband, Ayala Corporation Chairman Emeritus Jaime Zobel de Ayala, and her children Jaime Augusto, Fernando, Bea, Patsy, Cristina, Monica, Sofia and their respective spouses, and grandchildren.

"The news was shared among Ayala employees earlier today," Ayala Corp said.

Family and friends are invited to a memorial service on Friday, Sept. 27 at 9:30 a.m. at the Santuario de San Antonio Church in Forbes Park, Makati City.

"In lieu of flowers, donations to her favorite charities, Friends of Elsie Gaches and Tuloy Foundation would be kindly appreciated," Ayala Corp said in the statement circulated among employees.

"Thank you for reaching out for a statement, but the family requests privacy during this difficult time," the company added.

More details to follow.