MANILA, Philippines - Property giant Ayala Land Inc. has formed a joint venture with a firm for the development of eco-friendly resorts in Northern Palawan.

In a disclosure to the Philippine Stock Exchange, Ayala said its executive committee has approved a joint venture with Asian Conservation Co. (ACC). Ayala said it would be taking a 60% interest in the partnership.

"We are excited to have ACC as our new partner, with their unique experience in managing island resort properties and their strong adherence to a quadruple bottom line approach in preserving the environment around their resort properties," said Antonino Aquino, Ayala Land president and chief executive.

ACC, through its subsidiaries under the Ten Knots Group, owns and operates the high-end El Nido resorts in Lagen and Miniloc Islands in Palawan.

ACC chairman Vicente Perez said: "We are pleased to have Ayala Land as our strategic partner, given their strong corporate philosophy on sustainability."

Ayala Land is one of the very few companies in the Philippines that have instituted environmental and social aspects in their development projects.

In 2009, the company established a Sustainability Committee, which will guide policy-making in the company's sustainability program and provide oversight in management efforts.

Ayala Land has a partnership with global environmental group, World Wildlife Fund or WWF, for its a sustainable land development program and the 'greening' of its supply chain customer and tenant base.

Perez, ACC chairman and a former energy secretary, is the chairman of WWF-Philippines and the first Filipino to become a member of WWF's International Board of Trustees.