Tanduay has over 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 piled the Laguna Lake to Manila route. Later, Valentin Teus, a cousin of Elizaldez, 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 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 materials in the 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 the further diversification of its business interests. Slowly but surely, Tanduay was transformed into successful industry, producing quality rhum and other distilled spirits for both domestic and international markets.
In May 10 1988, Twin Ace Holdings Corporation, owned and managed by 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 Philippines Stock Exchange, also owned and controlled by 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 authorized capital from 1 Billion to 5 Billion at a par value of 1.00 php per share.