Armstrong Holdings, Inc.
Republic Telecommunications Holdings, Inc.
Orion Savings Bank
Armstrong Securities, Inc.
AG Finance, Inc.
Phil. Management, Inc.

Armstrong Securities, Inc. was incorporated on February 16, 1988 and started commercial operations in June 1988. It is licensed by the Philippine Securities and Exchange Commission as a Broker and Dealer and Member of the Philippine Stock Exchange. Armstrong Securities is engaged in the business of brokerage, effecting transactions relative to stocks, bonds and other securities or purchasing or selling, or otherwise dealing in options relating to stocks, bonds and other securities in accordance with applicable laws.

In August 1996, Equitable Banking Corporation, through a wholly-owned subsidiary, EBC Investments, Inc., acquired an 80% equity interest in Armstrong Securities. The alliance with EBCII is the Company's first step in preparing Armstrong Securities to become a cutting edge stockbrokerage in the Philippines, geared towards challenging the rapidly changing and growing environment in the Philippine stock market.

Effective 31 May 2007, however, Equitable Banking Corporation merged with Banco De Oro Universal Bank (BDO), with BDO as surviving entity. In view also of the said merger, EBC Investment, Inc. became a subsidiary of BDO. In the same year, Mr. Tony O. King was elected Chairman of the Board of Armstrong Securities, Inc.