Philippine Estates Corporation (PHES) was originally incorporated on May 30, 1983 as Philippine Cocoa Estates Corporation with the primary purpose to engage in all phases of agriculture. In 1996, The Wellex Group, Inc. gained majority control of the company and revamped its management. The new management opted for a change in business focus from agriculture to real estate, with the corporate vision of becoming a world-class real estate developer. On May 16, 1996, the Securities and Exchange Commission approved the change in primary purpose from agriculture to the business of holding and developing real estate, and the change in corporate name to its present one. PHES' projects include the Pearl of the Orient Tower in Manila, MetroTech Industrial Park Valenzuela, Pacific Grand Residences Valenzuela, Pacific Grand Villas and Pacific Grand Townhomes in Cebu, Jaro Grand Estates in Iloilo City, Tagaytay Project, Pacific Grand Townhomes in Bulacan, and Pacific Grand Residences in Cavite. Source: SEC Form 17-A (2008)