In a special meeting of the Board of Directors of Philippine Realty and Holdings Corporation held on August 1, 2016, the Board elected Mr. Alfredo S. Del Rosario, Jr. as Director and President and Chief Executive Officer of the company effective August 1, 2016. Mr. Del Rosario replaced Mr. Andrew D. Alcid who resigned as Director and President and Chief Executive Officer of the company effective July 31, 2016. Mr. Del Rosario had served as Executive Vice-President, Head of the Asset Management and Remedial Group of Rizal Commercial Banking Corporation of the Philippines.