PH Resorts Group Holdings Inc. (PHR) has reported that Ms. Ma. Angela E. Ignacio has resigned from her position as an independent director.
The announcement, filed with the Securities and Exchange Commission (SEC) of the Philippines on November 5th, 2024, reflects Ignacio’s appointment as Undersecretary within the Office of the Special Assistant to the President for Investment and Economic Affairs. The shift marks a significant change in leadership for PHR, as Ignacio takes on a government role aimed at bolstering investment and economic strategies.
The company, headquartered in Bonifacio Global City, Taguig, noted that Ignacio’s departure comes amid a period of active involvement in several high-profile projects across the Philippines.
PH Resorts, under the Udenna Group umbrella, focuses on luxury resort and casino developments, notably the Emerald Bay Resort in Cebu and Clark Resort in Pampanga. These initiatives align with the broader strategy to support the country’s tourism-driven economic recovery, attracting foreign and local tourists alike.
While Ignacio’s resignation leaves a gap in PHR’s board composition, the company is expected to continue its ambitious project portfolio. PHR remains publicly traded, with over 7 billion shares of common stock in circulation, showcasing investor confidence despite industry challenges.
