Formerly known as Philippine Cocoa Estates Corporation , the company was acquired by the Wellex Group in 1996 and was renamed Philippine Estates Corporation. Prior to acquisition, PCEC already a public listed firm, produced and supplied the cocoa beans used as raw materials in factories. With the continued softening of prices of cocoa products in the world market, and with vast landholdings, the company changed business to real estate to take advantage of the upsurge in real estate and to give better value to stockholders. In 1996, the company was officially renamed Philippine Estates Corporation.