Board of Directors
Board of Directors
As of August 13, 2025
AREIT’s Board of Directors is composed of eight (8) members; 50% are women, and the majority is composed of independent and non-executive directors. Each director serves for a one-year term or until their successors are elected and qualified. Meanwhile, independent directors may serve for no more than nine (9) years.

Anna Ma. Margarita B. Dy
Chairman, Non-Executive Director
Filipino, 55 years old | Appointed April 26, 2023
Present Positions in the Ayala Group
- Listed companies:
- President and CEO of Ayala Land, Inc.
- Chairman of AyalaLand Logistics Holdings Corp.
- Member of ALI’s Management Committee since August 2008
- Non-listed companies:
- Chairman of Amaia Southern Properties, Inc., Ayalaland Premier, Inc., Ayala Land International Sales, Inc., Avida Land Corp., Alveo Land Corp., Avencosouth Corp., Altaraza Development Corp., Amaia Land, Inc., Amicassa Process Solutions, Inc., Ayala Property Management Corp., Ayalaland-Tagle Properties, Inc., BGWest Properties, Inc., BGNorth Properties, Inc., Bellavita Land Corp., Cagayan de Oro Gateway Corp., Vesta Properties Holdings, Inc., Portico Land Corp., and Solinea, Inc.;
- Vice Chairman of Aurora Properties, Inc., Ceci Realty, Inc., and Ayala Greenfield Development Corp.
- President of AKL Properties, Inc.
- President and Chief Executive Officer of Fort Bonifacio Development Corp.
- Director of Accendo Commercial Corp., ALI Eton Property Development Corp., Berkshires Holdings, Inc., Bonifacio Land Corp., Columbus Holdings, Inc., Emerging City Holdings, Inc., Nuevocentro, Inc., Serendra, Inc., and Alveo-Federal Land Communities Inc.
Former Positions in the Ayala Group
- Executive Vice President of Ayala Land, Inc.
- Head of the Ayala Land Residential Business Group
- Head of the Ayala Malls Group
Former Positions outside the Ayala Group
- Vice President of Benpres Holdings Corp.
Education
- Bachelor of Arts in Economics, Honors Program (Magna Cum Laude) from the Ateneo de Manila University in 1990
- Master of Science in Economics from the London School of Economics and Political Science in 1991
- Master of Business Administration from Harvard Business School in 1996

Alberto M. de Larrazabal
Executive Director, President and CEO
Filipino, 70 years old | Appointed August 13, 2025
Present Positions in the Ayala Group
- Listed companies:
- Senior Managing Director and Chief Finance Officer of Ayala Corporation
- Chairman of Integrated Micro-Electronics, Inc.
- Director of ENEX Energy Corp.
- Non-Executive Director of Yoma Strategic Holdings Ltd.
- Non-listed companies:
- Chairman of A&CO Holdings Corporation, AA Infrastructure Projects Corporation, Ayala Aviation Corporation, ACX Holdings Corporation, and LiveIt Investments Limited
- Chairman and President of Liontide Holdings, Inc.
- Director, President and CEO of AC Infrastructure Holdings Corporation, AC International Finance Ltd., and AYC Finance Limited
Former Positions
- Chief Commercial Officer and Chief Finance Officer of Globe Telecom
- Vice President and CFO of Marsman Drysdale Corporation
- Vice President and Head of the Consumer Sector of JP Morgan Hong Kong
- Senior Vice President and CFO of San Miguel Corporation
Education
- Bachelor of Science in Industrial Management Engineering from De La Salle University

Jose Eduardo A. Quimpo II
Non-Executive Director
Filipino, 45 years old | Appointed August 14, 2024
Present Positions in the Ayala Group
- Listed companies:
- Vice President of Ayala Land, Inc.
- Non-listed companies:
- Director of Avida Land Corp., Amaia Land Corp., Amaia Southern Properties, Inc., Bellavita Land Corp., and Portico Land Corp.
Former Positions in the Ayala Group
- Treasurer of Ayala Land, Inc.
- Vice President of BPI Capital Corporation
Former Positions outside the Ayala Group
- Senior Vice President of BDO Private Bank
- President of BDO Securities
- Chief Operating Officer of BDO Capital and Investment Corp.
- First Vice President and Co-Head of Corporate Finance of BDO Capital
Education
- Bachelor of Science in Management Engineering from Ateneo de Manila University in 2001

Mariana Beatriz Zobel de Ayala
Non-Executive Director
Filipino, 36 years old | Appointed October 7, 2021
Present Positions in the Ayala Group
- Listed companies:
- Executive Director of Ayala Corporation
- Director and Senior Vice President of Ayala Land, Inc.
- Head of ALI’s Leasing and Hospitality Group
- Non-listed companies:
- Chairman and President of AyalaLand Malls, Inc.
- Chairman of AyalaLand Offices, Inc., AyalaLand Hotels and Resorts Corp., Ten Knots Development Corp., Lio Resort Ventures Inc., Pangulasian Island Resort Corp., Ten Knots Phils, Inc., Regent Horizons Conservation Company, Inc., Swift Aerodome Services, Inc., and ALI Capital Corp.
- Vice Chairman of ALI Eton Property Development Corp.
- Director of Fort Bonifacio Development Corp., Alabang Commercial Corp., Cagayan de Oro Gateway Corp., Accendo Commercial Corp., and Cebu District Property Enterprise Inc., Ayala Healthcare Holdings, Inc., A&CO Holdings Corp., ACX Holdings Corp., ANKO JV Company, Inc., Ayala Group’s ACTIVE Fund, WeAreAyala Business Club, Inc., and Bank of the Philippine Islands (BPI) Asset Management and Trust Company
- President and Director of Station Square East Commercial Corp.
Present Positions outside the Ayala Group
- Non-listed companies:
- Board Advisor for Asia Partners
- Board Director of U-Go
Former Positions in the Ayala Group
- Listed companies:
- Senior Vice President of Bank of the Philippines Islands (BPI)
- Corporate Strategy and Business Development Associate at Ayala Corp.
- Deputy Head of AyalaLand Malls, Inc.
Former Positions outside the Ayala Group
- Associate of J.P. Morgan
Education
- Bachelor of Arts in Social Studies (Philosophy, Politics, and Economics) from Harvard College in 2011
- Master of Business Administration (MBA) from INSEAD in 2020

Maria Theresa D. Marcial-Javier
Non-Executive Director
Filipino, 54 years old | Appointed April 23, 2024
Present Positions in the Ayala Group
- Listed companies:
- Chief Finance Officer, Chief Sustainability Officer, and Head of Strategy and Finance, Bank of the Philippine Islands (BPI)
- Non-listed companies:
- President and CEO of BPI Wealth
- Treasurer of BPI Foundation
Present Positions outside the Ayala Group
- Non-listed companies:
- Fellow of the Foundation for Economic Freedom
- Trustee and Treasurer of the World Wide Fund for Nature (WWF)
- Director of Philippines Inter-Island Sailing Federation
Former Positions in the Ayala Group
- Director of BPI Investment Management, Inc.
- BPI Trust Committee
Former Positions outside the Ayala Group
- President of the Fund Manager’s Association of the Philippines and Trust Officers Association of the Philippines
- Vice Chairman of Capital Markets and Development Committee of Financial Executive Institute of the Philippines (FINEX)
- Alternate Governor of the Market Governance Board of the Philippine Dealing and Exchange Corporation
- National Economic and Development Authority
- Agricultural Policy Credit Council
Education
- Bachelor of Science in Economics (Cum Laude) from UP Los Banos in 1990
- Master of Arts in Economics from UP Diliman in 1995
- CFA Institute Investment Management Workshop from Harvard Business School in 2006
- Advanced Management Program from Harvard Business School in 2010

Omar T. Cruz
Lead Independent Director
Filipino, 70 years old | Appointed April 12, 2019
Present Positions outside the Ayala Group
- Non-listed companies:
- Independent Director of Toyota Financial Services, Inc., RCBC Capital Corporation, Philippine Regional Investments Enterprises, Inc., and ABACORE Group, Inc.
- Chairman of the Investment Committee of De La Salle Philippines
- Trustee of the Financial Executives Institute Foundation of the Philippines
- Vice Chairman of the Board and Board Executive Committee for the University of Asia and the Pacific
- Vice Chairman of the Board and Board Executive Committee for the Center for Research and Communication Foundation, Inc.
- Trustee for the Philippine National Police Foundation
Former Positions
- Treasurer of the Republic of the Philippines
- Chairman of the International Treasury Committee of the International Association of Financial Executives Institution
- Director of Philamlife Company, BPI Philam Life Assurance Corporation, Ayala-FGU Condominium Corporation, Rufino Towers Condominium Corporation, Philamlife Asset Management, Inc., Tower Club, and PHINMA Property Holdings Corporation
- President and CEO of BPI-Philam Life Assurance Corp.
- Vice President and Bank Executive of Citibank, N.A
- Senior Executive Vice President of Insular Life
- Senior Advisor to Prudential Corporation Asia (HK)
Education
- Bachelor of Science in Industrial Management Engineering (minor in Mechanical Engineering) from De La Salle University in 1977
- Masters in Industrial Economics from the Center for Research and Communication at the University of Asia and the Pacific in 1980

Enrico S. Cruz
Independent Director
Filipino, 67 years old | Appointed February 5, 2020
Present Positions outside the Ayala Group
- Listed companies:
- Independent Director of Security Bank Corporation, Robinsons Retail Holdings, Inc., The Keepers Holdings, Inc., DITO CME Holdings Inc.
- Non-listed companies:
- Independent Director of Maxicare Healthcare Corporation, CIBI Information Inc., and MAXILIFE Insurance Corporation
- Vice Chairman of SB Capital Investment Corporation
Former Positions
- Chief Country Officer of Deutsche Bank Manila Branch
- Senior Vice President at Citytrust Banking Corporation (CTBC)
- Director of the Bankers Association of the Philippines (BAP)
- Former President of the Money Market Association of the Philippines
Recognitions
- Distinguished Alumnus Awardee by the UP School of Economics Alumni Association in 2015
Education
- Bachelor of Science in Business Economics from the University of the Philippines in 1977
- Master of Business Administration from the University of the Philippines in 1979

Sherisa P. Nuesa
Independent Director
Filipino, 70 years old | Appointed April 26, 2023
Present Positions in the Ayala Group
- Listed companies:
- Independent Director of Integrated Micro-electronics, Inc. (IMI)
Present Positions outside the Ayala Group
- Listed companies:
- Independent Director of Manila Water Company, Inc.
- Chairman and Non-executive Director of Metro Retail Stores Group, Inc.
- Non-executive Director of Far Eastern University
- Non-listed companies:
- Director of FERN Realty Corporation
- Senior Adviser to the Boards Vicsal Development Corporation
- Member of the Board of Trustees of Financial Executives Institute (FINEX) Foundation
- Vice President and Member of the Board of Trustees of NextGen Organization of Women Corporate Directors (NOWCD)
- Board Adviser to Justice Reform Initiative Inc. (JRI)
Former Positions in the Ayala Group
- Director of Ayala Land, Inc.
- Director of ACEN Corporation
- Managing Director of Ayala Corporation
- Chief Finance Officer and Chief Administration Officer of IMI
Former Positions outside Ayala Group
- Director and President of the ALFM Mutual Funds Group
- Trustee and Fellow of the Institute of Corporate Directors (ICD)
- Chairman and Co-Founder of Justic Reform Initiative
Recognitions
- ING-FINEX CFO of the Year for 2008
- Outstanding Alumni Far Eastern University
Education
- Bachelor of Science in Commerce (Summa Cum Laude) from the Far Eastern University in 1974
- Master of Business Administration (MBA) from the Ateneo Graduate School of Business in Manila in 2010
- Attended post-graduate courses at both Harvard Business School and Standford University