Message from the Chairman and the President
2026 Annual Stockholders’ Meeting
It is our pleasure to welcome you, the shareholders of Mabuhay Holdings
Corporation, to this 2026 Annual General Meeting.
Regrettably, we have to start our annual message by saying that 2026 has so far
not been a good year for the international community in general and for the
Philippines in particular. The war between Russia and Ukraine has shown no
sign of resolution. The devastating bombardment of Gaza has caused much
destruction and casualties. Then the war that the United States and Israel
initiated in February this year against Iran resulted in the closure of the Strait of
Hormuz where almost 20% of the global supply of fuel passes every day,
inflicting the worst crisis to the world economy in decades. Unavoidably, fuel
prices skyrocketed, causing serious upheavals to the global economy. We do not
have any clue as to when the Middle East tension will ease. For the meantime,
the whole world will continue to suffer serious shortages of fuel supply, which
will result in exorbitant prices of many basic commodities. This situation will
undoubtedly bring economic depression and uncontrollable inflation to
countries, with the developing nations being the worst-hit.
The Philippines is not spared from the international economic and financial
chaos. We were the first nation to declare an emergency energy crisis. With the
shortage of fuel supply and other commodities such as fertilizer and food items,
the industrial and agricultural sectors of our country have been gravely affected,
prejudicing the livelihood of our people. The Middle East War is jeopardizing
the employment of our Overseas Workers who are deployed in that region and
on board the vessels around the world. The GDP of our country is expected to
tumble as the tension in the Gulf continues.
Aside from the chaotic global situation, our local political instability also has
adversely impacted our economic growth. The grave corruption issues, the
political maneuvering in the impeachment cases, and the dramatic changes in
the leadership of our legislative bodies, have created instability and scared
foreign investors. Our local entrepreneurs are watching the political climate
closely before expanding their business undertakings. Unemployment and
inflation rates are high; the Philippine peso has depreciated to a historical low.
We can only hope for the disputes among the world powers to subside, and for
domestic political reforms to take place, so that our situation will stabilize.
As for our company, we look forward to a better year in 2026 as we pursue our
affordable housing project in Lipa City of Batangas which has been going
smoothly, despite the unfavorable economic atmosphere. The demand for
affordable housing among our compatriots from the middle and lower income
classes remains strong. We plan to start the marketing of our house units before
the end of the third quarter of this year.
With regard to the legal cases involving our subsidiary company, Tagaytay
Property and Holdings Corporation, we are still awaiting the final decision of
the Regional Trial Court for the cancellation of the Homestead Patents of the
illegal settlers. The court had already ruled in our favor earlier and ordered the
court sheriff to demolish all the illegal buildings on our land. However, an
illegal settler whose house was demolished, but whose name was not included
in the original case we filed for ejectment since he bought the “right to reside”
after the filing of the case, has filed a case against us and the sheriff for
indemnity. He lost his case in the Trial Court, but has appealed the decision to
the Court of Appeals. It is frustrating that the court cases against the people who
occupied our land illegally had taken so long to be resolved.
Once again, the Directors and the Management Team of Mabuhay Holdings
Corporation would like to express our sincere gratitude for your trust and
support throughout all these years.
Atty. Roberto V. San Jose Esteban G. Peña Sy
Chairman President