Mabuhay Holdings Corporation

President’s Report – 2017

2017 Annual Shareholders’ Meeting

For the year 2016, Mabuhay Holdings Corporation maintained a cautious approach in its business operations. As a holding company, its investments in several corporations remain as its primary business, with real estate activities forming the largest share.

The company was recognized last year by the Philippine Stock Exchange for its 25 th year as a listed company in the capital market. In the past few years, operating activities of the company and its subsidiaries and affiliates, were kept to a minimum, except for IRC Properties Inc. (IRC), an affiliate in which the Company has substantial investment. IRC continued to develop residential subdivision projects in the east part of Metro Manila. The Company has been instrumental in assisting IRC with its real estate development projects, helping IRC source funds through equity and loans to enable it to pursue its projects. The Company will continue to take on this role in the near term, with the end in view of ensuring the success and mutual growth of both IRC and Mabuhay Holdings Corporation.

The Company intends to remain prudent in its investment outlook, conserving its resources while awaiting the anticipated uptick in the property market. It will take a conservative approach for continued stability./p>

Looking forward, with the strong economic performance and gains in the gross domestic product of the country as a whole and the real estate sector in particular in the first year of the Duterte administration, we anticipate a brighter outlook in the medium and long term. Should opportunities arise, the Company will not hesitate to deploy further resources to promote new growth in the real estate or other new venture projects of the Company and its affiliates.

We would like to thank our shareholders, our local and international business partners, the government units we coordinate with, our employees, and all our other stakeholders for their continued trust and support to the Company.

We would also like to thank our fellow Directors for their counsel, and we look forward to continual close collaboration with them.

Esteban G. Peña Sy

President

July 27, 2017