Presidents Report 2018
Mabuhay Holdings Corporation
Message from the Chairman and the President
2018 Annual Shareholders’ Meeting
The performance of the Philippine economy excelled most of our Asian neighbors in the year 2017, with a solid GDP growth of 6.7%. The Duterte Administration’s resolute war against illegal drugs and criminality had brought much improvement to the peace and order situation across the country, creating a favorable environment for investments. The flexible foreign policies and the improved relationship with our neighboring countries had also attracted numerous overseas investors and tourists to come to our shores, further boosting the economic growth of the Philippines.
Mabuhay Holdings Corporation, as a responsible listed company, has been supportive of the government economic and social policies and platforms. Being a holding company, Mabuhay does not have much business activities by itself, but through the subsidiaries it controls and manages, Mabuhay has strongly supported the government in addressing the housing requirements of the middle and lower-class masses, and in bringing in of more foreign investors to invest in our country.
Through an affiliated company, IRC Properties, Inc., around 1,500 affordable housing units had been constructed and sold to the new house owners, many of them Overseas Filipino Workers. Several projects, among them Sunshine Fiesta, Fiesta Casitas and Casas Aurora, had been completed or are under development. These housing units are located in the Municipality of Binangonan, Rizal Province. A new and prosperous residential community has been created in that eastern suburban area of Metro Manila.
In the area of bringing in foreign investors to our country, Mabuhay Holdings was instrumental in inviting Rizal Partners Limited, a Japanese equity investment fund, and Sigma Epsilon Fund Limited, an international investment fund based in Malaysia to become strategic investors in IRC Properties, Inc. in 2015 and 2016 respectively. Again, in the year 2017, Mabuhay was able to bring in First Mariner Far East Limited, a Hong Kong-based investment fund with Taiwanese principals, to take up a substantial share holding in IRC Properties.
Accessing the political, economic and social conditions of our country, the year 2018 appears to be another good year for the business sector. Mabuhay Holdings Corporation will continue to look for investment opportunities and try to maximize the profits of its shareholders.
Once again, on behalf of the Members of the Board of Directors and the Management Team of Mabuhay Holdings Corporation, allow us to take this opportunity to extend our sincere gratitude to all our shareholders for your trust and valuable support all these years.
Atty. Roberto V. San Jose Esteban G. Peña Sy
July 10, 2018