Mabuhay Holdings Corporation

Message from the Chairman and the President

2019 Annual Shareholders’ Meeting

The year 2018 was a year of significant transformation for Mabuhay Holdings Corporation.

As a responsible listed company, Mabuhay Holdings Corporation has always been supportive of the social policies and economic platforms of the Philippine government. In the past years, the Company exerted extensive efforts to assist the government in addressing the housing requirements of the middle and lower classes of our society. Through IRC Properties, Inc., an affiliated company which Mabuhay managed, the Company developed a new and prosperous residential community in the Municipality of Binangonan, Rizal in the eastern part of Metro Manila. Several low-cost housing projects, among them Sunshine Fiesta, Fiesta Casitas and Casas Aurora, were completed or are under development. Around 1,500 affordable housing units had been constructed and sold to the happy new homeowners, many of them Overseas Filipino Workers. Several other projects, such as Casas Bauhinia and Casas Carlina, are on the drawing board.

In April 2018, the major stockholders and the management of Mabuhay Holdings Corporation made a decisive move and arranged for a group of investors to take over the controlling shareholding in IRC Properties. This new group of investors envisioned and pledged to transform IRC into a multi-mission corporation. Aside from continuing to pursue the affordable housing projects, the new and energized IRC will also embark in infrastructure projects, including the proposed construction of a subway system in Makati City. Mabuhay is more than happy to see that IRC Properties, Inc., a company it had nurtured and brought up over the past decades, is now under a new management, aggressively pursuing new directions of development. Mabuhay remains a significant minority shareholder of IRC Properties, Inc.

2019 will be another challenging year, as the government endeavors to conduct more infrastructure projects under the “Build Build Build” initiative of the Duterte administration. The management of Mabuhay Holdings Corporation will continue to explore, identify, and pursue investment opportunities to maximize the benefits of the shareholders.

On behalf of the Members of the Board of Directors and the Management of Mabuhay Holdings Corporation, allow us to extend our sincere gratitude to all our shareholders for your trust and valuable support throughout all these years.

Atty. Roberto V. San Jose                                                                              Esteban G. Peña Sy

Chairman                                                                                                       President 

September 24, 2019