Presidents Report 2020
Mabuhay Holdings Corporation
Message from the Chairman and the President
2020 Annual Report
November 5, 2020 Annual Stockholders’ Meeting
Just like the other countries in the global community, the Philippines suffered tremendous economic losses as a consequence of the spread of the 2019 Novel Coronavirus, or Covid-19. The government had to declare different degrees of Community Quarantine in the various parts of the country for a prolonged period of time, which continues to this date. The lockdown brought economic activities to a halt for many months, causing havoc in the business community.
Unavoidably, Mabuhay Holdings Corporation was seriously affected by the lockdown. Until now, our Company has not been able to resume full and normal business activities. However, during this period, we were able to resolve the financial dispute with Philippine InfraDev Holdings, Inc. (PIHI), related to its payables to our Company. We received the payments from PIHI in June for the settlement of the disputed accounts. On the other hand, we regret to inform our shareholders that the court case which our subsidiary, Tagaytay Properties & Holdings, Inc., filed to eject the last illegal settler in its property has not yet been decided, due to postponements of hearings in view of the pandemic.
For the coming year, we are cautiously optimistic that after the Covid-19 pandemic subsides, we will witness robust recoveries in the various sectors of our economy. Being a holding company, we will look for opportunities to invest in good projects that will not only benefit our shareholders, but will also contribute to the economic growth of the nation and the well-being of our countrymen. One of the projects we envision is to invest in the development of affordable housing projects to assist the government in solving the housing problems of the lower income groups in our society.
Once again, on behalf of the members of the Board of Directors and the Management Team of Mabuhay Holdings Corporation, we would like to extend our sincere gratitude to all our shareholders for your trust and support throughout these years.
Atty. Roberto V. San Jose Esteban G. Peña Sy