SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Nov 26, 2021

2. SEC Identification Number

CS-2009200917

3. BIR Tax Identification No.

007-213-353

4. Exact name of issuer as specified in its charter

ITALPINAS DEVELOPMENT CORPORATION

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Unit 28C BPI Philam Life Building 6811 Ayala Avenue Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(02) 8920328

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
COMMON	434,185,375

11. Indicate the item numbers reported herein

ITEM 9: OTHER ITEMS

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Italpinas Development CorporationIDC

PSE Disclosure Form 6-2 - Declaration of Stock Dividends References: SRC Rule 17 (SEC Form 17-C) and
Sections 6 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Declaration of Stock Dividends
Background/Description of the Disclosure
The Board approved on September 25, 2020 to declare stock dividends equivalent to Philippine Pesos One Hundred Million up to Two Hundred Thirty Million Pesos. The source will be the retained earnings as of December 31, 2019. The determination of the final stock dividends to be declared is delegated to the management of the Corporation. On Jan 22, 2021, the stockholders of the Corporation approved the declaration of stock dividends amounting to PhP 97,691,710.00 or 195,383,419 shares and the delegation to management the determination of the terms of the dividend declaration, including the record and payment dates, and the treatment of fractional shares, if any. The Securities and Exchange Commission (“SEC”) approved the increase of authorized capital from P377,993,600.00 to P700,000,000.00 of ITALPINAS DEVELOPMENT CORPORATION and authorized the issuance of 195,383,420 common shares with par value of 0.50 to cover stock dividends declared on September 25, 2020. On November 26, 2021, the Commission issued the Order fixing the record date to December 20, 2021.

Type of Securities

• Common
• PreferredN/A
• OthersN/A

Stock Dividend

Date of Approval by Board of Directors	Sep 25, 2020
Date of Approval by Stockholders	Jan 22, 2021
Other Relevant Regulatory Agency, if applicable	N/A
Date of Approval by Relevant Regulatory Agency, if applicable	N/A
Date of Approval by Securities and Exchange Commission	Nov 26, 2021
Stock Dividend Rate	45%

Source of Dividend Payment
Retained earnings as of December 31, 2019 Audited Financial Statements.

Source of Shares for Distribution	To be taken from the unissued capital stock Number of Shares to be Issued : - To be taken from an increase in authorized capital stock From: Three Hundred Seventy Seven Million Nine Hundred Ninety Three Thousand Six Hundred Pesos To:Seven Hundred Million Pesos (PhP 700,000,000.00) Number of Shares to be Issued : 195,383,420 Others: n/a Number of Shares to be Issued : -
Record Date	Dec 20, 2021
Payment Date	Jan 14, 2022

Other Relevant Information
Amended the disclosure to include the SEC order, approving the issuance of stock dividends, fixing the record date, payment date and no. of shares to be issued is 195,383,420, in case of fractional shares, it shall be rounded down. Please note that there will be necessary adjustments to the IDC's share price and outstanding shares on the ex date