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 13, 2017

2. SEC Identification Number

CS2000900917

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 9A 9th Floor Courty Space 1 Building 133 HV Dela Costa St. Salcedo Village Makati City Postal Code 1200

8. Issuer's telephone number, including area code

(02) 893 0328

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

(02) 893-0328

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	221,618,800

11. Indicate the item numbers reported herein

-

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 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
News article entitled “Italpinas seen as Uy’s next target” posted in the Inquirer.net on the November 13, 2017

Source	Inquirer.net
Subject of News Report	Italpinas seen as Uy’s next target
Date of Publication	Nov 13, 2017

Clarification of News Report
We write relative to your request for clarification on the news article entitled “Italpinas seen as Uy’s next target” posted in the Inquirer.net on the November 13, 2017, which in part read that: “Davao-based businessman Dennis Uy is reportedly in talks to buy into boutique property developer Italpinas Development Corp. (IDC) as part of the ongoing expansion of his business empire. Several industry sources said IDC—whose shares have rapidly risen in the stock market in recent days—was another prospective target for Uy, who has been very active in the merger and acquisition (M&A) arena in recent months. Asked whether Uy’s entry into IDC was a ‘done deal,’ IDC chair and CEO Romolo Nati said in an e-mail to the Inquirer on Saturday: ‘We’re always open to exploring prospective collaborations with good prospective partners. For now, however, there is nothing set in stone with anyone in particular.’ ‘It’s early days,’ IDC senior adviser Jose Leviste Jr. replied in a text message, when asked whether a deal was imminent. Uy’s potential entry into IDC comes at a time when the property firm is bracing for a bigger role in the property scene by diversifying into ‘microtownship’ estates development, subdivision or horizontal housing and building commercial property assets. Shares of IDC have sizzled in the stock market this month and trading volume was extraordinarily heavy in the last few days. From P6.82 per share as of the end of October, IDC’s share price almost doubled to P13.36 per share as of last Friday.” We wish to clarify that like all growing companies, we are always open to discussing prospective collaboration with strategic partners. We have great respect for Dennis Uy's group and their work. However, at present, there is no binding commercial agreement to work together with Mr. Uy, or to enter into any transaction with Mr. Uy. IDC has considered the possibility of taking on key strategic investors, and continually assesses this possibility on a case to case basis. For now, however, there is no binding commercial agreement with any counter-party in particular.
Other Relevant Information
n/a