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)

Aug 5, 2020

2. SEC Identification Number

CS200900917

3. BIR Tax Identification No.

007213353

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 Philamlife Bldg., 6811 Ayala Ave. Makati, City Postal Code -

8. Issuer's telephone number, including area code

632 8893-0328

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

-

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	321,618,800

11. Indicate the item numbers reported herein

Item number: 9 Other Matters

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 Clarification

Source	BusinessMirror (Online Edition)
Subject of News Report	IDC income in H1 rises despite lockdowns
Date of Publication	Aug 5, 2020

Clarification of News Report
We write with respect to various news articles posted on August 5, 2020. In the attached news article entitled “IDC income in H1 rises despite lockdowns” posted in BusinessMirror (Online Edition), it was reported in part that: “Italpinas Development Corp. (IDC), a boutique property developer of mostly green buildings, said its income in the first half rose by 43 percent to P35.2 million, from last year’s P24.47 million, as sales rose despite the lockdowns. Net sales jumped 36 percent to P278.68 million in the January-to-June period from last year’s P204.79 million, the company said. Net income in the second quarter alone rose 28 percent to P19.58 million, from last year’s P15.21 million. Net sales, meanwhile, grew by almost half to P144.22 million, from last year’s P97.24 million. ‘The key factor behind this extraordinary performance despite the Covid-19 pandemic is the sustained positive market response to IDC’s new green projects, namely Miramonti in Sto. Tomas, Batangas and Primavera City phase 2 in Cagayan de Oro,’ Romolo Nati, the company’s CEO, said. Both projects are strategically situated to grow with the decongestion of overcrowded areas. Miramonti is a 45-minute drive from Makati, while Citta Bella Primavera City Phase 2 is in uptown Cagayan de Oro City, one of its fastest growing areas in the country. . . . . IDC President Jose D. Leviste III said the company is targetting alternative locations for the development of sustainable buildings, anticipating the trend of greater growth outside Metro Manila and Metro Cebu. . . . .” We confirm the accuracy of the figures stated on the said news article as it is consistent with the Company’s Quarterly Report as of end date June 30, 2020, as disclosed with the PSE.
Other Relevant Information
-