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)

Sep 25, 2020

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 Philamlife Bldg., 6811 Ayala Ave. Makati, City Postal Code 1226

8. Issuer's telephone number, including area code

(02) 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	434,185,375

11. Indicate the item numbers reported herein

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 4-3 - Amendments to Articles of Incorporation References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Amendment of Articles of Incorporation
Background/Description of the Disclosure
On September 25, 2020, the Board approved of the proposal to Amend Article VII of the Articles of Incorporation of Italpinas Development Corporation to increase the authorized capital stock of the Corporation.

Date of Approval by Board of Directors	Sep 25, 2020
Date of Approval by Stockholders	TBA
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	TBA
Date of Receipt of SEC approval	TBA

Amendment(s)

Article No.	From	To
Article VII	377,993,600.00	500,000,000.00 up to 1,000,000,000.00

Rationale for the amendment(s)

The proposed amendment to increase the authorized capital stock will provide IDC more flexibility for any potential business opportunities in the future that would need sufficient authorized and unissued shares that can be issued promptly. In order to satisfy the subscription requirement, the Board also approved the declaration of stock dividends equivalent to One Hundred Million up to Two Hundred Thirty Million Pesos in favor of all stockholders of record in proportion to their respective shareholdings, payable on a record date to be set by the President after approval by the Securities and Exchange Commission of the increase in authorized capital stock.

The timetable for the effectivity of the amendment(s)

Expected date of filing the amendments to the Articles of Incorporation with the SEC	TBA
Expected date of SEC approval of the Amended Articles of Incorporation	TBA

Effect(s) of the amendment(s) to the business, operations and/or capital structure of the Issuer, if any
None
Other Relevant Information
The proposed amendment to increase the authorized capital stock will provide IDC more flexibility for any potential business opportunities in the future that would need sufficient authorized and unissued shares that can be issued promptly. In order to satisfy the subscription requirement, the Board also approved the declaration of stock dividends in the amount of One Hundred Million up to Two Hundred Thirty Million in favor of all stockholders of record in proportion to their respective shareholdings, payable on a record date to be set by the President after approval by the Securities and Exchange Commission of the increase in authorized capital stock. The determination of the final figure for the increase in authorized capital stock and stock dividends to be declared is delegated to the management. The items above will be taken up during the coming Annual Stockholders’ Meeting to be held on 25 November 2020.