C00760-2025

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)
Feb 7, 2025
2. SEC Identification Number
CS200900917
3. BIR Tax Identification No.
007-213-353-000
4. Exact name of issuer as specified in its charter
ITALPINAS DEVELOPMENT CORPORATION
5. Province, country or other jurisdiction of incorporation
Philppines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Unit 28C BPI Philamlife Building, 6811 Ayala Ave., Makati Postal Code 1226
8. Issuer's telephone number, including area code
8893-0328
9. Former name or former address, if changed since last report
Not Applicable
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 Shares (IDC) 724,004,114
11. Indicate the item numbers reported herein
Item 4

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 4-8 - Change in Directors and/or Officers
(Resignation/Removal or Appointment/Election)
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Election of New Independent Directors
Background/Description of the Disclosure

Please be advised that during the Special Meeting of the Corporation’s Board of Directors held today, February 7, 2025, the Board approved the election of Mr. Alfonso L. Salcedo and Mr. Melchor C. Guerrero as Independent Directors of the Corporation. They will serve the unexpired terms of Gen. Emeraldo C. Magnaye and Mr. Rafael A. Dominguez who resigned today, Feb. 7, 2025
Resignation/Removal or Replacement
Name of Person Position/Designation Effective Date of Resignation/Cessation of term
(mmm/dd/yyyy)		 Reason(s) for Resignation/Cessation
- - - -
Election or Appointment
Name of Person Position/Designation Date of Appointment/Election
(mmm/dd/yyyy)		 Effective Date of Appointment Election
(mmm/dd/yyyy)		 Shareholdings in the Listed Company Nature of Indirect Ownership
Direct Indirect
Alfonso L. Salcedo Independent Director Feb/07/2025 Feb/07/2025 1,000 - -
Melchor C. Guerrero Independent Director Feb/07/2025 Feb/07/2025 1,000 - -
Promotion or Change in Designation
Name of Person Position/Designation Date of Approval
(mmm/dd/yyyy)		 Effective Date of Change
(mmm/dd/yyyy)		 Shareholdings in the Listed Company Nature of Indirect Ownership
From To Direct Indirect
- - - - - - - -
Other Relevant Information

Mr. Melchor “Trix” C. Guerrero brings a deep background in finance and capital markets, from leading roles both as underwriter to a range of issuers, as well as from within the Philippine Stock Exchange. With decades of experience, he has consistently driven growth and success for listed companies in his previous roles.

He has been involved as the lead underwriter or advisory for listings on the Philippine Stock Exchange, NASDAQ, NYSE and on the NSX Australia achieving market capitalization for Agrinurture (P4.5B); Calapan Ventures (P400M); Cirtek Holdings Inc. (P2B); East West Bank (P22.730B); and IP Converge (P444M).

He has also served as President of Ernst & Young Transaction Advisory Services, President of Municipal Finance Co. whose target market is the 1,642 Mayors and 82 Governors and their LGU’s, and Vice President and Head of Capital Markets Development Division and member of the Management Committee of the Philippine Stock Exchange and has been involved in the approval of listing companies on the PSE, including Aboitiz Power; Anchor Land; Citiseconline ; Energy Development Company; GMA ; I Remit; Metro Pacific Investments; National Reinsurance; Oriental Resources; Pacific Online; Pepsi Cola Products Philippines; Phoenix Petroleum; Splash; Vista Land & Landscapes; IMI. He created the PSE Certified Securities Specialist course for financial literacy.

Mr University, and his BA is in Applied Mathematics from the University of California at Berkeley. . Guerrero took his MBA from J.L. Kellogg Graduate School of Management, MS Engineering Management from McCormick both at Northwestern.

Mr. Alfonso L. Salcedo currently works at FGU Insurance Corp., as Chairman, Security Bank Corp.
(Philippines), as Director from 2019, BPI MS Insurance, as Director, Bankers Association of the Philippines, as Director from 2015, SB Cards Corp., as Director from 2015, and SB Rental Corp., as Director from 2015.

Mr. Salcedo also formerly worked at MUFG Bank Ltd., as Chief Executive Officer, Bank of Ayudhya Public Co., Ltd., as Vice Chairman, SB Capital Investment Corp., as Vice Chairman from 2015 to 2020, BPI Rental Corp., as Chairman, BPI Leasing Corp., as Chairman, BPI Capital Corp., as Director, National Reinsurance Corp. of the Philippines, as Treasurer & Director from 2011 to 2012, Santiago Land Development Corp., as Director, UnionBank Financial Services & Insurance Brokerage , Inc., as Country Marketing Director, BPI International Finance Ltd., as Director, AC Industrial Technology Holdings, Inc., as Director, BPI Direct Savings Bank, Inc., as Director, SB Equities, Inc., as Director from 2016 to 2020, BPI-Philam Life Assurance Corp., as Director, SB Finance Co., Inc., as Director, Citibank NA, as Director-Country Marketing & Retail Bank Business, Nippon Vicks KK, as Marketing Director from 1983 to 1987, Bank of the Philippine Islands, as Executive Vice President from 2014 to 2015, BPI Family Savings Bank, Inc., as President from 2004 to 2010, Ayala Plans, Inc., as President, BPI Bancassurance, Inc., as President, Security Bank Foundation, Inc., as Trustee from 2015 to 2020, Procter & Gamble Philippines, Inc., as Marketing Manager, BPI Insurance Group, as President from 2000 to 2004, Allstate Life Insurance Co. Phils, Inc., as President, and Procter & Gamble Healthcare KK, as Marketing Manager.

Mr. Salcedo received his undergraduate degree in 1983 from Osaka University, undergraduate degree in 1977 from the University of Ateneo de Manila, and graduate degree in 1988 from The University of Chicago Booth School of Business.
Filed on behalf by:
Name Aleli Cordero
Designation Legal Counsel/Corporate Information Officer