SUSTAINING MOMENTUM IN 2022

There are a few notable learnings during this crisis.

First, it is important to build a strong corporate culture that you can rely on to rally the organization when faced with an extremely challenging environment. Second, black swan events are occurring more frequently and it is best to always be prepared for these low probability yet high impact events. Finally, this crisis showed us that the Bayanihan spirit is alive and so much can be done if all sectors of society work together to help our country move forward.

Financial sustainability

Our strategy was to rally everyone in the company to focus on our 5-point plan, which was anchored on financial sustainability.

By quickly addressing liquidity needs to service all our obligations and by maintaining a strong balance sheet, we were able to implement our other plans effectively—to protect and support our employees during this difficult period; to serve our customers in accordance to our brand standards; to help the community and our country through various Bayanihan efforts; and finally, to think ahead and prepare for recovery.

As we continue to operate in this new environment, we need to constantly innovate our products and services and create new ways to delight our customers.

All our business lines are gearing up for a strong economic recovery and are creatively tweak

ing our product offerings in line with changes in consumer preferences. We’ve also scaled up our capability to better serve our customers using both traditional and digital channels.

Local consumption will be a key driver of growth as we anticipate less community quarantines and increased mobility moving forward. A low interest rate environment and the steady contributions of remittances by overseas Filipino workers (OFWs) and business process outsourcing (BPO) companies will also ensure long-term growth.

Sustaining momentum

We are excited at the prospects of accelerating economic recovery in the coming months and expect to launch new projects across our various business units while ensuring safe operations.

Despite the challenges this year, we launched P59 billion worth of residential projects in the first nine months and we look forward to sustaining this momentum in 2022. We also expect the performance of our commercial assets (i.e. malls, hotels, resorts) to improve significantly as we revert closer to prepandemic mobility.