RENEWED OPTIMISM FOR A BRIGHTER 2022

Our priority was to survive the pandemic. To achieve this, our strategy is threefold.

First, we made sure that our employees are safe and healthy. Physical distancing is ensured in our offices and daily health monitoring is implemented. We partnered with the local government units where we operate, and with AC Health for the vaccination of our employees and their dependents. At present, 99 percent of our employees are fully vaccinated.

Second, we continue to service our tenants and customers. One example would be the community markets in our estates, which served as an avenue for residents to see and support each other, and at the same time, it allowed us to support our local merchants.

Another example would be how our sales team has been equipped to conduct their meetings with potential investors virtually in order to address the need for safety, while also taking the opportunity to demonstrate how our company adapts to the time.

We also recognize that our tenants and business partners were badly hit with the lockdowns this year, and we have provided them with concessions according to their needs.

Third, protecting our balance sheet was also a priority. We made sure that as a company, we maintain adequate financial resources to continue our operations, service our obligations, and prepare for a recovery.

We are hopeful that market conditions will continue to normalize to prepandemic levels

Steady recovery

Vaccination is still the most important growth driver not just for our industry, but for total economic recovery. We are hopeful that as more vaccines are being deployed to cities outside Metro Manila, and that a wider demographic is having access to vaccines, the country will be able to accelerate towards a steady recovery trajectory.

We are hopeful that market conditions will continue to normalize to prepandemic levels in 2022.

We are already seeing much improved market conditions starting this November for our mall operations and residential sales velocity.

Given the increased mobility and higher vaccination rates, as well as the continued observance of our health and safety protocols, we look forward to the approaching holiday season with renewed optimism for a brighter 2022.