Dear Locators:

Your Board of Trustees is pleased to announce that the issue involving the association’s bank account with BDO Gil Puyat Branch has been resolved, with the lifting of the freeze order last December 3, 2021. It will be recalled that the account was frozen upon orders of the Court of Appeals in connection with an application made by the Anti-Money Laundering Council. Your Board is taking steps to avoid a repetition of this incident and to ensure that the operations of the association will remain unhampered.

One of the first actions of your Board was to create a Bids and Awards Committee to spearhead major procurement projects of the association. The committee’s initial procurement project resulted in the selection of a new security services provider for MHCIPAI. The selection of this new security services provider bore an unexpected but welcome result: greater toll collections for the association.

The security guards under the new provider closely monitored the toll collection activities of the association and recommended the replacement of toll collectors. Despite the Board’s decision to exempt from toll fees employees of locators entering the industrial park using bicycles, there was a dramatic increase in the monthly collection of toll fees with the new collectors. Using the collections for October 2021 as baseline, there was an increase of almost Five Hundred Thousand Pesos (₱500,000.00) in the monthly toll collections.

Your Board is now preparing the rules for the conduct of the annual general membership meeting and election this coming March 1, 2022. A notice has already been issued, advising locators to update the payment of their association dues to be eligible to participate in the said meeting and election.

Proposed amendments to the Articles of Incorporation as well as By-Laws of MHCIPAI will be submitted by your Board during the annual general membership meeting and election. This effort, which was started by the previous Board, aims to adopt a “one square meter, one vote” scheme, among other notable proposals. If approved by the members, the amendments will be submitted to the Securities and Exchange Commission for approval.

Your Board looks forward to greater participation of locators in the upcoming annual general membership meeting and election.

Thank you.

Sincerely yours,

FOR THE BOARD OF TRUSTEES:

Venir T. Cuyco

Trustee and Vice-President