Does Iglesia Ni Cristo celebrate Christmas Day?
I don't know but what I am aware of, is that the INC founder Felix Manalo have received the office of being a Pastor and as a "Tagapamahala ng Iglesia" on December 25, 1918. The 5th anniversary of Iglesia Ni Kristo on December 25, 1918 confirms that INC indeed, started in 1913 and not 1914. This is also a clear and logical argument that INC may have started as a "church" in December 25, 1913 since the Pasugo (July 27, 1989) stated that the first fruits of his preaching were baptized at the Pasig River in late 1913.
If the Iglesia Ni Cristo celebrates the January 1 New Years Day, I think it would be acceptable (for INC) to also celebrate the INC anniversary during December 25, as Felix Manalo have previously celebrated also.