SEC Resolution No. 165 Series of 2012

Republic of the Philippines
Department of Finance
Securities and Exchange Commission
SEC Building, EDSA, Greenhills, Mandaluyong City
Office of the Commision Secretary

1 October 2012

Mr. Ver S. Peralta
ACCRA Law Firm
ACCRALAW Tower
Avenue Corner 30th Street
Cresent Park Bonifacio, Global, Taguig City

Dear Mr. Peralta:
Per your request quoted hereunder is the excerpt from the minutes of the Commission Meeting held on March 22, 2012 which reads, to wit:

SEC RES. NO. 165, a. of 2012

     RESOLVED, To REVISE the requirements on financial statements that accompany applications of foreign corporations for a license to transact business in the Philippines, as follows:

    For those whose home country requires audited financial statements, unaudited financial statements as of date not exceeding one (1) year immediately prior to the filing of the application provided that: (1) the said financial report is certified correct by the president or any other person authorized by the corporation, signed under oath and authenticated before the Philippine Consulate/Embassy; and (2) there is an undertaking to submit to the Commission its audited financial statements as of the most recent fiscal year end, within 105 calendar days from the date issuance of the license.

For those whose home country does not require audited financial statements, unaudited financial statements as of a date not exceeding one (1) year immediately prior to the filing of the application provided that: (1) there is a Certification from a responsible regulatory institution that corporations operating in their country are not required to prepare and submit audited financial statements, with a citation of the law or regulation on which it is based; (2) the said unaudited financial report is certified correct by the president or any other person authorized by the corporation; and (3) both of the said certifications are signed under oath and authenticated before the Philippine Consulate/Embassy.”

Very truly yours,
C.A. GERARD M. LUKBAN
Commission Secretary