Discontinuance by the SEC of the Issuance to Registrants of Endorsement Letters from Appropriate Government Agencies

September 28, 2009 BSP CIRCULAR LETTER NO. CL-2009-064 TO : All Banks and Non-Bank Financial Institutions SUBJECT : Discontinuance by the SEC of the Issuance to Registrants of Endorsement Letters Requesting Comments and Recommendations from Appropriate Government Agencies on Applications for Registration of Corporations and Partnerships Quoted hereunder is the letter dated 07 August 2009 of Mr. Benito A. Cataran, Director of the Company Registration and Monitoring Department of the Securities and Exchange Commission (SEC), informing the BSP that it is discontinuing, effective immediately, the issuance to registrants of endorsement letters requesting comments and recommendation from appropriate government agencies on applications for registration of corporations and partnerships, to wit: HSIADc "Pursuant to Republic Act No. 9485, known as the 'Anti-Red Tape Law' which mandates simplified frontline service procedures among government offices, please be informed that we are discontinuing, effective immediately, the issuance to registrants of endorsement letters requesting comments and recommendation from appropriate government agencies on applications for registration of corporations and partnerships. The registrant should directly secure the said endorsements from the government agencies concerned. Your cooperation on this matter will contribute to the speedy processing of the said applications for the efficiency and expediency of our service to the public." For information and guidance. (SGD.) NESTOR A. ESPENILLA, JR. Deputy Governor