In the Matter of Fil-Hispano Holdings Corporation

September 6, 2005 CORPORATION FINANCE DEPARTMENT IN THE MATTER OF FIL-HISPANO HOLDINGS CORPORATION ORDER Upon consideration of the registration statement of Fil-Hispano Holdings Corporation covering its 1:2 stock rights offer to subscribe to Three Hundred Million (300,000,000) common shares representing the company's proposed increase in its authorized capital stock, the Commission in its meeting of August 11, 2005, resolved to render effective the same pursuant to Section 12 of the Securities Regulation Code, subject to the following conditions: (1) The company's final prospectus shall clearly indicate that the proceeds shall be exclusively used to support its capital increase and in accordance with the work program disclosed in its prospectus. There shall also be a statement in the prospectus that until such capital increase is approved by the SEC, the shares covered by the stock rights offering will be liquid and no trading thereof shall be permitted; (2) The company shall deposit the proceeds of the offer in a Trust Account on the condition that said proceeds shall be used exclusively to meet the paid-up requirement of the company relative to its proposed capital increase which shall be filed with this Commission upon conclusion of the rights offer; and DTSaHI (3) It shall submit a copy of the Amended Articles of Incorporation reflecting the increase in its authorized capital stock, within three (3) days from approval thereof. (4) It shall include in its prospectus herein attached Risk Disclosure Statement. Let a Certificate of Permit to Offer Securities for Sale be issued in favor of Fil-Hispano Holdings Corporation authorizing the sale of the aforementioned securities. Let this Order be published at the expense of the corporation once in a newspaper of general circulation in the Philippines within ten (10) days from date hereof. The corporation is hereby directed to furnish the Commission with a copy of the affidavit of publication of this Order. SO ORDERED. Signed this 6th day of September 2005 at EDSA, Mandaluyong City, Philippines. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on September 7, 2005.