In the Matter of Golden Endeavor Microfinance Corporation

February 22, 2011 SEC-CFD ORDER NO. 039-11 IN THE MATTER OF GOLDEN ENDEAVOR MICROFINANCE CORPORATION ORDER OF SUSPENSION The records on file with this Commission show that the subject-corporation failed to submit/comply with the following reportorial and other requirements and pay the maximum penalty 1 of One Hundred Thousand Pesos (PhP100,000.00): Reports Not Filed Filed Late Semi-Annual Financial 2nd Semester of 2009 1st and 2nd Semesters of Statements 2008 Quarterly Financial 4th Quarter of 2003 2nd and 3rd Quarters of 2003; Statements 1st and 4th Quarters of 2004; 4th Quarter of 2005; 1st to 4th Quarter of 2006 and 4th Quarter of 2007 Audited Financial Statements 2003 Special Form of Financial 2003 to 2006 and 2008 Statements General Information Sheets 2003 to 2005 Annual Fee 2004 and 2007 (paid late) Certification of Compliance 2004 to 2009 Officer Certification of Corporate 2004 to 2009 Secretary Corporate Governance 2009 Scorecard On 08 May 2009 2 and 21 July 2009, 3 SEC-Baguio Extension Office (BEC) sent show cause letters and informed the corporation of the violations. The corporation received all letters. TDcAaH On 01 October 2009, 4 SEC-BEO denied the company's request to condone or reduce the prescribed penalties and further warned the company that "failure to pay the penalties within (THIRTY (30) DAYS) will be considered as non-compliance with the Order of the Commission, for which reason we will be constrained to recommend the CANCELLATION of your Certificate of Authority to Operate as Financing Company and the REVOCATION of your Certificate of Incorporation." 5 To date, the company has continuously failed to respond to any of the letters and notice of suspension. Pursuant to the resolution of the Commission in its meeting on 03 February 2011, the company's Certificate of Authority to Operate as a Financing Company is hereby SUSPENDED for a period of sixty (60) days from receipt of this Order of Suspension or until it settles the assessed penalties for the late/non-submission of reports, non-payment of penalties and submit the required reports, for its failure to pay the total assessed penalties of PhP100,000.00 for the afore-mentioned violations. After the lapse of said period without compliance by the company with all the said requirements and payment of the fees and penalty, the Commission shall, after due notice and hearing, immediately initiate proceedings for the revocation of its CA. Let a copy of this Order be sent and posted at the principal office of the corporation, at the municipal office of the town/municipality where its principal office is located and at the Commission's website for the information and guidance of the public. SO ORDERED. TDESCa February 22, 2011, Mandaluyong City. (SGD.) JUSTINA F. CALLANGAN Acting Director Footnotes 1. Maximum penalty is One Hundred thousand Pesos (PhP100,000.00). 2. Hand delivered to Joone Rivera, President, and received on 02 June 2009. 3. Received through registered mail on 22 July 2009 (name and position of the receiver is unreadable). 4. Received through registered mail on 19 October 2009 (name and position of the receiver is unreadable). 5. Ibid. , signed by Director Annie Gonzales-Tesoro.