In re Italia Country Club, Inc.

July 4, 2008 SEC-CFD ORDER NO. 063-08 IN THE MATTER OF ITALIA COUNTRY CLUB, INC. O R D E R The records on file with this Commission show that ITALIA COUNTRY CLUB, INC. has continuously failed to file and/or timely file the following reports in violation of SRC Rule 17 and to settle the aggregate penalty of P2,517,725.00: aSIDCT Report Date Due Date Filed Frequency of Assessed Penalty Violation SEC Form 17-A 2001 Annual Report April 15, 2002 April 15, 2002; 1st 42,725.00 no AFS 2002 Annual Report April 15, 2003 July 2, 2003 2nd 100,000.00 2003 Annual Report April 15, 2004 June 29, 2004, 3rd 200,000.00 no AFS 2004 Annual Report April 15, 2005 Not filed 4th 600,000.00 2005 Annual Report April 15, 2006 Not filed 5th For suspension/revocation 2006 Annual Report April 15, 2007 Not filed 6th For suspension/revocation SEC Form 17-Q 2003 1st Quarter Report May 15, 2003 September 24, 2003 1st 75,000.00 2003 2nd Quarter Report August 14, 2003 September 24, 2003 2nd 150,000.00 2003 3rd Quarter Report November 14, 2003 November 14, 2003 no AFS 3rd 450,000.00 2004 1st Quarter Report May 15, 2004 July 12, 2004 4th 900,000.00 2004 2nd Quarter Report August 14, 2004 Not filed 5th For suspension/revocation 2004 3rd Quarter Report November 14, 2004 Not filed 6th For suspension/revocation 2005 1st Quarter Report May 15, 2005 Not filed 7th For suspension/revocation 2005 2nd Quarter Report August 14, 2005 Not filed 8th For suspension/revocation 2005 3rd Quarter Report November 14, 2005 Not filed 9th For suspension/revocation 2006 1st Quarter Report May 15, 2006 Not filed 10th For suspension/revocation 2006 2nd Quarter Report August 14, 2006 Not filed 11th For suspension/revocation 2006 3rd Quarter Report November 14, 2006 Not filed 12th For suspension/revocation 2007 1st Quarter Report May 15, 2007 Not filed 13th For suspension/revocation 2007 2nd Quarter Report August 14, 2007 Not filed 14th For suspension/revocation TOTAL P2,517,725.00 ================== Pursuant to the resolution of the Commission in its meeting on June 19, 2008, the company's Registration of Securities and Permit to Sell Securities is hereby REVOKED. The company is further ordered to return any and all payments received from purchasers of its securities within ten (10) days from publication of this Order of Revocation by the Commission, in accordance with SRC Rule 13.1. This revocation order, however, shall not exempt the company from complying with its reportorial obligations under the Securities Regulation Code or other pertinent laws, pursuant to SRC Rule 13 (5). Let a copy of this Order be posted in the Commission's official website for the information and guidance of the public. AIcECS SO ORDERED. Signed this 4th day of July 2008, Mandaluyong City. For the Commission: (SGD.) JUSTINA F. CALLANGAN Director