In re PhilAm Fund, Inc.

August 1, 2008 SEC-CFD ORDER NO. 077-08 IN THE MATTER OF THE PHILAM FUND, INC., registrant. REGISTRATION OF SECURITIES UNDER THE SECURITIES REGULATION C OD E O R D E R Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed for and on behalf of PHILAM FUND, INC., the Commission, in its meeting of July 31, 2008, resolved to render effective the same for the registration of the company's One Hundred Seventeen Million One Hundred Fifty Five Thousand One Hundred Forty Four (117,155,144) common shares with a par value of P1.00 each, representing the latest increase of its authorized capital stock, subject to compliance with the reporting and other requirements of the Securities Regulation Code, Investment Company Act and their implementing rules and regulations, Code of Corporate Governance and to further orders of the Securities and Exchange Commission and to applicable regulations of the Bangko Sentral ng Pilipinas. ACcHIa A Certificate of Permit to Offer Securities for Sale authorizing the sale of said securities is issued with this Order. Let a copy of this ORDER be published at the expense of the corporation once a week for two (2) consecutive weeks in two (2) newspapers of general circulation in the Philippines within ten (10) days from the date of this ORDER. The subject company is hereby directed to furnish the Commission with a copy of the affidavit of publication of this ORDER. SO ORDERED. August 1, 2008, EDSA, Greenhills, City of Mandaluyong, Metro Manila, Philippines. (SGD.) JUSTINA F. CALLANGAN Director Published in The Philippine Star on August 11, 2008.