In the Matter of Subic Bay Golf & Country Club, Inc.

August 3, 2009 SEC-CFD ORDER NO. 116-09 IN THE MATTER OF SUBIC BAY GOLF & COUNTRY CLUB, INC. ORDER Before the Commission are the letters dated June 2, 2009 and July 9, 2009 filed on behalf of Subic Bay Golf and Country Club, Inc. ("SBGCCI") requesting the following: 1. Reconsideration of the Order dated May 25, 2009 1 denying its requests for waiver of penalty and for exemption from all reportorial requirements of the SRC and suspending the Registration of its Securities and Permit to Sell Securities to the Public. In the same Order, the Company was directed to pay the reduced penalty of P187,675.00 plus the P100,000.00 fine (pursuant to Order dated July 1, 2003) or the total amount of Two Hundred Eighty Seven Thousand Six Hundred Seventy-Five Pesos (P287,675.00) and to submit the required reports within fifteen (15) days from receipt of said Order; and 2. Further reduction of the penalty to P100,000.00 with a promise to pay the same as soon as possible should the same be honored by the Commission, or that it be allowed to pay the penalty under an installment scheme, with 25% or P71,918.75 as downpayment and the remaining balance of P215,756.25 payable in 12 equal monthly installments to be covered by post-dated checks. Finding no merit in the justifications advanced, the Commission, in its meeting on July 30, 2009, resolved to DENY SBGCCI's requests for reconsideration and reduction/staggered payment of penalty. SEHaTC Furthermore, for failure to file the required reports in accordance with the directives set forth in the Order dated May 25, 2009, the Commission resolved to REVOKE the Company's Registration of Securities and Permit to Sell Securities to the Public. Accordingly, the Company is prohibited from selling/offering for sale its securities to the public. This revocation order shall not exempt the company from complying with its reportorial obligation under the Securities Regulation Code pursuant to SRC Rule 13 (5) and other pertinent laws. Let a copy of this Order be published in a newspaper of general circulation in the Philippines or in the Commission's official website for the information and guidance of the public. SO ORDERED. August 3, 2009, Mandaluyong City. For the Commission: (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. Personally delivered to the Company and its Directors/Officers on June 1, 2009.