In re Pamana Island Resort Hotel & Marina Club, Inc.

August 13, 2007 SEC-CFD ORDER NO. 137-07 IN THE MATTER OF PAMANA ISLAND RESORT HOTEL & MARINA CLUB, INC. ORDER Before the Commission is the failure of Pamana Island Resort Hotel & Marina Club, Inc. to settle the assessed penalty of P4,595,408.00 as of 06 March 2007 and file the required reports within the sixty (60)-day suspension period provided in the 09 May 2007 Suspension Order issued by the Commission. In the same Order, the Company was warned that its failure to comply with the foregoing directives within the given period shall be sufficient ground for the Commission to order the immediate revocation of its Registration of Securities and Permit to Sell Securities to the Public without need for further notice and hearing. To date, the company has neither settled the assessed penalties nor submitted the required documents. In its meeting held on 09 August 2007, the Commission en banc resolved to revoke the company's registration of securities. WHEREFORE, the Registration Statement and Certificate of Permit to Sell Securities to the Public issued in favor of Pamana Island Resort Hotel & Marina Club, Inc. is hereby REVOKED. Accordingly, the Company is prohibited from selling/offering for sale its securities to the public. However, the Company shall continue to be covered by the applicable regulations and reportorial requirements of the Securities Regulation Code (SRC), pursuant to the policy adopted by the Commission per SEC Resolution No. 274, Series of 2007. IacHAE Let a copy of this Order be published in a newspaper of general circulation in the Philippines at the expense of the company and/or in the official website of the Commission. SO ORDERED. Signed this 13th day of August 2007 at Mandaluyong City, Philippines. For the Commission: (SGD.) JUSTINA F. CALLANGAN Director