In the Matter of Canlubang Golf & Country Club, Inc.

May 5, 2010 SEC-CFD ORDER NO. 141-10 IN THE MATTER OF CANLUBANG GOLF & COUNTRY CLUB, INC. ORDER Before this Commission are: 1) the Verified Petition to Lift the Order of Revocation dated June 24, 2008 filed by CANLUBANG GOLF & COUNTRY CLUB (CanGolf), seeking the lifting of the February 4, 2004 Order revoking its Registration of Securities and Permit to Sell Securities to the Public; and 2) its Amended Registration Statement filed on September 8, 2009. 1 In support of its Petition, the company stated that: 1. It had fully paid the assessed penalty of P125,425.00 for the late filing of its 2002 Annual Report and its 2003 SEC Form 17-IS; 2. It had submitted the additional documents required by the SEC-CFD, namely: a) pictures of its renovation project; and b) Certification from its contractor attesting to the completion of the renovation and construction works undertaken as of April 25, 2007 at CanGolfs clubhouse and facilities; and 3. It has fully complied with the reportorial requirements under the Securities Regulation Code. Meanwhile, an ocular inspection of the Club's premises on May 8, 2008 revealed that with the exception of its failure to build a mini-hotel or renovate its sports complex, CanGolf has substantially carried out and implemented the renovations and improvements set out in its Work Program under the Original Registration Statement. In CFD's letter dated February 26, 2009, the company was directed to submit an Amended Registration Statement to reflect the actual construction and renovation works done in the Club's facilities as well as the present value of the company's proprietary shares. Subsequently, the company submitted an Amended Registration Statement reflecting therein the changes in its work program due to: (1) its failure to construct the mini-hotel or renovate the sports complex and to convert its power source from NPC to Meralco; and (2) the introduction of new improvements, and the amended offer price of its membership certificates from original price range of P2.4 Million to P3.1 Million to P400,000.00 to P3 Million per certificate. TcADCI Moreover, on March 23, 2010, the company paid the fine of P145,400.00 for the late filing of its Amended Registration Statement in violation of SRC Rule 14. In its meeting held on April 29, 2010, the Commission resolved to render effective the company's Amended Registration Statement and to set aside the February 4, 2004 Order of Revocation. WHEREFORE, in view of the substantial compliance with the requirements of the Securities Regulation Code and its Amended Implementing Rules and Regulations, the Amended Registration Statement of Canlubang Golf and Country Club, Inc. is hereby RENDERED EFFECTIVE. Furthermore, in view of the Club's full payment of the assessed penalty in the amount of P125,425.00 for the late filing of its 2002 Annual Report and Amended Definitive Information Statement and subsequent compliance with its reportorial obligations, the February 4, 2004 Order of Revocation is hereby SET ASIDE and the Registration of Securities and Permit to Sell Securities of Canlubang Golf and Country Club, Inc. are hereby REINSTATED. SO ORDERED. EDSA, Mandaluyong City, May 5, 2010. (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. First filing was on July 1, 2009.