In the Matter of Vella Finance Corporation

July 9, 2010 SEC-CFD ORDER NO. 177-10 IN THE MATTER OF VELLA FINANCE CORPORATION FOR: REVOCATION OF THE CERTIFICATE OF AUTHORITY (CA) TO OPERATE AS A FINANCING COMPANY ORDER Records on file with this Commission show that: The company failed to file the following: 2004 to 2008 General Information Sheets; Corporate Governance Scorecard; Certifications issued by the: a) Corporate Secretary on the attendance of the members of the Board to the board meetings in 2005, 2006, and 2007; b) Compliance Officer on the company's compliance with its Manual on Corporate Governance in 2005, 2006 and 2007; and to pay the maximum penalty of PhP100,000.00. In an Order dated 23 February 2009, the Commission suspended the company's Certificate of Authority to Operate as a Financing Company for a period of sixty (60) days from receipt of the said order, or until the corporation has complied with the said reportorial requirements and paid the fees and penalty. Vella Finance Corporation received its copy on 29 September 2009. No representative of the company appeared at the scheduled hearings 1 for revocation despite notices 2 to the company's principal office and directors' addresses. Pursuant to the resolution of the Commission in its meeting on 17 June 2010, the company's Certificate of Authority to Operate as a Financing Company is hereby REVOKED. DECSIT Let a copy of this Order be sent to the principal address of the company, the Municipal Hall of Gumaca, Quezon, and posted in the Commission's official website for the information and guidance of the public. SO ORDERED. July 9, 2010, Mandaluyong City. (SGD.) JUSTINA F. CALLANGAN Director Footnotes 1. 01 October 2009 and 01 March 2010. 2. Received on 29 September 2009 and 26 February 2010 by Joana M. Valles.