In the Matter of Countrywide Agri & Rural Economic Development (CARED) Foundation, Inc.

August 26, 2014 SEC CRMD IN THE MATTER OF COUNTRYWIDE AGRI & RURAL ECONOMIC DEVELOPMENT (CARED) FOUNDATION, INC. Company Registration No. CN200619088 FOR : Revocation of Certificate of Registration for Violation of the CorporationCode and the SECRules andRegulations on Reportorial Requirements ORDER WHEREAS, the records of this Commission show that COUNTRYWIDE AGRI & RURAL ECONOMIC DEVELOPMENT (CARED) FOUNDATION, INC. ("subject corporation") , registered on December 8, 2006 under Company Registration No. CN200619088, failed to submit the following reports within the prescribed period as required by the Corporation Code and the rules and regulations on reportorial requirements of this Commission: Requirements Not Filed Filed Late General Information Sheet 2014 Financial Statements 2013 2010 Sworn Statement of the President and Treasurer 2012-2013 2007-2010 on the itemized: (a) Sources and Amount of Funds; (b) Program/Activity planned, ongoing and accomplished with complete name, address and contact number of project officer-in-charge and the project office; and (c) Application of Funds. (SSSAAF) Certification/s from the Office of the Mayor or the 2012-2013 2007-2010 Office of the Barangay Captain or the Head of either the Department of Social Welfare and Development or Department of Health, on the existence of the subject Program/Activity in the locality on which it exercises jurisdiction or if from Head/Officers of private institution or actual beneficiaries/recipients of the program/activity, the same should be notarized (COEP) Location map of the exact principal office address / signed under oath by the President and the Corporate Secretary WHEREAS, Section 141 of the Corporation Code requires every corporation to submit annual reports to the Commission, such as General Information Sheet and the Financial Statements, SSSAAF and COEP, thus: ISDCHA "Every corporation, domestic or foreign, lawfully doing business in the Philippines shall submit to the Securities and Exchange Commission an annual report of its operations, together with a financial statement of its assets and liabilities, certified by any independent certified public accountant in appropriate cases, covering the preceding fiscal year and such other requirements as the Securities and Exchange Commission may require. Such report shall be submitted within such period as may be prescribed by the Securities and Exchange Commission." WHEREAS, the Commission, through the Corporate Governance and Finance Department (CGFD), sent two (2) conference letters to subject corporation through its principal office and residential addresses of its responsible officers, directing the same to show cause why it should not be penalized for non-compliance with the foregoing reportorial requirements; WHEREAS, despite due notice, subject corporation failed to comply with the directive, prompting the Corporate Governance and Finance Department (CGFD) to recommend the revocation of the former's certificate of registration; WHEREAS, Section 5 (m) of Republic Act No. 8799, also known as the Securities Regulation Code, in accordance with Section 6 (i) of Presidential Decree No. 902-A, as amended, vest the Commission with the authority to revoke, after proper notice and hearing, the certificate of registration of a corporation upon any of the grounds provided by law including the following: (6) Failure to file required reports in appropriate forms as determined by the Commission within the prescribed period. WHEREAS, subject corporation failed to submit pertinent reports required from foundations and, despite due notice, failed to comply with the directive to show cause why it should not be penalized for non-compliance of the reportorial requirements. The Commission therefore has no other recourse but to revoke its certificate of registration. WHEREFORE, the Certificate of Registration of COUNTRYWIDE AGRI & RURAL ECONOMIC DEVELOPMENT (CARED) FOUNDATION, INC., issued on December 8, 2006, is hereby REVOKED for violation of Section 141 of the Corporation Code and rules and guidelines on reportorial requirements of this Commission. Let a copy of this Order be attached by the Corporate Filing and Records Division (CFRD) of this Department to the records of subject corporation. Further, the Information and Communications Technology Department (ICTD) of this Commission is likewise requested to enter the "revoked" status of subject corporation in the database. SO ORDERED. Mandaluyong City, Philippines. August 26, 2014. (SGD.) FERDINAND B. SALES Director Company Registration and Monitoring Department Securities and Exchange Commission