In re P. Del Mar Gabriel Enterprises, Inc.

May 13, 2008 SEC EN BANC CASE NO. 03-08-0397 IN THE MATTER OF P. DEL MAR GABRIEL ENTERPRISES, INC. (SEC REG. NO. 43626) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner P. Del Mar Gabriel Enterprises, Inc . is a stock corporation registered with the Commission on 16 March 1971 1 to "purchase, lease, own, sell, mortgage, encumber, manage, administer, improve and/or develop lands and other real properties in its own name or in the name of the owners thereof and to erect or cause to be erected on any lands owned, held, occupied, administered or managed by the corporation, residential houses, buildings or other structures with their appurtenances and to rebuild, enlarge, alter or improve the same ." 2 Its principal office is located at San Clemente, Tarlac, Philippines. 3 On 02 July 2003, Petitioner's Certificate of Registration No. 43626 was revoked pursuant to the Order dated 27 May 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 02 June 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. [it] has existing assets and obligations which are already developed and are being developed further for commercial purposes [such] as [the following]: a. a 3.2-hectares lot under TCT 249178 which [has] been developed as a resort and agri-industrial area; b. a lot that will be developed under TCT 249179 as residential area for balikbayan-retirees. 2. Before the development project was implemented, these assets, except for [a] few, were un-irrigated lands and as such were not utilized for agricultural nor commercial purposes . . . [but are being developed] by constructing multi-purpose hall and guest houses, [a] swimming pool, perimeter fence, fishponds, mango plantations, gamecock breeding facilities and deep wells in order to irrigate the other assets to make them productive; 3. these investments were made in good faith and are not meant to disregard any law and [SEC] rules as [it] only learned about the revocation Order of SEC recently; SHCaEA 4. other assets were sold and/or assigned to Petitioner and are in the process of being registered to the corporation; and that 5. the lifting of the revocation Order is necessary in order to continue with the project and eventually start its commercial operations. 4 In support of its Petition, Petitioner submitted its 2008 General Information Sheet (GIS) and 2007 Audited Financial Statements. Petitioner also submitted, as proof of its continued operation, copies of the following documents: a) a brochure of Gabriel Farms & Resort (a private resort) ; b) Income Tax Return for the year ended December 2007; and c) Transfer Certificates of Title Nos. 249178 and 249179 registered under the name of petitioner; and d) Deeds of Assignment separately made and executed by and among Petitioner, Proceso Del Mar Gabriel, Vicente M. Gabriel, Juanita M. Gabriel and Asterio Gabriel. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. Petitioner made partial payment of the total penalty in the amount of Seven Thousand Pesos (Php7,000.00), as assessed by the Company Registration and Monitoring Department (CRMD). This is evidenced by Official Receipt No. 0149736 dated 17 March 2008 in the amount of Two Thousand Pesos (Php2,000.00). Petitioner requests the Commission that it be allowed to pay the balance of Five Thousand Pesos (Php5,000.00) in two (2) installments of Two Thousand Five Hundred Pesos (Php2,500.00) within the 1st and 2nd months from date of initial payment or 17 March 2008. WHEREFORE, premises considered, the Order of the Commission dated 27 May 2003 revoking the Certificate of Registration of P. Del Mar Gabriel Enterprises, Inc . is hereby SET ASIDE. The request of petitioner for staggered payment of the balance of the imposed penalty is denied. Consequently, petitioner is hereby directed to pay the balance amounting to Php5,000.00 within ten (10) days from date of receipt of this Order. Further, Petitioner is hereby directed to submit a Mayor's Permit for 2008 within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with any of the above directives shall cause the recall of the instant Order. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. ICHAaT SO ORDERED. Mandaluyong City, May 13, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. 3. Articles of Incorporation of Petitioner, Third Article. 4. Petition, Paragraph 3.