In re Jacinto Castel Borja Foundation, Inc.

August 19, 2008 SEC EN BANC CASE NO. 05-08-0470-I IN THE MATTER OF JACINTO CASTEL BORJA FOUNDATION, INC., SEC REGISTRATION NO. AN092-002452 , petitioner. RE: SETTING ASIDE THE ORDER OF REVOCATION O R D E R Petitioner, Jacinto Castel Borja Foundation, Inc., is a foundation registered with the Commission on July 14, 1992, under SEC Registration No. AN092-002452, with principal office at Borja's Garden Tagbiliran City, Bohol. Its purposes as stated in its Articles of Incorporation, is to support, sponsor, promote, encourage and finance projects that will redound to the upliftment of the poor, out of school youth, marginal farmers, housewives, sustenance fishermen and cultural minorities especially those residing in the countryside by providing start up to entrepreneurs the opportunity to engage in industry and agriculture and participate in undertakings which protect the environment and create balanced ecosystem to help hasten the economic recovery of our nation, etc. DEIHSa On 03 November 2004, its Certificate of Registration was revoked by the Commission, by virtue of SEC Order dated 30 September 2003, published on 04 October 2003 in the Philippine Daily Inquirer, for non-filing of reports. Petitioner now prays for the setting aside of the Order of Revocation dated 30 September 2003, on the following grounds: 1. that the officers were not aware of the Commission's reportorial requirements; 2. that the directors and officers intends to continue its operation; and 3. that despite temporary cessation of operation in the previous years, Petitioner manages to continue its operation up to the present. In support of its Petition, Petitioner submitted the following documents: 1 1. Photocopy of Project Proposal initiated and prepared by the President of Petitioner to extend financial assistance to the indigent constituents of Malabon and Navotas from January 2008 until September 2008, in coordination with the District Representative of Malabon-Navotas and the Department of Social Welfare and Development signed by Alvin S. Sandoval, Representative of Malabon-Navotas and Secretary Esperanza I. Cabral of the Department of Social Welfare and Development; 2. Photocopy of Project Proposal prepared by the President of Petitioner in selected Barangays of Itbayat, Batanes, which seeks to improve family income and productivity among farmers and fishermen through the procurement of equipment for small scale farmers and fisherfolk for distribution to farmers and fishermen in the barangays, from April to July 2008 with the approval of the Representative of Batanes signed by Carlo Oliver Diasnes, Representative of Batanes and the Municipal Mayor of Itbayat, Batanes; CASTDI 3. Income Tax Return for the year 2007, "received" by the Bureau of Internal Revenue on April 10, 2008; 4. Photocopy of Barangay Business Clearance Control No. N08-0201221 issued by the Chairman, Barangay San Lorenzo, Makati City on January 16, 2008; 5. Certificate of Registration with the Bureau of Internal Revenue on November 07, 2007 signed by the Revenue District Officer; 6. Photocopy of the Barangay Business Clearance No. 2482 issued by the Punong Barangay, Barangay San Lorenzo, Makati City on October 23, 2007; 7. Trustees' Certificate dated October 1, 2007, certifying that at the special joint meeting of members and trustees held on the same date, at which quorum was present, the resolution allowing the filing of Petition to Set Aside Order of Revocation was unanimously approved by the majority of the members and trustees; and 8. Photocopy of Business Permit issued by the Office of the Mayor, Municipality of Alburquerque, Bohol on January 28, 2004; Petitioner submitted its 2008 General Information Sheet and 2007 Financial Statements to prove its intention to continue its registration with the Commission. Petitioner also manifested that it has no intention to violate the law and that it commits to immediately pay the fines due. On May 27, 2008, the corporation paid the fines of PhP18,500.00, the amount assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD), under Official Receipt No. 0170822, for non-filing of the following reports: NOTED DEFICIENCIES YEARS COVERED REQUIREMENTS NOT FILED FILED LATE General Information Sheet 1996-2007 Financial Statements 1996-2006 WHEREFORE, Petitioner's allegation that it was not properly informed of the reportorial requirement to be submitted to the Commission which caused the revocation of its Certificate of Registration is without merit. Section 141 of the Corporation Code of the Philippines requires corporations to submit an annual report of its operations and such other requirements as the Commission may require. The corporation is bound by the said provision of the law and it cannot claim ignorance to excuse it from compliance therewith. However, finding the documents submitted to support the instant Petition of JACINTO CASTEL BORJA FOUNDATION, INC. to be sufficient, the Order of Revocation date September 30, 2003 is hereby SET ASIDE. Let a copy of this Order be furnished the Corporate Filing and Records Division of the CRMD. The Economic Research and Information Department is hereby directed to delete the name of the Petitioner from the list of revoked corporations immediately upon receipt of this Order. DaIAcC SO ORDERED. Mandaluyong City. August 19, 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. Photocopies are compared with the original documents.