In re M&C Farms, Inc.

March 25, 2008 SEC EN BANC CASE NO. 09-07-0192 IN THE MATTER OF M&C FARMS, INCORPORATED (S.E.C. REG. NO. 116836) , petitioner. FOR: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner M & C FARMS, INCORPORATED is a stock corporation registered with the Commission on 19 October 1983. 1 Petitioner was organized primarily to engage in milling and trading of rice and other grains, cereals and other agricultural products and in general, to promote and develop agriculture in the Philippines and to carry on and conduct an agricultural enterprise. 2 IESAac On 11 August 2003, petitioner's Certificate of Registration No. 116836 was revoked by virtue of SEC Order dated 08 July 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 11 July 2003. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the following grounds: 1. the setting aside of the order of revocation would allow petitioner to operate and make use of its parcels of land for tree planting and other horticultural activities; and 2. reactivation of petitioner's status would allow it to legally use the name M & C Farms to market its produce. 3 As proof of its intent to continue its business operation, petitioner submitted copies of the following: 1. various transfer certificates of titles in the name of petitioner; and 2. 2005 Audited Financial Statement stamped received by the Bureau of Internal Revenue. DACaTI Petitioner likewise alleged in its Compliance, which this Commission received on 26 February 2008, that although the corporation has no activities the agricultural assets of petitioner have been utilized by one Maximo Katigbak. These activities include agro-forestry ( i.e. Continuous propagation of mahogany), sugarcane propagation, organic farming and seri-culture. Petitioner submitted the following documents to support its petition, viz. : 1. Various letters addressed to Dr. Ernesto Gapasin, President of Don Mariano Memorial State University of Bacnotan, La Union thru Director Ricardo C. Briones, Director of Sericulture Research Development Institute, signed by Mr. Maximo K. Katigbak; 2. Letters providing for a free sample of 21 denier; 3. Contracts of Lease entered into by Maximo Katigbak and three (3) different lessees; and 4. Pictures of the different plants and activities in the property of petitioner. aSEHDA Petitioner further alleges that it has no intention to violate the law and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. As a matter of fact, petitioner already paid the penalty in the amount of Ten Thousand Eight Hundred Pesos (Php10,800.00) on 12 September 2007 as evidenced by Official Receipt No. 0095269. Accordingly, petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from date of receipt of this Order. Failure on the part of petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of M&C FARMS, INCORPORATED is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. THAICD SO ORDERED. Mandaluyong City, March 25, 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. Petitioner's Certificate of Registration. 2. Petitioner's Articles of Incorporation, 2nd Article. 3. Petition, p. 1.