In re Buddha's Eternal Mercy Center, Inc.

January 21, 2008 SEC EN BANC CASE NO. 09-07-0196 IN THE MATTER OF BUDDHA'S ETERNAL MERCY CENTER, INC. , petitioner . FOR : Lifting of Order of Revocation of Certificate of Registration O R D E R Petitioner Buddha's Eternal Mercy Center, Inc. is a non-stock, non-profit corporation registered with the Commission on 28 February 1977. Its primary purpose is to carry on and impart without distinction as to sect, creed or race the teachings of Buddhism of Sakkyamuni Buddha. It has its business office address at No. 19 Northern Polytech University Hills, Malabon, Metro Manila. AHaDSI On 11 August 2003, Petitioner's Certificate of Registration No. 72332 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 08 July 2003. Said Order was published in a newspaper of general circulation on 11 July 2003. Petitioner now prays for the lifting of the said Order of Revocation based on the following grounds: 1. it is actually existing and operational; and 2. it needs the Certificate of Registration with the Commission to carry out its objectives, functions and activities. In support of its Petition, petitioner submitted the following: a.) 2006 Audited Financial Statements; b.) 2007 General Information Sheet; c.) Minutes of special meeting of the board members dated 28 February 2003 and 27 February 2006 respectively; d.) A certification from the Barangay Council of Potrero, Malabon that petitioner is existing and operating its center; and e.) 2006 Income Tax Return. Petitioner further alleges that it intends to continue its business operations and comply with the registration requirements of the Commission as evidenced by its submission of its most recent General Information Sheet and Financial Statements. It has also paid in full the total amount of the penalty of Thirty One Thousand Two Hundred Fifty Pesos (Php31,250.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0094966 dated September 13, 2007. WHEREFORE, premises considered, the Order of the Commission dated 08 July 2003 revoking the Certificate of Registration of BUDDHA'S ETERNAL MERCY CENTER, INC. is hereby SET ASIDE. 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. ACcDEa SO ORDERED. Mandaluyong City, January 21, 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