In re Gensantos Foundation, Inc.

March 11, 2008 SEC EN BANC CASE NO. 09-07-0209 IN THE MATTER OF GENSANTOS FOUNDATION, INC. (SEC REG. NO. DN-091-005704) , petitioner . FOR : Setting Aside of Order of Revocation of Certificate of Registration O R D E R Petitioner is a non-stock, non-profit corporation registered with the Commission on 19 June 1991 and was established, among others to engage, establish, maintain and carry on purely benevolent, charitable, scientific, athletic, philanthropic, trust, cultural or educational undertakings. It has its principal office at Bulaong Extension, General Santos City. On 29 September 2003, Petitioner's Certificate of Registration No. DN-091-005704 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 20 August 2003. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the lifting of the said Order of Revocation based on the following grounds: 1. Students who are currently enrolled with petitioner will be very much affected in case of revocation for it might cause them additional burden as they will be constrained to transfer to other institutions with higher tuition and fees; 2. Students will have difficulties in letting their subjects already taken with the petitioner be credited to other schools. For instance, only petitioner offers Bachelor of Science in Entrepreneurship in General Santos City; 3. Considering that most of petitioner's students come from Classes D and E, the event of revocation would certainly deny education to many of them; 4. Petitioner desires to continue its mission to help the 2,500 classes D and E Filipino youth who are currently enrolled in its institution to join the mainstream of professional Mindanaoans who will significantly reduce poverty especially in far-flung barangays; and 5. To continue to pursue its objectives by which it was founded, more particularly providing low-cost, but good quality college education for the mass people of General Santos. 1 In support of its Petition, petitioner submitted as proof of its continued operation: a.) 2006 Audited Financial Statements; b.) 2007 General Information Sheet; LibLex c.) Minutes of membership meetings and board of trustees meetings in 2006; d.) 2006 Income Tax Return; e.) 2007 Business Permit; f.) Government Recognition to conduct and operate the Bachelor of Secondary Education given by the Commission on Higher Education, Regional Office No. XII, Cotobato City. 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 penalty of Seventy-One Thousand Seven Hundred Fifty Pesos (Php71,750.00) as assessed by the Davao Extension Office and evidenced by Official Receipt No. 5475466. WHEREFORE, premises considered the Order of the Commission dated 20 August 2003 revoking the Certificate of Registration of GENSANTOS FOUNDATION, INC. is hereby SET ASIDE. Petitioner is hereby directed to secure its 2008 mayor's/business' permit and all necessary government permits and licenses for its operation within thirty (30) days from receipt hereof. Failure to comply with this directive will be sufficient ground for 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. ECDaAc SO ORDERED. March 11, 2008, Mandaluyong City. (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. Page 1 of the Supplemental Petition.