In re Credit Card Association of the Philippines, Inc.

March 19, 2008 SEC EN BANC CASE NO. 10-07-0227 IN THE MATTER OF CREDIT CARD ASSOCIATION OF THE PHILIPPINES, INC. (SEC REG. NO. 96774) , petitioner. FOR: SETTING ASIDE ORDER OF REVOCATION O R D E R Petitioner is a non-stock, non-profit corporation registered with the Commission on 6 January 1981 primarily to establish, maintain and perpetuate mutual confidence and closer cooperation as regards the management and protection of the credit card industry as well as to foster a stronger and more active fellowship and comradeship among its members in the attainment of their mutual and common interests. EAaHTI On 11 August 2003, petitioner's Certificate of Registration No. 96774 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated 8 July 2003 which was published in a newspaper of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 grounds that: (1) it has been and still is operational; 1 (2) it needs the continuation of its registration with the Commission for its legal existence; 2 and it has not received any notice from the Commission that a revocation order has been issued against it. 3 In support of its Petition, petitioner submitted the following as proof of its continued operation: 1. Annual Income Tax Returns for 2004, 2005 and 2006; 2. Mayor's Permits for 2005, 2006 and 2007; and 3. Minutes of Board of Directors' Meetings held on 26 January 2006, 23 February 2006, 30 March 2006, 27 April 2006, 25 May 2006, 29 June 2006, 27 July 2006, 31 August 2006, October 5 and 26, 2006, and 30 November 2006. ICESTA Petitioner alleges that it intends to continue its operations as evidenced by its submission of its most recent General Information Sheet and Financial Statements. It 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. It has also paid in full the total amount of penalty of Forty-Seven Thousand One Hundred Fifty Pesos (Php47,150.00) as assessed by the Law and Regulation Division (LRD) of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt Nos. 0106177 and 0141311. WHEREFORE, petitioner's allegation of lack of notice of revocation is without merit considering that the Order of this Commission dated 8 July 2003 was published in a newspaper of general circulation on 11 July 2003. However, finding the documents submitted to support the instant petition of CREDIT CARD ASSOCIATION OF THE PHILIPPINES, INC. to be sufficient, the aforesaid Order is hereby SET ASIDE. CAaSED Petitioner, however, is hereby directed to amend its By-Laws within thirty (30) days from receipt of this Order for the purpose of reflecting the change in its Fiscal Year Ending. Failure of the petitioner to comply with this directive within the prescribed period shall result in the recall of this 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. aSEHDA SO ORDERED. Mandaluyong City. March 19, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner on official leave THADDEUS E. VENTURANZA Commissioner Footnotes 1. Supplemental Petition, page 1. 2. Ibid. 3. Petition to Lift Order of Revocation, page 1.