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In re Bicol Islamic Education Foundation, Inc.

SEC EN Banc Case No. 10-07-0234 (Order) • Securities and Exchange Commission • Commission En Banc • Mar 10, 2008

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March 10, 2008 SEC EN BANC CASE NO. 10-07-0234 IN THE MATTER OF THE BICOL ISLAMIC EDUCATION FOUNDATION, INCORPORATED (SEC REG. NO. 143820), petitioner. FOR: SETTING ASIDE OF THE ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION O R D E R Petitioner The Bicol Islamic Education Foundation, Incorporated is a non-stock corporation registered with the Commission on 31 August 1987 1 with the following purposes: 1. To maintain and preserve Islamic tenets as our principle and ideal in life; 2. To construct masjkis[,] mosques, and centers for prayer, preaching and learning centers for the [M]uslims in the Bicol Region; 3. To organize and unite all [M]uslians in the Bicol Region in order to carry out the teaching of Islam for the attainment of the objectives and purposes herein stated; 4. To uphold Islam as our religion and way of life; 5. To initiate and formulate measures for the [s]ocio-[e]conomic development of all [M]uslims throughout the Bicol Region; 6. To undertake measures for research studies on the teaching of the Holy Quran and Hadith for proper guidance of all [M]uslims in the Bicol Region; 7. To preach and spread the teaching of Islam to all peoples regardless of tribes, races, color[,] and nationalities[;] and to promote the spirit of brotherhood among mankind; and 8. To inculcate in the mind of all members the spirit of love, peace, unity, solidarity, respect[,] and understanding with the aim of becoming useful and responsible members of the Islamic Society of the Philippines through moral and spiritual development of the believers. 2 Petitioner's principal office is located at the Islamic Center, BIEFI Compound, Greenland Avenue Zone 3, Concepcion Pequea, Naga City. On 29 September 2003, Petitioner's Certificate of Registration No. 143820 was revoked pursuant to the Order dated 20 August 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 28 August 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. some [of its] officials had passed away; 2. some [of its officials] had transferred their residency (sic) to far away places outside Camarines Sur with unknown address (sic) ; 3. [some of its officials] became (sic) reluctant to perform their executive functions; and 4. the new sets (sic) of executive officials during the General Election that was conducted on (sic) the year 2004 had no idea of the non-reportorial case 3 (sic) . In support of its Petition, Petitioner submitted its 2006 General Information Sheet (GIS) and 2007 Audited Financial Statements. Petitioner also submitted, as proof of its continued operation, the following documents: a) Income Tax Return for the year ended December 2006; b) Mayor's Permit (No. 4338) issued on 15 October 2007 by the Office of the Mayor, City of Naga; c) Sanitary Permit (No. 4645) issued on 15 October 2007 by the Office of the City Health Officer, City of Naga; d) Business Clearance issued on 26 September 2007 by the Office of the Punong Barangay of Concepcion Pequea, City of Naga; e) News clipping dated July 16-22, 2006 and pictures of The Day of Thanksgiving to Gov. L-Ray F. Villafuerte sponsored by Petitioner; f) Documents such as Memorandum of Agreement notarized on 14 November 2006, pictures, letters, certification (issued on 02 August 2004 by the City Environment and Natural Resources Office), and sketch plan evidencing the renovation of the Naga Mosque under Building Permit No. 0409050397 granted to petitioner; and g) Certification issued on 15 October 2007 by the Office of the Punong Barangay of Concepcion Pequea, City of Naga evidencing the completion of the renovation of Naga Masjid. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations 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 penalty amounting to Ten Thousand Five Hundred Pesos (Php10,500.00) as evidenced by Official Receipt No. 0106383 dated October 16, 2007. Consistent with its undertaking, Petitioner is hereby directed to submit a Mayor's Permit for 2008 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 20 August 2003 revoking the Certificate of Registration of The Bicol Islamic Education Foundation, Incorporated 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. SO ORDERED. Mandaluyong City. March 10, 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. Certificate of Registration of Petitioner. 2. Articles of Incorporation of Petitioner, Second Article. 3. Petition, Paragraph 3.

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