In re Petrochemical Investment Corp.

January 24, 2008 SEC EN BANC CASE NO. 10-07-0242 IN THE MATTER OF PETROCHEMICAL INVESTMENT CORPORATION (SEC REG. NO. 60831) , petitioner . FOR : Setting Aside of the Order of Revocation of Certificate of Registration O R D E R Petitioner Petrochemical Investment Corporation is a stock corporation registered with the Commission on 31 March 1975 to " engage in the general business of investing in, financing, promoting, managing and operating petrochemical, chemical, commercial, industrial, agricultural, mining, and other enterprises ." Its business office address is located at 5/F Bloomingdale Bldg., Salcedo St., Legaspi Village, Makati City. On 02 July 2003, Petitioner's Certificate of Registration No. 60831 was revoked pursuant to the Order dated 27 May 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on 02 June 2003. Petitioner now prays for the setting aside of the said Order of Revocation based on the following grounds: 1. upon incorporation in 1975, its intention to operate commercially temporarily stopped due to unfavorable business climate. It is only now that an opportunity to pursue its purposes arises; * 2. . . . [it has] already entered into a Contract of Lease of commercial spaces on the partially finished store spaces and warehouses in its property known as Molino Commercial Complex Phase I in Dasmarias, Cavite from which it used sizeable amounts of rental deposits for 2005 and 2006; and 3. [it has] already hired 3 employees to attend to its business endeavor. In support of its Petition, Petitioner submitted its 2007 General Information Sheet (GIS) and 2006 Audited Financial Statements. Petitioner also submitted, as proof of its continued operation, the following documents: a) Business Permit (No. 23727) issued on 25 September 2007 by the Office of the Mayor (Business Permit Office), City of Makati; CacEIS b) Income Tax Return for the year ended December 2006; and c) Photocopies of Official Receipts separately issued by Petitioner to Century Savings Bank, Bea Alieson Grocery, Ms. Marilyn Salino Relos, and "stockholders". 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 Five Thousand Pesos (Php5,000.00) as evidenced by Official Receipt No. 0106681 dated October 18, 2007. WHEREFORE, premises considered, the Order of the Commission dated 27 May 2003 revoking the Certificate of Registration of Petrochemical Investment Corporation 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. DAETcC SO ORDERED. Mandaluyong City, January 24, 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 * Petition, Paragraph 3.