In re Abaño Realty Development Corp.

March 11, 2008 SEC EN BANC CASE NO. 11-07-0264 IN THE MATTER OF ABAO REALTY DEVELOPMENT CORPORATION (SEC REG. NO. 53555) , petitioner. FOR: SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner ABAO REALTY DEVELOPMENT CORPORATION is a stock corporation registered with the Commission on November 12, 1973 and engaged primarily in the business of real estate. It has its principal office address at Abao Bldg., Felipe II St., Daet, Camarines Norte. On August 11, 2003, Petitioner's Certificate of Registration No. 53555 was revoked for non-compliance with the Commission's reportorial requirements, pursuant to the Order of Revocation dated July 8, 2003 which was published in a newspaper of general circulation on July 11, 2003. Petitioner now prays for the lifting of said Order of Revocation based on the following grounds: a) since 1973, it has been, and still is, operational and it needs the continuation of its registration with the Commission for its legal existence; and b) it employs more than ten (10) employees in its operation and the eventual cessation thereof will come into effect and cause the termination of their employment if the petition is not granted. In support of its Petition, Petitioner submitted its General Information Sheet for the year 2007 and Audited Financial Statement for the year ended 2006. Petitioner also submitted the following documents as proof of its continued operation: a) Annual Income Tax Return for the year ended 2006 stamped received by Land Bank, Daet Branch; b) Mayor's Permit Number 0825 for the year 2007; c) Official Receipts issued in 2006 and 2007; d) Advertisements published in the Peninsular News; e) Deed of Donation executed by Petitioner in favor of Land Registration Authority dated February 21, 1997; and f) Deed of Donation executed by Petitioner in favor of Camarines Norte Water District dated April 15, 2001. Petitioner 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 actually paid in full the penalty in the total amount of Six Thousand Eight Hundred Pesos (P6,800.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department and evidenced by Official Receipt Number 0113133 dated November 9, 2007. WHEREFORE, premises considered, the Order of the Commission dated July 8, 2003 revoking the Certificate of Registration of Abao Realty Development Corporation is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD), Law and Regulation Division, and the Economic Research and Information Department (ERID) of this Commission for their appropriate action. SO ORDERED. Mandaluyong City. March 11, 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