In re Doña Josefa Vda. De Santos, Inc.

March 25, 2008 SEC EN BANC CASE NO. 12-07-0308 IN THE MATTER OF DOA JOSEFA VDA. DE SANTOS, INC. (S.E.C. REG. NO. 022094) , petitioner . FOR : Setting Aside Order of Revocation O R D E R Petitioner DOA JOSEFA VDA. DE SANTOS, INC. is a stock corporation registered with the Commission on 27 December 1962. 1 Petitioner was organized primarily to buy, deal in, lease, hold, improve and sell real estate and the fixture and personal property incidental thereto. 2 Its principal office is located at 1752 Dominga corner Eusebio Streets, San Isidro, Pasay City, Metro Manila. aTCADc On 26 May 2003, petitioner's Certificate of Registration No. 022094 was revoked by virtue of SEC Order dated 22 April 2003 for non-compliance with the Commission's reportorial requirements. The said order was published in the 25 April 2003 issue of the Philippine Daily Inquirer, a newspaper of general circulation. Petitioner seeks reconsideration of the Order revoking petitioner's registration on the following grounds: 1. Petitioner has been in operation since its incorporation; 2. If petitioner's franchise is revoked, it will fail to benefit from various business and investment opportunities available to it; if the revocation order is set aside, petitioner will be able to allow its existing contractual obligations and continue its business operations; 3. Petitioner has timely paid its taxes and has complied with the necessary permits and licenses in the conduct of its business. 3 To bolster its prayer for the setting aside of the revocation order, petitioner submitted a Supplemental Petition dated 19 February 2008 alleging the following: 1. Petitioner, a real estate company, has been actively operating and pursuing the development of its properties; One of these properties is a 70,183 square meter parcel of land located in Paraaque City covered by Transfer Certificate of Title No. 72871; 2. The Paraaque Property is petitioner's principal asset and has a value of Two Hundred Fifty-four Million Sixty-two Thousand Pesos (Php254,062,000.00) as contained in the report of Asian Appraisal Company, Inc.; 3. The Paraaque Property is subject of a Land Development Agreement between petitioner and the Azalea Real Estate Corporation; and 4. Petitioner has actively participated in proceedings to defend its title to the Paraaque property since 1999; In 2006, the Regional Trial Court of Paraaque Branch 260 upheld petitioner's ownership of the Paraaque Property. SEHDIC As proof of its continued operation, petitioner submitted copies of the following: 1. 2006 Audited Financial Statements stamped received by an authorized agent bank; 2. Income Tax Returns for the years ended 31 December 2006 and 31 December 2005; 3. Business Permit No. 0008709 issued by the City Mayor of Paraaque on 07 November 2006; 4. 2006 Community Tax Certificate No. 07721364 of petitioner; and 5. Various Minutes of the Annual Stockholders Meeting. Petitioner likewise 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. As a matter of fact, petitioner already paid the penalty in the amount of Five Thousand Five Hundred Pesos (Php5,500.00) on 13 December 2007 as evidenced by Official Receipt No. 0123516. WHEREFORE, premises considered, the Order of the Commission dated 22 April 2003 revoking the Certificate of Registration of DOA JOSEFA VDA. DE SANTOS, INC. is hereby SET ASIDE. Accordingly, petitioner is hereby directed to submit its 2008 Mayor's Permit 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. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City, March 25, 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. Petitioner's Certificate of Registration. 2. Petitioner's Articles of Incorporation, 2nd Article. 3. Petition, p. 2. cADaIH