Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan Issuers

February 16, 1996 SEC-IRD * MEMORANDUM CIRCULAR NO. 03-96 RE : Amendments to the Rule Fixing the Paid-Up Capital Stock of Pre-Need Plan Issuers BED Memo Circular No. 03, Series of 1991, fixing the minimum amount of paid-up capital stock of all pre-need plan issuers is hereby amended, to wit: llcd Any corporation applying for a license to act as issuer of pre-need plans must have a paid-up capital stock of at least FIFTY MILLION PESOS (P50,000,000.00) in cash or property and an additional TEN MILLION PESOS (P 10,000,000) for every additional type of plan it shall sell or offer to sell to the public. Issuers of pre-need plans who are currently registered and/or licensed as such but with paid-up capital stock of less than P50,000,000.00 may be allowed to continue to operate as such but shall be required to build up said minimum paid-up capital stock in accordance with the following schedule: June 30 1996 P18 M June 30 1997 26 June 30 1998 34 June 30 1999 42 June 30 2000 50 The TEN MILLION PESOS (P10,000,000.00) per type of plan requirement shall be complied with on or before June 30,1996. The Securities and Exchange Commission shall pass upon the acceptability of properties to be contributed as part of the paid-up capital. (SGD.) PERFECTO R. YASAY, JR. Acting Chairman