Quisumbing Torres & Evangelista

May 12, 1989 Quisumbing Torres & Evangelista C/o Atty. Natividad B. Kwan 10th Floor, Shell House 156 Valero Street, Salcedo Village 1200 Makati, Metro Manila Gentlemen : This refers to your letter dated March 1, 1989, for and in behalf of Mindanex Mining and Development Corp. requesting for the correction of its articles of incorporation which was approved by this Commission on December 22, 1988, particularly on the amount of subscription of the incorporators-subscribers. It appears from the request that the correction consist of the alleged failure of the corporation to reflect the intended subscriptions of the incorporators/subscribers. Each incorporator/subscriber intended to subscribe to only TWENTY THOUSAND (P20,000.00) PESOS worth of shares instead of EIGHTY THOUSAND (P80,000.00) Pesos. In connection therewith, please be advised that the Commission, in previous opinions, has ruled that the portion of the articles of incorporation stating the original subscriptions of the incorporators cannot be changed for the reason that the same are accomplished facts at the time of incorporation. Thus, the Commission en Banc, in its meeting of April 27, 1988, resolved to deny your request. However, the company may be allowed to reduce its present authorized capital stock in accordance with Section 38 of the Corporation Code. cdll Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman