Siddcor Insurance Corporation

February 27, 1991 Siddcor Insurance Corporation Suite 208, The Atrium of Makati Makati Avenue, Makati Metro Manila Attention : Mr . Isidro M . Concon (Corporate Secretary) Gentlemen : This refers to your letter of February 13, 1991, inquiring whether it is still necessary to amend the By-laws of SIDDCOR Insurance Corporation only for the purpose of changing its corporate name from "Sanpiro Insurance Corporation" to "SIDDCOR Insurance Corporation",taking into consideration that its articles of incorporation had already been amended to reflect such change of corporate name. cdll The pertinent provision of the Corporation Code provides in part: "SECTION 16. Amendment of articles on incorporation . xxx xxx xxx The amendment shall take effect upon its approval by the Securities and Exchange Commission or if not acted upon within six (6) months from the date of filing for a cause not attributable to the corporation." (Emphasis supplied) It is clear from the aforecited provision that any amendment to the articles of incorporation shall take effect upon approval by the Commission. Considering therefore that the amended articles of incorporation of subject corporation" changing its name from "Sanpiro Insurance Corporation to "SIDDCOR Insurance Corporation" had been approved by the Commission on October 4, 1990, the change of its corporate name is deemed effective as of said date. Consequently, the approval thereof by the Commission impliedly amends the corporation's name as appearing in the By-laws. Accordingly, the corporation need not amend its By-Laws in order to reflect its new corporate name. Very truly yours, (SGD.) ARMANDO Z. GONZALES Associate Commissioner