Mr. Luis C. Liwanag

January 30, 1992 Mr. Luis C. Liwanag Deputy Executive Secretary Office of the President Malacaang, Manila S i r : This refers to your letter dated January 22, 1992 requesting comments and/or recommendation on the memorandum of Secretary Fulgencio S. Factoran of the Department of Environment and Natural Resources (DENR) dated December 16, 1991 requesting Presidential approval for the deferment of payment of filing fee for the registration of the articles of Incorporation of Bukidnon Forests, Inc.,a subsidiary of DENR's corporate arm, the Natural Resources Development Corporation (NRDC),until such time when it shall have been fully privatized, inasmuch as the budget for the project is allocated only for plantation development, operations and maintenance and no amount has been identified for registration fee. cdll Section 139 of Batas Pambansa Blg. 68, otherwise known as the Corporation Code of the Philippines provides: "Incorporation and Other Fees. The Securities and Exchange Commission is hereby authorized to collect and receive fees as authorized by law or by rules and regulations promulgated by the Commission." The required filing fee of 1/10 of 1% of the authorized capital stock but not less than P200 for registration of articles of incorporation is imposed and collected by the Commission pursuant to Ministry of Finance Order No. 6-83 , implementing Batas Pambansa Blg. 325, as amended. The existing policy of the SEC is to allow exemption only if there is a special law expressly exempting the registrant from paying the required filing fees. However, under Section 7 of P.D. 902-A, as amended, "the Commission is authorized to recommend to the President the revision, alteration, amendment or adjustment of the charges and fees, which by law, it is authorized to collect." Considering that in the instant case, the request is not for exemption but only for deferment of payment of the required filing fee and taking into consideration the circumstances surrounding it, the request may be granted provided that the applicant shall execute an undertaking to pay the filing fee within a certain period, subject, however, to the approval of the President as required in the aforecited provision of P.D. 902-A, as amended. Please be advised accordingly. Very truly yours, (SGD.) RODOLFO L. SAMARISTA Acting Chairman