Mr. Mario Serra Ty, M.D.

November 5, 1992 Mr. Mario Serra Ty, M.D. Chairman Committee on Science and Technology House of Representatives Quezon City, Metro Manila S i r : This refers to your letter of October 21, 1992 requesting comments on House Bill No. 1094 entitled "An Act Creating The Science Scholarship Fund And For Other Purposes". Please be informed that while we interpose no objection to the passage of the Bill in view of its laudable purpose, nevertheless, we take exception to the provision requiring the SEC to impose on corporate and partnership registrants an additional fee equivalent to one percent (1%) of the required filing fee to finance the proposed Science Scholarship Fund. At present, the Commission already imposes and collects the amount of 1% of the required filing fee for registration of corporations and partnerships as legal research fee in pursuance of Joint Circular No. 6-85, issued on September 13, 1985 by the Commission on Audit, Ministry of Finance and Office of Budget and Management. Said amount is remitted to the University of the Philippines to constitute its revolving fund for the exclusive use of the UP Law Complex. We, therefore, find the additional fee to be too burdensome to investors. This move would be a deterrent to the formation of corporations or partnerships, thereby discouraging capital investment. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman