Teng Mariano & Cruz Law Offices

January 10, 1994 Teng Mariano & Cruz Law Offices 7th Floor, PDCP Bank Centre Herrera corner Alfaro Streets Salcedo Village, Makati Metro Manila Gentlemen : In connection with your letter of November 29, 1993 inquiring whether there is a change in the present policy of the Commission regarding foreign currencies as paid-up capital in the light of the Bangko Sentral's present regulation on the matter and the latest policy pronouncement of the Philippine Government to liberalized the inflow and outflow of foreign exchange to attract foreign investments, please be advised that the Commission, in its Meeting of December 29, 1993, resolved to maintain and follow its present policy requiring foreign currencies representing payment on subscription to be converted into Philippine Pesos in view of the provision of the Corporation Code of the Philippines which provides: "SECTION 14. Contents of articles of incorporation . All corporations organized under this Code shall file With the Securities and Exchange Commission articles of incorporation in any of the official languages, duly signed and acknowledged by all of the incorporators, containing substantially the following matters, except as otherwise prescribed by this Code or by special law: xxx xxx xxx 8. If it be a stock corporation, the amount of its authorized capital stock in lawful money of the Philippines ,...." (Emphasis supplied) Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman