Philippine Crop Insurance Corporation

May 11, 1982 Philippine Crop Insurance Corporation VAG Bldg., Ortigas Avenue Greenhills, San Juan Metro Manila Attention : Mr . Luis A . Chanco AVP-Controller Sir : This has reference to your letter dated April 12, 1982 inquiring whether the Philippine Crop Insurance Corporation, a tax exempt entity under Presidential Decree No. 1467, is required to submit any reports to this Commission. In reply thereto, please be informed that Rule 4 of the "Rules Requiring the Keeping of Accounting Records and Filing of Annual Financial Statements by corporations", dated March 26, 1958, as amended, provides: "Banks and banking institutions, public utility corporations, insurance corporations, cooperative associations, labor unions, and other corporations governed by laws not entrusted to this Commission for enforcement, are exempted from these rules." Inasmuch as said corporation falls under the category other corporations governed by laws not entrusted to this Commission for enforcement, the same is, therefore included the aforequoted exceptions. cdlex Very truly yours, (SGD.) CORAZON I. MORANDO Director Corporate and Legal Department