1st Indorsement
SEC Opinion • Securities and Exchange Commission • Opinions • Nov 26, 1981
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November 26, 1981 1st Indorsement Respectfully returned to Honorable Federico V. Borromeo, Governor, Board of Investments, Buendia Avenue Extension, Makati, Metro-Manila, the application for increase of foreign equity of Paramount Acceptance Corporation with the information that out of thirteen financing companies with quasi-banking functions, ten financing companies are engaged in the financing of motor vehicles. This type of financing accounts for about 20% of their total transactions or P685 million out of a total transaction of P3,446 million. Considering that all these financing companies with quasi-banking functions have established a total of 52 branches in strategic places throughout the Philippines, and each branch undertaking separate transactions from the others, it appears that the business of leasing motor vehicles is adequately exploited by Philippine nationals. (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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