Commissioner Raymundo R. Dizon, Jr.

June 25, 1984 Commissioner Raymundo R. Dizon, Jr. Human Settlements Regulatory Commission Goodwill Building, 393 Buendia Avenue Ext. Makati, Metro Manila Sir : With reference to your 1st indorsement letter dated November 28, 1983 requesting for comments on the memorandum of Philippine Commercial International Bank (PCIB) relative to its proposal to engage in real estate business for the purpose of disposing or making profitable use of its bank premises in excess of its needs, enclosed herewith is a xeroxed copy of the opinion of the Central Bank of the Philippines on the matter which is in accordance with Section 36 of the Corporation Code which provides in part, to wit: "SECTION 36. Corporate powers and capacity . Every corporation incorporated under this Code has the power and capacity: xxx xxx xxx 7. To purchase, receive, take or grant, hold, convey, sell, lease, pledge, mortgage and otherwise deal with such real and personal property ,including securities and bonds of other corporations, as the transaction of the lawful business of the corporation may reasonably and necessarily require subject to the limitation prescribed by law and the constitution; (emphasis supplied) xxx xxx xxx Please be advised accordingly. cdll Very truly yours, (SGD.) MANUEL G. ABELLO Chairman