2nd Indorsement

December 15, 1981 2nd 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 no data regarding the volume of leasing transactions is available from the financial statements of registered financing companies. However, data from the Central Bank of the Philippines indicate that out of 13 financing companies with quasi-banking licenses, 10 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. It is further informed that these financing companies with quasi-banking functions have established a total of 52 branches in strategic places throughout the Philippines, and each branch undertakes separate leasing transactions from the others. With the foregoing informations we leave the matter of whether or not the business of motor vehicle financing is adequately exploited by Philippine nationals for your office to determine. (SGD.) ROSARIO N. LOPEZ Associate Commissioner