Ma. Rosario F. Torcuator

April 2, 1998 Ma. Rosario F. Torcuator Land Bank of the Philippines Cainta Branch M a d a m : This refers to your letter dated March 18, 1998 inquiring whether or not there is still a need to file with the SEC an amendment of the articles of incorporation to reflect an increase in the contributed capital of a " non-stock/non-profit corporation ". Please be advised that any increase in the contributed capital of a " non-stock/non-profit corporation " does not require an amendment of the articles of incorporation. Neither does it require prior approval by the Commission. Section 38 of the Corporation Code, which provides for the requirements for an increase in the authorized capital stock, is applicable only to " stock corporations ".It is sufficient, for purposes of updating the SEC records on the matter, that it is reflected in the "financial statements" ,an annual reportorial requirement required under existing SEC rules and regulations to be submitted to the Commission. cdll Very truly yours, (SGD.) SONIA M. BALLO Director Corporate and Legal Department