Mrs. Carlota P. Valenzuela

November 23, 1981 Mrs. Carlota P. Valenzuela Deputy Governor Central Bank of the Philippines Manila Dear Governor Valenzuela: This refers to your letter of 16 September 1981, requesting clarification on whether the SEC can consider the boards of directors of Victan & Co., Inc., Philcontrust International Corporation and Continental Land and Building Corporation as the duly constituted boards of these corporations which the Central Bank can officially recognize and deal with in connection with its duties and responsibilities under Presidential Letters of Instruction Nos. 199 and 250. llcd A perusal of all documents we required to be submitted narrating in chronological order the facts attendant to their election disclosed that, indeed, their election was controverted and the issue raised against them can only be ventilated by filing a proper action before the Securities Investigation and Clearing Department of this Commission. Please be informed therefore, that it has been the policy of this Office to refrain from rendering opinions that might prejudice or affect the outcome of a case if it will eventually be litigated in the future. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner