Mr. Alejandro Z. Gaston

April 9, 1985 Mr. Alejandro Z. Gaston Windsor Tower 163 Legaspi Street, Legaspi Village Makati, Metro Manila Sir : This refers to your letter dated March 6, 1985 requesting for advice on whether the La Trinidad Village Bagong Lipunan Community Association (LTV-BLCA), a corporation registered with the Home Financing Corporation, is duly recognized by the SEC as a corporation endowed with corporate personality and powers of any other corporation. LibLex Please be advised that under Executive Order No. 535 dated May 3, 1979, the Home Financing Corporation (HFC) is vested the power to register homeowners association. Said Executive Order provides, thus: "1. In addition to the powers and functions vested under the Home Financing Act, the corporation shall have, among others, the following additional powers: a) To require submission of and register articles of incorporation of homeowners associations and issue certificates of incorporation/registration , upon compliance by the registering association with the fully promulgated rules and regulations thereon; maintain a registry thereof; and exercise all the powers, authorities and responsibilities that are vested on the Securities and Exchange Commission with respect to homeowners associations, the provision of Act 1459, as amended by P.D. 902-A, to the contrary notwithstanding . b) To regulate and supervise the activities and operations of all homeowners associations registered in accordance therewith ." (emphasis supplied) In view of the foregoing provisions of Executive Order No. 535, homeowners associations have to be registered with the Home Financing Corporation and not with the SEC. As to whether or not La Trinidad Village Bagong Lipunan Community Association (LTV-BLCA) is registered with the Home Financing Corporation (HFC), it is suggested that you communicate directly with said office which under Executive Order No. 535 has the jurisdiction to register homeowners associations. prcd Very truly yours, (SGD.) MANUEL G. ABELLO Chairman