Anscor Finance Corporation

December 13, 1982 Anscor Finance Corporation c/o Liwayway V. Chato 5th Floor, Philcox Bldg. 172 Salcedo St., Legaspi Vill. Makati, Metro Manila Gentlemen: This refers to your letter dated December 3, 1982 requesting that the penalty of P2,800.00 imposed on the corporation for late filing of renewal of certificate of authority to operate as a financing company be lifted on the ground that you are not aware of the requirement and the this is neither under R.A. 5980, as amended nor under the Basic Rules and Regulations Implementing R.A. 5980 . LexLib In connection therewith, please be informed that the legal basis of the requirement on the renewal of certificate of authority of financing corporation is Section 2, paragraph C of the Basic Rules and Regulations to Implement the Provisions of R.A. 5980 , otherwise known as "An Act Regulating the Organization and Operation of Financing Companies", as amended, which reads as follows: "C. This Certificate of Authority shall be renewable , upon the payment of a renewal fee of P1,000.00. All corporations/partnerships and their branches, shall renew their certificates of Authority by filing not later than forty-five (45) days before the expiry date of the Certificate of Authority granted to it by the Commission, . . ." (emphasis supplied); and for the imposition of the corresponding penalty for violation thereof, the provisions of Section 1 (b) of R.A. No. 1143 which reads: "To penalize any violation of or non-compliance with any terms or conditions of any certificate, license or permit issued by the Commission or of any order, decision, ruling or regulation thereof, by a fine of not exceeding two hundred pesos per day during which violation or default continues; and the Commission is hereby authorized and empowered to impose and collect such fine after due notice and hearing." (emphasis supplied). As to your request to lift the penalty imposed for such violation, be informed that the reasons stated in your letter is not sufficient justification to exonerate subject corporation from the penalty. The corporation is presumed to know all the existing laws, rules and regulations affecting financing corporation. It is worth mentioning that in the application of laws/rules and regulations, the familiar legal maxim " Ignorance of the law excuses no one from compliance therewith ", is to a large extent applied. Otherwise, everybody can claim "ignorance" as an excuse and the purpose of the law will then be rendered futile. In view of the foregoing, the Commission cannot grant your request. However, it is inclined to reduce the penalty from P2,800.00 to P560.00 (P40.00 for everyday of delay instead of P200.00 per day), there being good faith in such violation. Please be advised accordingly. Very truly yours, (SGD.) JESUS J. VALDES Associate Commissioner