Romulo, Mabanta, Buenaventura, Sayoc & De Los Angeles

June 25, 1996 Romulo, Mabanta, Buenaventura, Sayoc & De Los Angeles 30th Flr., Citibank Tower 8741 Paseo De Roxas, Makati City Attention : Atty . Reynaldo G . Geronimo S i r : This refers to your letter dated June 20, 1996 relative to your request for the SEC to require the corporate secretary of Interport Resources Corporation to set a definite place and date for the proxy validation process in connection with the coming annual stockholders meeting of said Corporation, invite the presence of SEC representative thereto and permit any personal representative of Mr. Bell, or any stockholder or his representative to be present therein. Please be informed that the Commission, in its meeting of April 18, 1996, had previously adopted a policy not to send SEC representatives/observers to stockholders meeting, unless officially ordered by the Commission under very restrictive circumstances. In the present case, the matter of proxy validation is an internal concern that should be resolved by the corporation itself. Moreover, there is a possibility that it may develop into a case that might be litigated before this Commission. Thus, it would be proper that the Commission adheres to the hands-off policy on the matter so that it will not be estopped to resolve any controversy pertaining thereto if brought before it in a proper proceeding. llcd In view thereof, we regret that we cannot grant your request. Very truly yours, (SGD.) PERFECTO R. YASAY, JR. Acting Chairman