Atty. Jaime O. Bumanglag

January 28, 1988 Atty. Jaime O. Bumanglag Livelihood Corporation 7th Floor, Hanston Building, Emerald Avenue, Pasig, Metro Manila Sir : This refers to your letter dated December 23, 1987, inquiring on whether the Purchase Order Financing Project of Livelihood Corporation is governed by the provisions of Republic Act No. 5980, as amended, otherwise known as the "Financing Company Act", and by SEC Rules and Regulations on the matter. In connection therewith, please be advised that the Livelihood Corporation (Formerly: KKK Processing Center Authority), was created by Executive Order No. 866, as amended on January 26, 1987. In this connection, the relevant provision of the Corporation Code reads as follows: "SECTION 4. Corporations created by special laws or charter . Corporations created by special laws or charters shall be governed primarily by the provisions of special law or charter creating them or applicable to them, supplemented by the provisions of this Code, insofar as they are applicable." (Section 4, CCP, emphasis supplied) LibLex Thus, in line with the SEC ruling in Alfredo C. Gray, Sr. et al. vs. Agustin Marketing et al, (SEC Case No. 2102), wherein it was held that the Commission has no jurisdiction over corporations created by special law, we regret to inform you that this Commission refrains from giving appropriate comments on the query. Instead, it is suggested that the query be directed to the Central Bank of the Philippines and the Office of the Government Corporate Counsel. Please be advised accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman