Robinsons Commercial Complex Inc.
SEC Opinion • Securities and Exchange Commission • Opinions • Jul 18, 1988
Full text
July 18, 1988 Robinsons Commercial Complex Inc. M. Adriatico Street Ermita, Manila Attention : Atty . Ricardo J . Marasigan Sir : This relates to your letter, dated July 12, 1988, requesting the opinion of this Commission on the following queries: 1. Can the corporation legally engage in maintaining home appliances credit program and extend its benefits to all qualified employees by way of incentive or fringe benefit? 2. If so, can the same benefit be legally extended also to all the qualified employees of RCCI's sister company, the Manila Midtown Commercial Corporation? LexLib Should it be the intention of the Robinson's Commercial Complex, Inc. to sell its home appliances to qualified employees and those of its sister company, on installment basis or lay-away plan, by way of incentive or fringe benefit, please be informed that the Commission interposes no objection to such scheme. In no case, however, shall the corporation extend credit facilities to consumers by discounting or factoring commercial papers or account receivables nor shall buy and sell contracts, leases, chattel mortgages, or other evidences of indebtedness, which acts fall within the context of the term "financing companies" under RA 5980. Please be guided accordingly. Very truly yours, (SGD.) JULIO A. SULIT, JR. Chairman
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