Opinion No. 05-21 RE : Exemption from Penalties

o":C"'~Q" t"~""'f01. ~~ \"f1< ;;":1<7 ~ ' o ~~t ~ ~tJI. lei Republic of the Philippines Department of Finance SECURITIES AND EXCHANGE COMMISSION SEC Building, EDSA, Greenhills Mandaluyong City Metro Manila Philippines 9 December 2005 SEC Opinion No. 05-21 Exemption from Penalties MR. FELICITO P. PLAZA President and General Manager Plaza Business Venture Corporation Coweson Bldg., 455 E. Rodriguez Sr. Ave. Quezon City (Espana Ext.) In Front of PC SO Sir: This refers to your letter addressed to the Company Registration and Monitoring Department, received on December 7,2005, seeking reconsideration of penalties imposed for your failure to file your Financial Statement and General Information Sheet in the amount of PI06,000.00. We regret to infonn you that existing SEC Rules on Violation of Reportorial Requirements provide no exemption from payment thereof. Department of Interior and Local Government (DILG) Memorandum Circular No. 94- 169, you cited as basis provides tax incentives and tax exemption privileges granted to Filipino inventors pursuant to Republic Act 7459, and exemption from license fees, pennit fees and fees involve in their applicati~n for registration 'of their inventions. The above circular does not cover exemption from penalties imposed by this Commission. Very truly yours, VERNETTE G. UMALI-PACO General Counsel