SEC MEMORANDUM CIRCULAR NO. 5, S. OF 2009

: It pertains to the penalty for failure to comply with the Securities and Exchange Commission's directive to participate in the Corporate Governance Survey.
: All publicly-listed companies in the Philippines.
: The penalty for the first offense is a reprimand.
: The second offense is penalized with P25,000.00, and the third offense with P50,000.00.
: It took effect fifteen (15) days after its publication in two newspapers of general circulation in the Philippines.
: The Securities and Exchange Commission En Banc resolved the penalties during its meeting on May 13, 2009.
: To assess the corporate governance practices of publicly-listed companies using the Corporate Governance Scorecard as the survey instrument.
: FE B. BARIN signed the circular as Chairperson of the Securities and Exchange Commission.
: The penalties imposed are administrative in nature.