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SEC NEWS SERVICESeries (~f2013

News, events, and/or issues on SEC f.-om the Majo.' Philippine Newspapers.

Date

Month

DOMESTIC:

08

J uly 2013

1. S EC 's P ROP OS ED AME NDME NTS TO THECORPORATION CODE - [ 1)Mia. Bulletin, p. B10

2. STOCKS TO MOVE SIDEWAYS -- [2)CH CV , Buss. World, p. S2/2

3. S T OC K M AR K E T S E E N C O NS O LID AT IN G T HISWEEK -[ 23)

Neil J erome C . Morales, The P hil. Star, p. B10

4. B E R N AN K E 's S P E E C H T O IN F L U E NC E S T OC K S - [ 4 )J ennifer B. Austria, Mia. S tandard To day, p. B 2

5. S T O C K MA R K E T O U T LO O K - [ 5)Buss. Mirror, p. B2

6. NEXSTAGE RESUMES TRADING TUESDAY -- [6)Neil J erome C . Morales, The P hil. S tar, p. B10

7. B O UR S E F IN DS N E XT S TA G E F L OA T-C O M P LIA NT-- [7)Cliff Harvey C. Venzon, Buss. World, p. S1/8

8. B S P R E V IE W S F O R E IG N IN V E S T ME N T S S T R A T E G Y

- ( 8)Lee C . C hipongian, Mia. Bulletin, p. B 1

9. RETAIL GIANT UNIWIDE IS A 'CHOP-CHOP' VICTIM(Counter-P oint) - [ 9)Alvin Capino, Mia. Standard Today, p. A4

Investors Information Assistance & Publications Division

Economic Research and Information Department

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B~10

,

.;A iia iiilL ;;;TI l PH lU PP IN I I ' LE A D IN GN A TIO N A LN IW lPA PM

SEC'S PROPOSEDAMENDMENTSTO'THE CORPORATIONCODE-Securities and Exchange Commission

(SEC) Chair Teresita J . Herbosa (second from right) presented recently the proposed amendments to

the Corporation Code in a Management Association of the Philippines (MAP) Breakfast Dialogue chaired

byMAP President Melito S. Salazar, J r. (right). The Dialogue was attended by MAPBoard members, MAP

Committee Ch~irs and heads of other Philippine Business Groups including AlyansaAgrikultura, Employ-

ers Confeder,,ationof the Philippines, Financial Executives Institute of the Philippines, Makati Business

Club, Shareholders' Association of the Philippines, and TheInstitute of Corporate Directors. Also in photo

are MAP National Iss,uesCommittee (NIC) Governor-in-Charge Peter Wallace and 'UC Chair RexC. Drilon

II. The proposed amendments will cover the following, among others: Perpetual Corporate Term; Distin-

guishable Corporate Name; OnePersonCorporation; Intra-c~)rporate Disputes; Director Disqualifications;

The ~mergency Board; Better Corporate Governance; Dissolution; Investigations; Offenses and Penalties;

and Arbitration.

1

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B~inessWorld

. 2 / S 2 T h e S t o c k M ark et /.-/ ~

~ Stock s to > 7'----- ;r-~ -

move sidewaysSTOCKS WILL continue to trade last Fridaywith better-than-expect-

sideways this week as investors re- ed resuits. Wall Street cheered the

main on the .sidelines, waiting for favorable employment data.

policy pronouncements from the _For this week, analysts were one

USFederal ReserVeand the release in saying that trading will remain

oflocal economic data. ; sideways,but they were divided on

The Philippine Stock Exchange whether the market is heading for

(PSE) index added 35.22 points or the positive or negative territory.

0.54%to end at 6,500.48'iast Friday "We expect the local equities

from 6,465.26 onJune2'8,:whUtl' market to trade sideways with a

.the broader all-share index rose by downward bias next week...," BPI

40.59 points or 1.03% to3,972;:6~ Asset Management said in a market

from 3,93~.04. ", :."' report last Friday.

"Philippine shares end the The bank,whichforecast astrong

first week of July slightly higher outturn in US employment, argued

as trading volume remained tepid this "wouldnegatively affect emerg~

with investors still cautious of ing markets like the Philippines,

the planned tapering of the Fed," since it wouldbe supportive of Fed's

'GreggAdrian R. nag, analyst at AB QE(quantitative easing) tapering."

Capital Securities, Inc., saidin a Fed Chairman Ben Bernanke. market report lastFriday. last month said the US central bank

Sideways trading ruled the mar-. could start scaling down within

ketlastweekas investors looked for the year its $85 billion in monthly

. catalysts and clearer leads to guide purchases of bonds, amid signs the

them in their investments. economy was on the up.Investors also stayed onthe side-, This reading was further

lines as they waited for key USjobs strengthened as the non-farmdata for June, which came out late payrolls showed 195,000 new jobs

were created in June,. surpassing'

the 165,000expected bythe market.

It also beat the 175,000 new jobs

registered in May. . "News about the reduction bf the

Fed's stimulus has triggered an exo-

dus offunds fr.omemerging marketsthat used to provide a haven for in-

vestors seeking higher yields than

those found in advanced economies .

For his part,. Lexter L. Azurin,

research head at Unicapital Securi-

ties, Inc., said the bourse is heading

for a rallythis week."We expect the market to con-

timie its rally this week after the

US reported better-than-expected

jobs data in June," he said in a text

message overthe weekend."I believe; in the long -run and

based on the market movement for

the past fewsessions, goodeconom-

ic data is alwaysgood for stocks."

He added that on the local front,

despite the uptick in inflation in

.June to 2.8%from 2,6%in April and

May, it remained at "manageable

levels,"averaging 2.9%to date. The

central bank's inflation target for

this year is 3%-5%..

ABCapital's Mr. nag said inves-tors will be waiting for Mr. Bernan-

ke's speechon July10at a conference

hosted by the National Bureau of

Economic Research, where he is set

to talk about the Fed'spolicyrecord."We expect a clearer indication

on when asset purchases will start ;

to be tapered from this testimony." .

Local economic data on foreign

. direct investments and merchan-

dise exports, both, scheduled to be

released on Wednesday, will also be I---:.~-o.-l h:Inned,

mUJ1U.U!~u,.&& _

Mr. nag advised investors to buyon weakness, especially with the

market's valuations still high.

"[We]choose to wait for another

pullback before going long,"he said,

referring to the PSE's 16.3 price-

to-earnings ratio compared with

regional peers~median ofl4.51.

He,forecast that the ratio could

return to its long-run average of 14,

creating "favorablebuyingopportu-

nities across the market." - CHCV

2

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M O N D A Y , J ULY 8 , 2 0 18-10

Stock market seenconsolidating this week

The Phil ippin e STAR

By NEIL JEROME C. MORALES

The local stock market is expected to con-

solidate in a tight range this week as the main

index builds a steadier base.

Foreign news wii1 remain to be the focus

of investors, which are seen to take positions

ahead of the second quarter earnings season

"Chartwise, expect the index to range.be-

tween the 6,200 and 6,600 levels in the week

ahead," said Jonathan Ravelas, chief market

strategist of BOO Unibank Inc.

'!he market may be expected to further

build a base as it consolidates between 6,380

and 6,550;" said Justina Calaycay Jr., analystat Accord Capital Equities Corp. .

For Astro C. del Castillo, managing director

of First Grade Finance Inc., the market will

continue to move sideways with chances of

profit taking. .Week-on-week, the Philippine Stock Ex-

change index ended 0.54percent or 352 points

higher at 6,500.48. It is already 12.28 percent

higher compared with the 5,789.06 closing on

June 25 at the height of foreign funds' exit in

the local bourse.

Investors remained on the sidelines last

week as they waited formore details on the

easing of the US Federal Reserve's monthly$85-billion bond buying stimulus program,

Ravelas said.

Following the flood of negativity that

erased the market's gains this year, buying

leads dried up last week, Calaycay said.

"Again, we will continue to feel the pulse

of investors and global fund managers," Del

Castillo said."Investors will continue to borrow in-

fluences frqm overseas, particularly how

.Europe and US markets react to Bemanke's

speech on the US Federal' Reserve's lOOth

anniversary on Wednesday," Calaycay said.

On Friday, Wall Street cheered the US La-

bor department data that privateemployets

. added 195,000 jobs in June, way above the

165,000 forecast.The Dow Jones industrial average gained

0.98 percent or 147.29 points to 15,135.84

while the broader Standard & Poor's 500

index climbed 1.02 percent or 16.48 points

to 1,631.89.For this week, value turnover will be

higher, with investors already taking picks .

on selected stockS ahead of the earnings I

season.

Calaycay said this trend shows a "shiftfrom an almost indiscriminate selling to a

consolidation with a developing accumula-

tive bias."

Ravelas said a break above the key resis- ~

:~~:~~~~~encouragethe bulls I3

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--------~ManilaSlandardToday

Bernanke's speechto influence stocks

By Jennif fer B . Austr ia

SHARE prices are expected to movesideways this week, as developmentsoverseas will contiriue to affect investor

sentiments, analysts said over the weekend .

."Investors 'will continue. to when it is reduced, this should beborrow influences from overseas, taken as an affirmation that theparticularly how Europe and us economy is well on its wayUS markets react to Bernanke's to recovery," Calaycay said.speech on the Fed's 100th He said exceptfor a short-termanniversary on Wednesday," outflow of hot money to take.Accord, Capital Equities trader advantage of the "turn-around"Justino Calaycay said. .economic story, "we don't see

Calaycay, however, said value how this could be bad for the fateturnover wasexpectedto improve of listed firms."in the' coming weeks, ahead of "All investors need to do fromthe release of the second-quarter . this point onwards is to stick toearnings of listed companies. the fimdamentals-a return to the

BDO - Unibank Inc.' chief basics of investing," he added.strategistJonathart Ravelas said The PSEi last week returnedtrading would range from 6,200 to the 6,500-point level, upto 6,600 po~ts this week. 0.5 percent from the' previous

"Key resistance level of 6,750 week's close. At this level, themay call the bulls back to play," valuations. were back to 20Ravelas said. times level, still below the bull

Calaycay said local investors market's peak of 23 times. Thewere on the edge for the more market was up 11.8percent sincethan a month now because of the the start of the year.uncertainties overseas. Average dlUlytrading value

He said while the favorable dropped to P6.5 billion last weekeconomic environment provided. from the previous' week's PI1.7confidence to local investors, billion. Foreign buying reached

they were concerned over the P20.8billionwhile foreignsellingeasing of stimulus measures by amounted to P19.36 billion, forathe US Federal Reserve. net foreignbuying P1.48 billion.

"At the end of the day, we The government reported lastknow that the stimulus will have week inflation in JUij.ereached

----m-bereduced at some point-it . 2.8 percent due to higher pricesis only a question of when. Yet, of petroleum and weaker peso.

4

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,BusiOOssMirrorIIMonday, July_S,2013

S T O C K M A R K E T O U T L O O K

LA ST week: Share prices slightly impr.oved last week, tracking mast re-

gi.onal markets as invest.ors start t.ospeculate that the USm.onetary auth.oric

ties are likely t.o maintain its stimulus package. '. ,

The Philippine Stack Exchange inde'f:rose by 35.20 paints .orhalf a percent-

age paint t.ocl.oseat 6,500.48, but turn.over was thin at an average .ofP6 billi.on

a day c.ompared with the previ.ous week's average .ofP8 billi.on t.o P10 billi.on.

The market ended the week with a net buy.of P1.4 billi.on,withinvest.ors mak-

ingpurthases .onM.onday and Tuesday and dumped stacks the rest.of the week.

Analysts said market m.ovements the past week were primarily based

.onUS econ.omic data releases, such as the increased c.onsumer c.onfidence,

higher manufacturing .output and better-than-expected job growth.

Other subindices cl.osedmixed. TheAll Shares gained 40.59 paints t.ocl.oseat

3,972.63, Finandals gained 15.43 t.ocl.oseat 1,639.27but the Industrial subindex

shed 40.98 t.o9,774.80. The Services sect.orals.odecreased by 10.94 t.o 1,929.26

but the Property subindex gained 11.77 t.o 2,536.75, while the Mining and Oil

subindex continued its climb far twa consecutive weeks t.o cl.ose.on Friday at

14,532.53 points .ora 6-percent gain.of 900.69 fromthe previ.ous week.

C.ongl.omeratesc.ontinue t.olard .over the trading sessi.ons last week, but _

the top traded shares were battered; Bank .ofthe Philippine Islands was the

week's most actively traded and cl.osedslightly weaker at P92 per share, while

telec.om giant Philippine Lang Distance Teleph.one Ca. was heavily beaten

and last 1 percent t.o cl.ose at P2,858. .

The Energy Devel.opment Carp. was the week's tap perf.ormer and the big-

gest c.ontribut.or.of the market's gains. Itcl.osed 8-percent highert.o P6.06, the

first time the stack reached that level. Manila Water Ca. was als.othe week's

most active stock and closed 4-percent higher t.oP31.85. Other shares with

higherd.osing prices include Gl.obeTelec.om Inc., R.obins.onsLand Carp. and

Petron Carp., while tap lasers were Universal R.obina Carp., Ayala Land Inc.,

Metr.op.olitan Bank and Trust Ca. and Bl.o.omberr}'Res.orts Carp.

~._ ~f!F ~f~~r- t - '; '. . ' _ . '~ '~..~~~~~;~(A ... ;;,..!1 T,~is wee~: Share prices,are exp:cte

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B -10 The Philippine STAR ,~~~~,~;" MO NDAY , J ULY 8, 2013

~extstage resumes trading TuesdayShares of dormant listed firm Nextstage Inc. will IIAfter the su,spension is lifted, the company

resume trading at the local bourse starting Tuesday will finalize negotiations for the share swap with

following its compliance to the minimum public e-commerce corporations,II

Nextstage added.owner~hip rules and reportorial requirements. ' Specifically, Nextstage plans to secure up to 100The lifting of the five-year trading suspension percent of digital signage firm In-store Digital Dis-

would also allow the company to reorganize and play International Inc., a minimum of 40 percent ofenter into several acquisition deals, Nextstage said. digital marketing firm Snapworx Digital Inc. and a

The Philippine Stock Exchange (PSE) in a memo- minimum of 19 percent of mobile phone marketingrandum said Nextstage has already increased its company Mobext Inc.

public ownership level to 10.15 percent, higher than In May, Nextstage announced Its plan to transformthe required 10-percent minimum public float. itself into a holding company for its various busi-

Nextstage also complied with the structured re-' nesses in Southeast Asia and Japan.portorial requirements, 'PSE added: Emerging markets, particularly those in Southeast

. Trading of the company' s shares were suspended , Asia like the Philippines and Indonesia, are expected'on May 16, 2008given continued non-compliance to post robust consumption-driven economic growthwith PSE's requi~ements like the submission of au- Q,espite continuing weaknesses in advanced econo-

dited financial reports. mies.'liThe static threshold. on the price of Nextstage To date; Nextstage has three subsidiaries: smart

shares will be lifted on the resumption of trading of- card system operator MondexPhilippines Inc.,the company(s shares on July 9," PSE said.. .software developer Infinit-e Asia Inc. and outsourc-

The static threshold or trading band limits ing and technology provider Technology Supportthe single day gain or drop of a stock's price to Services Inc.50 percent of the previous dosing price. But the Nextstage was originally incolporated in 1964 astrading, band is lifted on the day of resumption of Pacific Cement Co. Inc. to ,engage in the ,manufacturetrading for stocks that have been susplended for and trading of cement and related products. It changedat least one year. its name to Pacemco Holdings Inc. and its corporate

Nextstage said it is pr~paring for its revitalization purpose to that of being a holding firm in 2000. That~rough acquisitions. "Nextstage'l; management has 'same year, Pacemco merged with Nextstage.started discussions with various investI!tent groups, "In January, PSE suspended the trading of numer-

to raise new capital and will prepare for a publicous firms including Nextstage because of failure tooffering to raise more funds for its investments and meet the required minimum public float.holdings." -Neil Jerome Morales

6

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Business\Vodd

8/S1COrp{)ra.teN ew s~. - U Monday,J u~ 8,2013

Bourse finds Next8tagefloat-compliant

TRADINGof shares of NextStage, '

Inc. will resume tomorrow after

the Philippine Stock Exchange

(PSE) verified that the company ,

has complied with the 10%mini-

mum public ownership require-

ment,the bourse said in a memo-

randum posted on its Web site on.Friday last week.

PSE acknowledged that Next-

Stage has raised its public float

level to 10.15% from 1.20% as a

result of two share transactions.

"Given the foregoing, please be

advisedthat the suspension on the

trading of the company's shares

will be lifted on July 9,2013,Tues-

day, at 9:00 a,m.," the memoran-

dum read.

NextStage last closed trading

at P3 apiece on April 26, 2007.

Trading of the company's shares

has been suspended since May 16,

2008 for having failed to comply

with PSE's "continuing listing re-

quirements."

"Accordingly, considering

that the trading of the company's

shares has been suspended since

May 16,2008, the static threshold '

(trading band) on the price ofNXT

(NextStage) shares willbe lifted on

the resumption of trading of the

company's shares on July 9," the

memorandum read further.NextStage, PAL Holdings, Inc.

and Philcomsat Holdings Corp.

were givenuntil July 31by the PSE

to complywith the public float rule

after they initiated, efforts to meet

the requirement ahead ofthe June

30 deadline.

PALHoldings and Philcomsat,

which officially have public own-

ership levels of 0.55% and 9.6'0%,

respectively, last week said they

have moved to raise their float,but

PSE has yet to validate the firms'

claims.

PALHoldingssaid it had bagged

the approval of the Securities

and Exchange Commission for a

capital increase for this purpose,while Philcornsat said its princi-

pal shareholder, Philippine Com-

munications Satellite Corp., had

concluded a share sale.

Shares of Philcomsat were last

traded on May 2, 2007 at P1.40

apiece, while those of PAL Hold-

ings were lasUraded on Dec. 28

last year at P4.90 each.

Meanwhile, PNOC-Explora-

tion Corp.,which has a public float

of 0.21%,was delisted on Monday

last week for being non-compliant

as of June 28, the last trading day

prior to the June 30 deadline. The

company is barred from return-

ing to the bourse for the next five

years.

Trading suspension of South-

east Asia Cement Holdings, Inc.

was lifted last month after the

holding company was officially

.verified as having sold shares to

meet the required public owner-

ship level.

Other firms had decided to

voluntarily delist instead. Cos-mos Bottling Corp. opted to do so

last June 21,joining San Miguel

Properties, Inc. and San Miguel

Brewery, Inc., which both left the

stock exchange in May.Those that

voluntarily delisted may return

anytime but will have to comply

with listing requirements, includ-

ing the public ownership rule. -

Cliff Harvey C.Venzon

7

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~Ixro~p~

SINCI 1900 ,B - , '1MAIILAt~.ULLB'11Monday July 8 2013m E P H I U P P I N E S ' L E A D I N G N A T I O N A L N E W S P A P E R " ,f, f

- - '

' B s P Reviews Foreign Investments Strategy...."..l....

By LEE C. CHIPONGIAN

The Bangko Sentral ng Pilipinas

(BSP) is reviewing its foreign asset

diversification strategy and reassess-

ing investments in emerging market

debt (EMD) to protect its foreign

funds and capital.

BSP sources said the central

bank had earlier consideted raising

its EMD investments by $500 mil-

lion to take advantage of yields but

with capital retreating from emerg-ing markets back to the developed

markets and the more attractive US

Treasury bonds, investing in global

EMD as part of the BSP's portfolio

are currently under scrutiny., The central bank's treasury de-

partment has been reviewing various

ways to enhance the country's assetportfolio.

Options that have been consid-

ered, aside from raising EMDex-

posures, include plans to invest

$300-million additional funds to the

existing Asian Bond FUndportfolio.

The BSP has already invested

$200million in the Asian Bond FUnd

(ABF) but any plans to raise this

,amount have been put on hold.

"The BSP has increased its in-

vestment in both theABF 1 and ABF2 in 2011 and 2012for diversification

purposes," said the source. '~t pres-

ent, there are no proposals to further

(Cont'donpage8-10)

BSP...(Cont'dfro~ page B-1)

increase BSP's investments in thefund."

The ABF includes the EMEAP

(Executives' Meeting of the EastAsia-Pacific Central Banks) ABF1

which have exposures ina basket

of dollar-denominated bonds issuedby sovereigns in Asia, and the ABF2

which is a Pan Asian bond fund with

several single market funds or bondexchange traded indices.

The BSP's foreign currency re-serves as of end~June declined to$81.64 billion, the lowest since Oc-

tober last year. The country's gross

international reserves (GIR) include

foreign assets controlled by the BSP.Itis composed of gold reserves, special

'drawing rights,' foreign investments,

and foreign exchange including re-

serve position in the InternationalMonetary FUnd.

The BSP has investable funds

worth $71billionas ofend-June, lower,

than what was recorded at the start

of the year of $72.13billion.Investing in EMD as an asset

class has been reviewed often, by

BSP officials. BSP earlier expressed

concern that some EMD currencies

are not considered as reserve eligiblewhich means that making additional

investments in EMD will not be con-sidered part of the country's GIR.

The BSP first has to recognize

these currencies as reserve eligible.

Still, the BSP noted that investing inglobal EMD would still entail, extra

returns for the BSP's portfolio, partof plans to allocate strategically the

accumulated foreign exchange andincreased foreign assets over the

past years.

The BSP has already shifted$6 billion of its internally-managed

portfolio to the externally-managed

longer-dated portfolios, raising thetotal to $10 billion. The asset diver~

sification plan was called "Reserve

Management Framework."

8

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StaiiaardTODAY A4IMONDAYIJ uLY8,2013

~~tail giant.Uniwide isa 'chop-chop'victim

A L V IN(API NO

~

IF you have followed the sad sagaof erstwhile retail giant Uniwide, itwould seem that the company whichstarted in Binondo as Uniwide SalesTextile Bargaining House Centerand grew to become the leader in the .wholesale and retail business is a vic-

tim of a "chop-chop" operations per-petrated by no less than the Securitiesand Exchange Commission.

"Chop-chop" of course is streettalk for the SOP of some carjackerswho find it more lucrative to strip sto-len vehicles of parts and sell the partsthrough some unscrupulous car partsdealers in Banaue and Bangkal.

Uniwide is in the news nowadaysbecause it is in the middle of a nastyword war with the SEC which wants todissolve .the Uniwide group of compa-nies and liq~idate all of its assets.

At its peak Uniwide group of pio-neering businessman Jimmy Gow.who provided the mass market aswell as "san--sari" store owners andsmall retailers with quality goods ataffordable prices through bulk buy-ing operated the Metromall .in LasPifias, ten Warehouse Clubs and adepartment store and employed 3,000employees and indirectly provided

jobs to 15,000 more through its tradesuppliers and concessionaires.

In the late 1990's the Uniwide group,like many other businesses in the Asianregion, was hit by the financial crisiswhich hit Asia and other business cen-ters all over the world.

As a result of the' crisis it wasforced to scrap plans for its UniwideSales' Coastal Mall in Parafiaque(which was already 90 percent com-

.plete at that time); its Dream WorldComplex in Cavite; a departmentstore in Cubao; and warehouse clubsin Bacolod, Cebu and Cavite, alongwith five other shopping malls in Lu-zon.

In order to help it weather the fi-nancial crisis of the late 90s, the Uni-wide group of the Gow family wentto the SEC for help. In 1999 Uniwide.asked to be placed under receivershipto give the enterprise temporary. re-lief .from its creditors until such timethat it haS.recovered from the blowsof the financial crisis,' restructure theconglomerate, streamline its opera-tions and settle is debts.

The Uniwide group is lamentingthat what the SEC did instead of re-habilitation is to "chop-chop" thecompany. Officials of Uniwide are'saying that "no honest-to-goodnessrehabilitation program was' actuallY

put in place as the (SEC) receivershipcommittee formed to help Uniwideapparently had only one agenda fromthe start: to cannibalize the company

and dispose of its assets."Even more lamentable is that Um-

wide, already deep in debt, was notonly forced by SEC to give .up manyof its prime assets. It even had to raisemore money to pay the fees charged bythe receivership committee and the ad-visers hired by the committee suppos-edly to work in crafting the rehabilita-tion plan for Uniwide.

The "achievement" of the commit- .tee, if we can call it that was to pro-

pose bringing in a "white knight" torescue Uniwide.

The deal did not push through af-ter the Gows found out that "whiteknight" the French retail companyCasino Guichard Perrachon's conceptof a financial rehabilitation was to

buyout the Uniwide Group for a pit-tance instead of infusing new money

.into the corporation to re-energize itsbusiness operations.

Under the deal worked out. by theSEC panel, the Frenchfirm-'-casino.Guichard Perrachon-will buyout theUniwide Group for just PS billion sothat it could take control of all its as-sets, including publicly listed shares,which were valued then at almost P30

billiancombined.Now the SEC is using this col-

lapsed talk with this supposed French"white knight" as one of the reasonsfor concluding that the UniwideGroup was beyond redemption andthus had to be dissolved for the ben-efit of its creditors.

Before the SEC pushes thro~ withits plans to dissolve the Uniwide group,

perhaps it should first explain what theUniwide group claims as "erroneousfacts" that the SEC is using to termi-nate the rehabilitation proceedings.

For example, SEC is saying that theUniwide group has no way of settlingits debts because its liabilities now to-tal P12.292 billion, .

Uniwide is saying that this is wrong.It says that as of end-December 2012,Uniwide's total liabilities was down to

J .

Pl.3 billion fromthe P2.98 billion totalliabilities reported by the SEC. Reha-

bilitation receivership in the 2009 thirdquarter report.

SEC says Uniwide'stotal assetsare only P2.726 billion. Uniwide asks:How could this ti,gurebe accurate whenthe appraised value of the Metromallin LasPifias alone, which is on a five-hectare property, is at least P3 billion?

Perhaps SEC chair Teresita Herbosa

and the other SEC commissioners cantake a second look. at these figures,among others, as well as the point-by-

point response ofUniwide for the SECdecision to dissolve Uniwide. SEC of-ficials should verify these so that theycan do what is right and faii.

9