January 11, 1980
Messrs. Vicente R. Jayme
and Michael A.P. Adams
c/o Private Development Corporation
of the Philippines
PDCP Building, 6758 Ayala Avenue
Makati, Metro Manila
Gentlemen:
This is in connection with your conceptual paper, "Proposal for the Establishment of a Mutual Fund Operations in the Philippines", which was presented for our consideration and which has been the subject of a series of discussions between us and your kind selves. cdlex
This Commission has finally decided to allow the reactivation of the mutual fund industry sought to be initiated by your Group in line with the country's increasingly favorable investment climate and thus aid in the development and enrichment of the capital market. It may be stated, however, that you should strictly observe and/or comply with the restrictions, prohibitions and limitations imposed by RA 2629, otherwise known as the Investment Company Act, and such rules and regulations that this Commission may issue in relation thereto in order to afford protection to the investing public and to avoid the "hit and run" mutual funds operation of the 1950s.
Relative to your letter-request of April 3,...
