July 13, 2009
BIR RULING [SB-(030) 433-09]
Siguion Reyna Montecillo & Ongsiako
4th & 6th Floors, Citibank Center
8741 Paseo de Roxas
Makati City
Attention: Atty. Ferdinand M. Hidalgo
Gentlemen :
This refers to your letter dated July 6, 2009 stating that your client, Directories Philippines Corporation (the Company), is a corporation organized and existing under the laws of the Philippines with principal office address at DPC Plaza 2322 Don Chino Roces (formerly Pasong Tamo) Extension, Makati City; that since 1989 the Company has been engaged in the business of preparing, compiling and producing telephone directories and selling advertisements therein for telephone companies in the Philippines; that with over a hundred of employees in Metro Manila and Cebu, its operation indeed presents a viable prospect for the Company; that however, for the past several years, a number of factors such as operational inefficiency, competition, changing marketplace, and adverse economic conditions affected its profitability; that to address these issues, several remedial measures have been implemented by the Company; that unfortunately, these solutions seem ineffective and not enough as its operational revenue continues to fall...
