2011 R - 05 - CALLING FOR THE ESTABLISHMENT OF A SECURITIES AND EXCHANGE COMMISSION SATELLITE OFFICE IN OLONGAPO CITY TO ADDRESS THE INCREASED INFLUX

EXCERPTS FROM THE MINUTES OF THE REGULAR SESSION OF THE SANGGUNIANG PANLUNGSOD OF OLONGAPO, HELD ON JANUARY 19, 2011 AT THE CITY HALL.

PRESENT:

Hon. Rolen C. Paulino- - City Vice Mayor & Presiding Officer

Hon. Rodel S. Cerezo- City Councilor

Hon. Eyrma Yvette Marzan-Estrella- “ “

Hon. Aquilino Y. Cortez, Jr. - “ “

Hon. James G. delos Reyes - - “ “

Hon. Gina Gulanes-Perez - “ “

Hon. Elena C. Dabu - - “ “

Hon. Eduardo J. Piano - -“ “

Hon. Edna A. Elane - - “ “

Hon. Noel Y. Atienza - “ “

Hon. Sarah Lugerna Lipumano-Garcia - “ “

Hon. Carlito A. Baloy - -President, Liga ng mga Barangay

Hon. Dolly Mae M. Ramos- -SK Federation President

ABSENT:

None

RESOLUTION NO. 05

(Series of 2011)

A RESOLUTION CALLING FOR THE ESTABLISHMENT OF A SECURITIES AND EXCHANGE COMMISSION SATELLITE OFFICE ON OLONGAPO CITY TO ADDRESS THE INCREASED INFLUX OF PRESENT AND FUTURE INVESTORS IN THE OLONGAPO CITY AREA OF JURISDICTION IN A MANNER CONSISTENT WITH LAW

WHEREAS, in the wake of the ever-increasing influx of prospective local and foreign investments in Olongapo City, and its neighboring jurisdictions, there is a need to complement the city’s tourism and investment efforts by ensuring that the institutions necessary for business and industry that would generate employment and revenue for the community are in place;

WHEREAS, there is a need to further boost the city’s efforts and accomplishments in enhancing a business and investment-friendly environment, not only through its City Business Permit and Licensing Division and the City Tourism Office, but more so with the establishment of national agencies involved in investment-generation;

WHEREAS, the Securities and Exchange Commission (SEC) is the government agency tasked with accepting, evaluating, reviewing and approving applications for incorporation by business entities such as partnerships and corporations;

WHEREAS, to complement the City’s Business Permit and Licensing Office, the Department of Trade and Industry Olongapo Office and the Department of Labor and Employment Olongapo Office, there is a need for a SEC satellite office in the city to ensure that national agencies critical for business and investment are easily accessible in Olongapo City, which in turn facilitates employment and industry generation;

WHEREAS, there is an increasing sentiment from business leaders and prospective investors in the Olongapo City for the establishment of a SEC satellite office in the city to eliminate the inconveniences and bottlenecks of having to go to Metropolitan Manila to secure required documents to operate a business;

NOW, THEREFORE, with the unanimous accord of the Members of the Sangguniang Panlungsod present,

RESOLVED, AS IT IS HEREBY RESOLVED, by the Sangguniang Panlungsod in session assembled, to call, as it is hereby calls for the Establishment of a Securities and Exchange Commission Satellite Office in Olongapo City to address the increased influx of present and future investors in Olongapo City in a manner consistent with law.

APPROVED UNANIMOUSLY, January 19, 2011.