Philcomsat Holdings Corporation (PHC) was incorporated as Liberty Mines, Inc. on May 10, 1956. It initially embarked on the discovery, exploitation, development and exploration of mineral oils, petroleum in its natural state, rock or carbon oils and other volatile mineral substances. On July 23, 1997, the Securities and Exchange Commission approved the change in the company's name to its present one. SEC likewise, approved the change in PHC's primary purpose from a mining company to a holding company. PHC is 81%-owned by Philippine Communications Satellite Corporation (Philcomsat), and has one wholly-owned subsidiary, Telecommunications Center, Inc. PHC started its commercial operations as a holding company on January 1, 2000. Its operations consist primarily of leasing its condominium unit and its motor vehicles in connection with the company-financed car assistance program of Philcomsat for its officers and directors. PHC also derives its income from money market placements and bank deposits. As of December 31, 2005, PHC holds substantial investments in money market placements with various financial institutions and lease agreements with the Bank of the Philippine Islands and Montemar Beach Club, Inc. for its Pacific Star Building property. Source: SEC Form 17-A (2005)