Republic of the Philippines )

City of Davao ) S.S.

AFFIDAVIT OF EXPLANATION
I, SHERWIN VAL C. RICARDO, of legal age, Filipino, and a resident of
Davao City after being duly sworn to in accordance with law, do hereby depose and
state, that:

1. I am the representative of FERCPH CORPORATION

2. FERCPH CORPORATION (is a corporation duly registered with the

Securities and Exchange Commission (SEC) with principal office address
at Purok Sunflower, Liloan, Cebu.

3. FERCPH CORPORATION is engaged in gasoline station business in the

Philippines.

4. The corporation applied for business permit for the gasoline station
located at Catalunan Pequeno with the City Government of Davao.

4. The Corporation engaged a third person to process the said business

permit.

5. The Corporation has not real knowledge of the identity and whereabouts
of the person the Third Party approached during the process of the said
business permit.

6. The Corporation is willing to pay the balance for the penalty charges
payable by the Corporation.

7. I am attesting to the veracity of the foregoing facts in good faith for

whatever legal purpose it may serve.

IN WITNESS WHEREOF, I have hereunto set my hand this August 18, 2020 at
Davao City, Philippines.

SHERWIN VAL C. RICARDO

Affiant
TIN 282 399 545

SUBSCRIBED AND SWORN TO before me, this August 18, 2020 at Davao City
Philippines, affiant personally appeared to me.
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