On October 26, 1982, Philippine Seven Corp. (PSC) acquired the license agreement to use the 7-Eleven Convenience Store system in the entire Philippines from Southland Corporation of Dallas, Texas. After a month, PSC was registered with SEC on 29 November 1982. The incorporators were Jose T. Pardo, Vicente T. Paterno and Francisco R. Sibal. The company’s chief mission was to introduce an entirely new retailing concept to the Filipino consumers, i.e. operating a chain of 24-hours convenience stores. The first corporate office was located at the ninth floor of the Century Tower building in Salcedo Village, Makati City.