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Manila Bulletin devider Business devider The Stock Market devider SEC revokes license of People's Credit and Finance Corp.

SEC revokes license of People's Credit and Finance Corp.

Published May 21, 2025 02:19 pm

The Securities and Exchange Commission (SEC) has revoked the primary registration and certificate of authority of People’s Credit and Finance Corporation (PCFC) to operate as a financing company.

In a statement, the SEC said the firm’s corporate franchise was revoked for its failure to submit and comply with reportorial requirements.

In an order dated May 14, the SEC Financing and Lending Companies Department (FinLend) found that the company failed to submit 15 reportorial requirements, in compliance with the Revised Corporation Code, the Financing Company Act, and its Implementing Rules and Regulations, as well as several SEC memorandum circulars and issuances.

The revocation of PCFC’s licenses also follows the recommendation of the Office of the President to abolish PCFC and wind down its operations, pursuant to a Memorandum Recommendation from the Office of the Executive Secretary dated September 3, 2015, transmitted to FinLend on January 8, 2025.

“The Company has been declared delinquent by the Commission for its failure to comply and/or submit the required reportorial requirements,” the SEC order said.

It noted that, “After the declaration, no effort from the Company has been made. More so, as per the recommendation of the Executive Secretary, the Company failed to process its winding down of operations, disposition of assets and settlement of liabilities of PCFC.”

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