The Philippine Securities and Exchange Commission has revoked the primary registration and certificate of authority of People’s Credit and Finance Corporation to operate as a financing company for failure to submit and comply with reportorial requirements. An order dated 14 May by the SEC Financing and Lending Companies Department found the company failed to submit 15 reportorial requirements under Republic Act No. 11232 (Revised Corporation Code), Republic Act No. 8556 (Financing Company Act) and its implementing rules, as well as SEC memorandum circulars and issuances. The revocation also followed a recommendation from the Office of the President to abolish the company and wind down its operations, based on a Memorandum Recommendation from the Office of the Executive Secretary dated 3 September 2015 that was transmitted to the department on 8 January 2025; the order noted the company had been declared delinquent and had not taken steps to wind down operations, dispose of assets, or settle liabilities.
Philippine Securities and Exchange Commission 2025-05-21
Philippine Securities and Exchange Commission revokes People’s Credit and Finance Corporation’s registration and financing company authority for reporting non-compliance
The Philippine SEC has revoked the registration and authority of People’s Credit and Finance Corporation for non-compliance with reportorial requirements. This follows a recommendation from the Office of the President to abolish the delinquent company, which had not begun winding down operations or settling liabilities.