The Philippine Securities and Exchange Commission cancelled the corporate registrations and secondary licences of 56 lending and financing companies after finding repeated failures to meet reportorial requirements. An SEC Financing and Lending Companies Department order dated May 29 revoked the primary registrations and certificates of authority of 47 firms declared delinquent under the Revised Corporation Code, after they failed three times within five years to file required submissions including audited financial statements, general information sheets, and director or trustee compensation and appraisal or performance reports. Separate SEC orders dated May 19 revoked nine more registrations for continuing noncompliance, including two firms that did not submit official email addresses and cellphone numbers required under SEC Memorandum Circular No. 28 (Series of 2020) and seven firms that did not submit business plans required under SEC Memorandum Circular No. 3 (Series of 2022) implementing Bangko Sentral ng Pilipinas Circular No. 1133 on interest rate and fee ceilings. FinLenD noted the firms did not comply despite show cause letters and notices of deficiencies.
Philippine Securities and Exchange Commission 2025-05-31
Philippine Securities and Exchange Commission revokes registrations and operating licences of 56 lending and financing companies for repeated reporting noncompliance
The Philippine Securities and Exchange Commission revoked the corporate registrations and secondary licenses of 56 lending and financing companies for repeated noncompliance with reportorial requirements. An order dated May 29 cancelled the registrations of 47 firms under the Revised Corporation Code for failing to file necessary submissions, while separate orders on May 19 revoked nine more for not providing required information and business plans. These actions followed show cause letters and deficiency notices.