The Philippine Securities and Exchange Commission (SEC) cancelled the primary registrations and secondary licences of 401 lending companies after finding they failed to comply with reportorial requirements, and revoked their certificates of authority to operate as lending companies. The revocations were ordered on 30 May by the SEC Financing and Lending Companies Department for companies tagged as delinquent due to failure to file audited financial statements, the general information sheet, director or trustee compensation reports, and director or trustee appraisal or performance reports and related assessment standards. The SEC noted it had notified the firms in October 2023 of an amnesty programme that allowed settlement of fines and penalties for late or non-submission at lower rates, with non-participation contributing to delinquent status; it also cited the Revised Corporation Code provisions on delinquency and SEC rules allowing revocation following a six-month period to submit missing reports after receipt of a delinquency order.
Philippine Securities and Exchange Commission 2025-06-16
Philippine Securities and Exchange Commission revokes registrations and operating licences of 401 lending companies over reporting non-compliance
The Philippine SEC cancelled the registrations and licences of 401 lending companies for not complying with reportorial requirements. The SEC cited non-submission of audited financial statements and other reports, despite an amnesty programme in October 2023. Revocations were based on the Revised Corporation Code and SEC rules allowing action after a six-month grace period.