The Securities and Exchange Commission (SEC) said Wednesday it revoked the corporate registration and financing license of People’s Credit and Finance Corporation (PCFC) due to failure to submit reportorial requirements.
The SEC’s Financing and Lending Companies Department said in an order dated May 14, 2025 PCFC did not submit 15 reportorial requirements. These are required under Republic Act No. 11232 or the Revised Corporation Code, Republic Act No. 8556 or the Financing Company Act, and related rules and regulations.
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 Jan. 8, 2025.
“The company has been declared delinquent by the commission for its failure to comply and/or submit the required reportorial requirements. 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,” the order read.
