MANILA, Philippines — The Securities and Exchange Commission (SEC) has revoked the corporate registration and license of People’s Credit and Finance Corp. (PCFC) to operate as a financing company following its failure to comply with reportorial requirements.
The SEC said the revocation of PCFC’s licenses follows the recommendation of the Office of the President to abolish PCFC and wind down its operations.
It is pursuant to a memorandum recommendation from the Office of the Executive Secretary dated Sep. 3, 2015, transmitted to the SEC Financing and Lending Companies Department on Jan. 8, 2025.
In an order dated May 14, 2025, the SEC found that PCFC 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 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,” the SEC said.
“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,” it said.
PCFC is a stock corporation registered with the SEC to operate as a financing company.
The SEC said that based on records, PCFC commenced its operation in 1998 and continuously operating until 2017.
On Sept. 3, 2015, the Office of the President abolished its existence through a memorandum from the executive secretary.
“One of the recommendations is to winding down of operations, disposition of assets and settlement of liabilities of PCFC,” the SEC said.
“Notwithstanding, the corporation failed to perform such directives and the winding down of operations did not materialize. The non-continuance of the respondent’s operation, constrained the commission to put its status as delinquent,” it said.