In an order issued on 14 May, the SEC’s Financing and Lending Companies Department (FinLend) identified that PCFC had not submitted 15 different reportorial requirements.
Republic Act No. 11232, also known as the Revised Corporation Code, mandates these requirements. Republic Act No. 8556, or the Financing Company Act, also mandates them. Additionally, their Implementing Rules and Regulations, and several SEC memorandum circulars and issuances, mandate these requirements.
Furthermore, the revocation of PCFC’s licences aligns with a recommendation from the Office of the President. A Memorandum Recommendation from the Office of the Executive Secretary, dated 3 September 2015 and transmitted to FinLend on 8 January 2025, advised the abolition of PCFC and the winding down of its operations.
The SEC’s order noted that PCFC’s non-compliance with reportorial requirements led to its declaration as delinquent, and PCFC made no subsequent effort to address this.
Additionally, in line with the Executive Secretary’s recommendation, the company reportedly failed to progress with the winding down of its operations, the disposition of its assets, and the settlement of its liabilities.
Featured image by oselotemail on Freepik
