SEC revokes PCFC registration for non-compliance

The Securities and Exchange Commission (SEC) has revoked People's Credit and Finance Corporation's (PCFC) registration to operate as a financing company due to its failure to comply with reportorial requirements.

According to an official order dated May 14, PCFC failed to submit 15 required reports mandated under the Revised Corporation Code, Financing Company Act, and various SEC issuances.

The recommendation from the Office of the President to abolish PCFC and wind down its operations preceded the SEC's decision, as per a memorandum issued by the Executive Secretary on September 3, 2015, and transmitted to FinLend in January this year.

SEC noted that after being declared delinquent for non-compliance with reportorial requirements, no effort was made by PCFC to process its winding down of operations, disposition of assets, or settlement of liabilities as recommended.

According to a 2018 Commission on Audit (COA) report, PCFC was tasked with extending institutional and investment loans to various microfinance institutions.