SEC revokes corporate registration of People’s Credit and Finance Corp.

THE Securities and Exchange Commission (SEC) has revoked the primary registration and certificate of authority of People’s Credit and Finance Corp. (PCFC) to operate as a financing company, citing non-compliance with reportorial requirements, according to an official order.

In an order dated May 14, the SEC’s Financing and Lending Companies Department (FinLend) said PCFC failed to submit 15 reportorial requirements.

The submission of such requirements is mandated under Republic Act No. 11232, or the Revised Corporation Code; Republic Act No. 8556, or the Financing Company Act; its implementing rules and regulations; and various SEC memorandum circulars and issuances.

The SEC said the revocation of PCFC’s licenses followed the recommendation of the Office of the President to abolish the company and wind down its operations, pursuant to a memorandum issued by the Office of the Executive Secretary on Sept. 3, 2015 and transmitted to FinLend on Jan. 8 this year.

“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 order 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 added. — Revin Mikhael D. Ochave