TARLAKENYO (June 5, 2025) — The Securities and Exchange Commission (SEC) has intensified its crackdown on noncompliant lending and financing companies, revoking the corporate registrations and secondary licenses of 56 firms for failing to meet reportorial requirements.
In an order dated May 29, the SEC’s Financing and Lending Companies Department (FinLenD) canceled the primary registrations and certificates of authority of 47 companies, declaring them delinquent under Republic Act No. 11232, or the Revised Corporation Code (RCC).
Section 177 of the RCC empowers the SEC to classify corporations as delinquent if they fail to submit reportorial requirements three times, consecutively or intermittently, within five years. The 47 companies were found to have repeatedly neglected to file audited financial statements, general information sheets, director or trustee compensation reports, and performance appraisal reports.
Additionally, on May 19, the SEC issued separate orders revoking the corporate registrations of nine more companies for continued noncompliance. Among these, two firms failed to adhere to SEC Memorandum Circular No. 28, Series of 2020, which mandates the submission of official email addresses and contact numbers for transactions with the SEC. The remaining seven did not submit their business plans as required under SEC Memorandum Circular No. 3, Series of 2022, implementing Bangko Sentral ng Pilipinas Circular No. 1133 on interest rate ceilings for lending companies.
FinLenD noted that despite receiving show-cause letters and deficiency notices, the companies failed to comply with the SEC’s directives.
The revoked companies include:
For Non-Submission of Business Plans:
Air Fish Lending Corp., Cash Mart Asia Lending Inc., Cashbee Lending Services Inc., Kayamo Atlas Lending Corp., Lucky Shell Fintech Lending Corp., Qcash Finance Corp., and Whale Tail Lending Services Inc.
For Noncompliance with MC 28:
The Golden Legacy Financing Corporation and Just Smile Lending Corporation
Previously Declared Delinquent:
Phil Holding Inc., Cosmopolitan Realty Corp., Philippine Shares Corporation, E.T. Kalaw Mgt. Co. Inc., Esna Financing and Inv. Corp., Faith Unlimited Financing Corp., Omega Twenty XX Incorporated, Bataan Financing Corp., Amalgamated Pacific Securities Inc., Household Finance Corp., Finance & Inv. Technology Corp., Advent Capital and Finance Corporation, Corporate Island Ventures Inc., Isla Finance Corp., Transfarm Finance & Leasing Co. Inc., Mega Currencies Inc., Centennial Financing Corp., Pacific Ace Finance Phils. Corp., Swiss Finance & Inv. Inc., Borough Financing Corp., United Tree Car Loan Corp., Green Cash Collection Services Inc., Ebiz Financial Services Inc., Cash Anywhere Services Hub Inc., Munticash Financing Corporation, Life Bonding Financing Corporation, Sun Finance Company Inc., Rush and Cash Philippines Financing Corporation, Yescredit Financing Inc., Central Pacific Capital Company Inc., Jas Comprehensive Collection Services Inc., Kerson Finance Corporation, Adequ8 Financing Inc., Pk Fortune Credit and Finance Inc., Altrio Group of Companies Manila Inc., Cashx Financing Inc., State Union Finance Inc., Premstar Corporation, Mangocash Financing Corporation, Okane Financing Corporation, Educredit Finance Corporation, Mango Cash Financing Corporation, Ecredit Finance Inc., Suncredit.Ph Finance Corp., Cashpa Pa Finance Inc., Always Fortune International Inc., Cashonexpress Limited Inc., and Asset Forward Financing Inc.
The SEC’s move underscores its commitment to enforcing regulatory compliance in the lending and financing sector.
