Licenses, registrations of 401 lending firms canceled – SEC

The Securities and Exchange Commission (SEC) on Monday said that it had canceled the registrations and licenses of 401 lending companies over their failure to comply with reportorial requirements.

The revocation order was issued last May 30 by the corporate regulator's Financing and Lending Companies Department.

"The subject companies were found to have failed to file their audited financial statements, general information sheet, director or trustee compensation report, and director or trustee appraisal or performance report and the standards or criteria for the assessment," the SEC said in a statement.

All companies had failed to file the required reports at least three times over a five-year period and were declared delinquent after ignoring an October 2023 notice to avail of an amnesty.

Delinquent firms were given another six months to comply but all respondents again failed to do so, the SEC said.

Under SEC Memorandum Circular 19, series of 2023, failure to comply within six months from the receipt of the order of delinquency authorizes the commission to revoke corporate registrations.

The list of lending companies that had their primary and secondary licenses revoked can be accessed at https://www.sec.gov.ph/wp-content/uploads/2025/06/2025Advisories_401-Delinquent-Lending-Companies_Order.pdf.

Source: Manila Times