The Securities and Exchange Commission (SEC) has revoked the corporate registration and secondary license of 56 lending and financing companies for repeated failure to comply with mandatory reportorial requirements, marking a continued regulatory crackdown on errant financial entities.
In an order dated 29 May 2025, the SEC Financing and Lending Companies Division canceled the primary registration and certificates of authority of 47 firms deemed delinquent under the Revised Corporation Code. These firms failed to file audited financial statements, general information sheets, and board performance reports at least three times over a five-year span.
An additional nine firms had their corporate registration revoked under separate orders dated 19 May due also to continued noncompliance. Two companies — Golden Legacy Financing Corp. and Just Smile Lending Corp.—were cited for non submission of official contact details. The remaining seven—such as Air Fish Lending Corp. and Whale Tail Lending Services Inc.—failed to submit business plans as required under SEC Memorandum Circular No. 3, Series of 2022, in alignment with Bangko Sentral ng Pilipinas Circular No. 1133 on interest rate ceilings.
The SEC noted that the companies were given multiple opportunities to comply through show cause letters and deficiency notices but failed to meet regulatory standards.
The revocation impacts not only the legal standing of the involved companies but also restricts their commercial operations in the lending and financing sector. The agency reiterated that strict adherence to transparency and compliance requirements remains a non-negotiable obligation for all financial entities operating under SEC jurisdiction.
