The Securities and Exchange Commission (SEC) has revoked the primary registration and certificate of authority of the People’s Credit and Finance Corp. (PCFC), formally stripping the state-linked financier of its license to operate as a financing company.
The SEC’s Financing and Lending Companies Division cited PCFC’s failure to file mandatory reports under the Revised Corporation Code and the Financing Company Act. The Commission declared the company “delinquent” and noted its prolonged non-compliance and lack of remedial action.
“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 SEC said.
The regulatory move follows a longstanding directive from the Office of the President to dissolve PCFC—a recommendation first issued in 2015 and formally endorsed to the SEC in January 2025. The company was instructed to wind down operations, dispose of assets, and settle liabilities. The SEC noted that PCFC made no substantive progress in executing the directive.
“Notwithstanding, the corporation failed to perform such directives and the winding down of operations did not materialize,” the SEC order further read.
Established in 1998, PCFC had been a cornerstone of the government’s microfinance strategy, channeling funds through NGOs and cooperatives to support low-income entrepreneurs. Its dissolution marks a significant development in the oversight of government-affiliated financial institutions.
The SEC emphasized that the revocation highlights its commitment to regulatory enforcement and corporate accountability. Analysts view the decision as a potential bellwether for similarly structured entities, especially those linked to public programs, to strengthen compliance with governance and reporting standards.
“The Commission reiterates its mandate to protect public interest by ensuring transparency and accountability within the financial and corporate sectors,” the SEC said.
