In the Matter of First Filipino Lending Corporation

January 31, 2012 SEC-CFD ORDER NO. 037-12 IN THE MATTER OF FIRST FILIPINO LENDING CORPORATION FOR : Revocation of the Certificate of Authority (CA) to Operate as a Lending Company ORDER Records on file with this Commission show that the company failed to pay/submit the following in violation of the Lending Company Act, its Implementing Rules and Regulations, and SEC Memorandum Circular/s: 1. Annual fees for 2008 and 2010; aDICET 2. General Information Sheets for 2008 up to 2010; 3. Audited Financial Statements (AFS) for 2008 up to 2010; 4. Special Form of Financial Statements for 2008 up to 2010; 5. Semi-Annual Financial Statements for January to June 2008; July to December 2008; January to June 2009; and July to December 2009. Likewise, the company failed to commence operation within 120 days from grant of CA. Despite receipt on 16 April 2008 and 04 February 2011 of the notices and demand letters dated 01 April 2008 and 24 January 2011, no compliance has been made to date. Likewise, on 28 June 2011, show cause orders were sent and received by the company 1 and all directors/officers informing them of the violations incurred. No compliance therewith has been made. The SEC examiner reported that the principal office of the company is being used as a residence. The occupant of the said address, Mr. Aquino T. Larin, said that the company used the said address as its principal office for purposes of registration but never operated thereat. He also informed the examiner that his daughter and one of the directors of the company, Ms. Joanna Larin, already migrated to another country. Pursuant to the resolution of the Commission in its meeting on 19 January 2012, the company's Certificate of Authority to Operate as a Lending Company is hereby REVOKED. Let a copy of this Order be sent to the principal address of the company, the City Hall of Quezon City and posted in the Commission's official website for the information and guidance of the public. IaSCTE SO ORDERED. January 31, 2012, Mandaluyong City. (SGD.) JOCELYN C. VILLAR-ALTAMIRA Acting Director Footnotes 1. Only one (1) proof of service was returned. It was duly stamped by the Greenhills Post Office but no name, signature of the receiver and date of receipt was indicated in the return slip.