In the Matter of Philacor Credit Corporation
SEC-CGFD Order No. 163-14 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jul 18, 2014
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July 18, 2014 SEC-CGFD ORDER NO. 163-14 IN THE MATTER OF PHILACOR CREDIT CORPORATION SEC Registration No. 0000110839 ORDER OF REVOCATION The Commission, in its meeting on 23 August 2012, suspended the Certificate of Authority (CA) to operate as a financing company of Philacor Credit Corporation (PCC),for various violations and non-compliance with requirements for financing companies, including investment in real estate in excess of maximum allowable limit and failure to maintain the required minimum capital requirement for financing company. PCC was given a period of sixty (60) days to comply and pay the penalty for its violations. In a letter dated 30 January 2013, the company presented its proposal to correct its capital deficiencies and reduce its investment in real estate, and requested that the initiation of revocation proceedings be suspended until 31 December 2013 to give its prospective investor, who has signified earnest intent to acquire the company, time to complete its due diligence work. In the same letter, the company gave assurance of its intent to settle penalties that may be due for late/non-submission of various reports. PCC was invited to appear in a conference and a hearing for revocation on 12 March 2014 and 27 March 2014, respectively, but it failed to appear or send representative in both instances. Further, it has neither corrected its deficiencies and non-compliance with the requirements for financing companies nor paid the penalties therefor. Pursuant to the resolution of the Commission in its meeting on 24 June 2014, the company's Certificate of Authority to Operate as a Financing Company is hereby REVOKED for continuous non-compliance with the requirements of the Financing Company Act of 1998 and its Implementing Rules and Regulations. AaCTID Let a Copy of this Order be sent to the principal address of the company, the City Hall of Makati, and posted in the Commission's official website for the information and guidance of the public. SO ORDERED. July 18, 2014, Mandaluyong City. (SGD.) JUSTINA F. CALLANGAN Director
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