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Wealth and Personal Development Lending faces revocation and fines from SEC

The Securities and Exchange Commission (SEC) has revoked Wealth and Personal Development Lending Inc.’s certificate of authority to operate as a lending company due to its failure to adhere to reportorial obligations.

The officers of the company were individually fined P50,000 each for neglecting to ensure the company’s legal compliance.

The SEC highlighted that the company belatedly settled its annual fees for 2017 and 2018 but has not made any payments since 2019.

Furthermore, Wealth and Personal Development Lending failed to submit its general information sheet (GIS) since 2021, annual financial statements (AFS) since 2019, and Special Forms for Financial Statements from 2019 to the present.

Milyonaryo | Latest News