The document is a requirement under the Lending Company Regulation Act , which prescribes a minimum paid-up capital of P1 million for lending companies.
The SEC said Article 172, Paragraph 1 of the RPC provides that “any private individual who commits falsifications in any public or official document or letter of exchange or any other kind of commercial document shall incur a penalty of two years, four months and one day up to six years.” Last March, the regulator also saw the prosecution of officers of Phil86 Gurunanak Lending and Trading Corp. over the same violation. Lending company officials of Naurasidhu55 and X-CEE789 Lending and Trading, Inc. were also convicted under the LCRA.
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Good job SEC!