POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

FINANCING COMPANIES

Polytechnic University of the Philippines

Senior High School

SUBMITTED TO:
Prof. Bernadette M. Panibo, MBA

SUBMITTED BY:
CALABUNG, ROSELYN
TABIRARA, CHARLIE
UNCIANO, ABIGAIL
VILLANUEVA, MICHAEL VAN A.
VIRREY, ANTHONY CARL

BSBA FM 2-2

2019
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TABLE OF CONTENTS
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Overview of Financing Companies

Financing Companies cater to the particular needs of the individual borrower

and deliver a highly personalized credit service. Today, finance companies account
for over $1 trillion in assets, which include consumer credit, loans to business, and
mortgages. They obtain their funds largely through the sale of large-denomination
debt securities, primarily commercial paper for the larger finance companies, and
marketable and nonmarketable longer term bonds and stocks for the smaller ones.
Additionally, finance companies have lines of credit at commercial banks that can be
used to supplement their primary sources of funds in the event of a need. There are
three basic types of finance companies: firms that specialize in consumer credit, firms
that specialize in sales finance, and firms that specialize in small business firm
lending. However, the larger finance companies may operate across two or more of
these domains.

Financing Companies are sometimes called department store of consumer

and business credit. These institutions grant credit to businesses and consumer for
wide variety of purposes, including the purchase of inventories, business equipment,
automobiles, vacations, medical care, and home appliance.

Definition of Financing Companies

Finance companies are organizations offering loan benefits or credits to

individuals and/or businesses. These companies are required to be registered as a
corporation under the Securities and Exchange Commission. These companies are
supposed to secure the a legitimate certificate of registration from SEC. Finance
companies which are subsidiaries of banks or non-bank financial institutions with
quasi banking license are regulated and monitored by the Bangko Sentral ng
Pilipinas.
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Financing companies are corporations, except banks, investments houses,

savings and loan associations, insurance companies, cooperatives, and other
financial institutions organized or operating under other special laws, which are
primarily organized for the purpose of extending credit facilities to consumers and to
industrial, commercial, or agricultural enterprises, by direct lending or by discounting
or factoring commercial papers or accounts receivable, or by buying and selling
contracts, leases, chattel mortgages, or other evidences of indebtedness, or by
financial leasing of movable as well as immovable property.

Primary Functions of Financing Companies

A finance company seeks simply to finance the activities of other businesses
and individuals. This means that the company is in charge of lending money to those
interested in pursuing such funding. Finance companies focus solely on this lending
aspect and do not accept deposits the way that banks do. This allows finance
companies to respond more quickly to changes in interest rates, so they are often
able to offer slightly better deals on the money they lend out.

Personal Loans
One of the most common functions for finance companies is the distribution of
personal or individual loans. These are loans to individuals not affiliated with any
business, and designated for personal uses. The most common type of individual
loan is the home loan or mortgage, but smaller loans, such as auto loans, are also
popular.

Business Loans
Business or commercial loans are granted to businesses for use in an
enterprise. There are many types of business loans, and finance companies may
handle any of them. Some businesses may want money to buy assets like property or
equipment, while others want a loan for their first major supply purchase, or a bond
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payout they cannot currently afford. Business loans are often larger than individual
loans and make the finance company more money on interest.

Funding Activities
Since finance companies do not receive their money from deposits the way
that banks do, they need another way to come up with the money that they loan out.
One of the main functions of a finance company is borrowing these funds from banks
themselves, or acquiring the funds from money market activities.

Capital Financing
Capital financing is a special type of financing that is conducted by finance
companies owned by parent companies that sell products or services. These finance
companies work with the customers of the parent company, loaning them money so
that they can purchase parent company goods. The parent company benefits from
the decrease in inventory and the interest that the loan will generate.

Types of Financing Companies

Consumer Finance Companies
These companies make small and medium-sized installment loans to
households for the purchase of automobiles, recreational vehicles, home appliance,
mobile homes, vacations, and other such items, or for the refinancing and
consolidation of group of smaller consumer debt obligations. These companies often
lead to people who are unable to obtain credit elsewhere, such as from a commercial
bank or credit union. Consequently, consumer finance companies carry relatively
high interest rates to compensate for an increased propensity of default, higher
servicing cost, and higher loan organization cost. Many of the borrowers are from
low-income, less-educated segments of the population, and therefore, consumer
financing companies are regulated by the states and are restricted from making loans
that exceed a specified size. These companies also may be regulated on the
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maximum interest rates that they can charge and on the measures they can take to
collect loans that are past due.

Sales Finance Companies

These companies make loans to both consumers and businesses to finance
the sale of items such as automobiles, pleasure boats, refrigerators, and other
consumer durables. Many of the better known sales finance companies are captives
of the dealer or manufacturer of the product sold. The loan contracts are
standardized, and the dealer will complete the forms with the consumer in order to
obtain cash from the sales finance company at the completion of the sale. These
companies compete directly with commercial banks, credit unions, and all of which
offer alternative sources of financing for consumer purchases.

Business Finance Companies

Businesses that carry inventory and use equipment often need to finance
these items. Business finance companies specialize in lending to this group,
particularly to small and medium-size firms. They are particularly adept at tailoring
their financing package to the particular needs of these businesses. One of the
services they provide is known as factoring, a process by which they purchase the
accounts receivable of a business at a discount. They pay the cash to the business
and then received payment directly from the firm’s customers. Other businesses
finance companies specialize in the leasing of equipment. Some of the larger
business finance companies offer lease financing for the purchase of capital
equipment. They also may make short term unsecured business loans.

Difference between Financing Companies and Banks

Banks and finance companies are both considered financial institutions,
meaning they accept money from customers or investors, then use that capital to
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make loans. Both are heavily regulated, and both can fail if they run out of money or
fall victim to mismanagement or fraud.

Licensing and Services

To call itself a “bank,” a financial institution must obtain a state banking
license. This license allows a bank to provide services such as setting up checking
accounts and issuing debit cards, arranging for wire transfers with other institutions,
and serving as an intermediary for interstate and international transactions.

Finance companies provide many of the some of the same services as banks,
including auto financing and home loans, retirement planning and underwriting. But
they don’t generally accept deposits.

Risk Level
Banks and finance companies are both considered “direct lenders,” meaning
their analysts review your loan application, then decide whether to approve it.
However, some finance companies are generally willing to accept a higher level of
risk, meaning they are more likely to approve loans for customers who may have had
past credit issues.

This doesn’t mean finance companies are reckless or poorly managed. It just
means they are comfortable with a higher level of risk, which allows them to serve a
larger market.

Specialization
A key advantage to partnering with a finance company is that it is more likely
to be specialized. Most banks serve a wide range of customers, businesses, and
other interests.
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The Main Sources & Uses of Funds for Finance Companies

On the surface, finance companies work much the same as banks do. Clients
apply for loans, credit or lease financing and are charged interest for the money they
receive. Below the surface, however, finance companies are quite different. Much of
this is due to the fact that finance companies can't accept deposits, like banks do
whenever someone opens a savings account, so they have to get their money
elsewhere. Additionally, finance companies normally specialize in a specific market.
Where the money that's borrowed from a finance company is used depends on which
market it specializes in.

How Finance Companies Finance Loans

When you borrow money from a bank, the bank can use the money other
people have deposited to finance your loan. Finance companies can't accept
deposits, so they don't have this option. Instead, the finance company borrows
money itself to finance the money it is giving you, like by offering corporate bonds or
other types of loans. As long as the interest the finance company pays on its loans is
less than the rates it charges its customers, it can make a profit.

Pros and Cons of No-Deposit Lenders

Because finance companies carry a lot of debt and don't have the ability to
accept deposits as banks do, they generally need to carry a lot of equity in order to
prove their solvency to investors and creditors. On the other hand, the inability to
accept deposits also means that they are less regulated than banks. Overhead is
also lower. Because finance companies typically specialize in their own market, often,
they can take on somewhat riskier debts than a bank can.
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Governing Laws of Financing Companies

REPUBLIC ACT NO. 8556

AN ACT AMENDING REPUBLIC ACT NO. 5980, AS AMENDED, OTHERWISE

KNOWN AS THE FINANCING COMPANY ACT

Section 1. This Act shall be known as the "Financing Company Act of 1998."

Sec. 2. Declaration of Policy. — It is hereby declared to be the policy of the State

to regulate and promote the activities of financing and leasing companies to place
their operations on a sound, competitive, stable and efficient basis as other
financial institutions, to recognize and strengthen their critical role in providing
medium and long-term credit for investments in capital goods and equipment
especially by small and medium enterprises particularly in the countryside and to
curtail and prevent acts or practices prejudicial to the public interest so that they
may be in a better position to extend efficient service in a fair manner to the
general public and to industry, commerce and agriculture and thereby more fully
contribute to the sound development of the national economy.

Sec. 3. Sec. 3 of the same Act is hereby amended to read as follows:

Sec. 3. Definition of Terms. — As used in this Act, the term:

"(a) 'Financing companies' hereinafter called companies, are corporations, except

banks, investments houses, savings and loan associations, insurance companies,
cooperatives, and other financial institutions organized or operating under other
special laws, which are primarily organized for the purpose of extending credit
facilities to consumers and to industrial, commercial, or agricultural enterprises, by
direct lending or by discounting or factoring commercial papers or accounts
receivable, or by buying and selling contracts, leases, chattel mortgages, or other
evidences of indebtedness, or by financial leasing of movable as well as
immovable property;

"(b) 'Securities and Exchange Commission' shall mean the office of the Securities
and Exchange Commission of the Philippines;

"(c) 'Credit' shall mean any loan, mortgage, financial lease, deed of trust, advance
or discount, any conditional sales contract, contract to sell, or sale or contract of
sale of property or service, either for present or future delivery, under which, part of
all or the price is payable subsequent to the making of such sale or contract; any
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contract, any option, demand, lien or pledge, or to the other claims against, or for
the delivery of, property or money, any purchase, or other acquisition of or any
credit upon the security of, any obligation or claim arising out of the foregoing, and
any transaction or series of transactions having similar purpose or effect;

"(d) 'Financial leasing' is a mode of extending credit through a non-cancelable

lease contract under which the lessor purchases or acquires, at the instance of the
lessee, machinery, equipment, motor vehicles, appliances, business and office
machines, and other movable or immovable property in consideration of the
periodic payment by the lessee of a fixed amount of money sufficient to amortize at
least seventy (70%) of the purchase price or acquisition cost, including any
incidental expenses and a margin of profit over an obligatory period of not less
than two (2) years during which the lessee has the right to hold and use the leased
property with the right to expense the lease rentals paid to the lessor and bears the
cost of repairs, maintenance, insurance and preservation thereof, but with no
obligation or option on his part to purchase the leased property from the owner-
lessor at the end of the lease contract.

"(e) 'Purchase discount' is the difference between the value of the receivable
purchased or credit assigned, and the net amount paid by the finance company for
such purchases or assignment, exclusive of fees, services, charges, interest and
other charges incident to the extension of credit.

"(f) 'Lease rentals' shall refer to the periodic payments made by the lessee to the
lessor under Sec. 3(d), above."

Sec. 4. Sec. 4 of the same Act is hereby amended to read as follows:

"Sec. 4. Grant of Authority to Securities and Exchange Commission. — The

Securities and Exchange Commission is hereby empowered to enforce the
provisions implementing regulations except insofar as the Bangko Sentral may
have supervisory authority under the provisions of Republic Act No. 7653 with
respect to financing companies licensed to perform quasi-banking functions, and
insofar as the Monetary Board has authority to prescribe financing company rates
and charges under Sec. 5 hereof."

Sec. 5. Sec. 5 of the same Act is hereby amended to read as follows:

"Sec. 5. Limitation on purchase discounts, lease rentals, fees, service and other
charges. — The Monetary Board of the Bangko Sentral ng Pilipinas is hereby
empowered to prescribe, in consultation with financing companies and the
Securities and Exchange Commission, the maximum rate or rates of purchase
discounts, lease rentals, fees, service and other charges of financing companies,
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and to change, eliminate or grant exemptions from or suspend the effectivity of

such rules whenever warranted by prevailing economic and social conditions."

Sec. 6. Sec. 6 of the same Act is hereby amended to read as follows:

"Sec. 6. Form of organization and capital requirements. — Financing companies

shall be organized in the form of stock corporations at least forty percent (40%) of
the voting stock of which is owned by citizens of the Philippines and shall have a
paid-up capital of not less than Ten million pesos (P10,000,000) in case the
financing company is located in Metro Manila and other first class cities, Five
million pesos (P5,000,000) in other classes of cities and Two million five hundred
thousand pesos (P2,500,000) in municipalities: Provided, however, That no foreign
national may be allowed to own stock in any financing company unless the country
of which he is a national accords the same reciprocal rights to Filipinos in the
ownership of financing companies or their counterpart entities in such country: and
Provided, further, That financing companies duly existing and in operation before
the effectivity of this Act shall comply with the minimum capital requirement within
one (1) year from the date of the said effectivity."

Sec. 7. Sec. 7 of the same Act is hereby amended to read as follows:

"Sec. 7. Requirement for registration. — Aside from requiring compliance with the
provisions of the Corporation Code, the Securities and Exchange Commission
shall not register the articles of incorporation of any financing company unless its
office is satisfied on the evidence submitted to it, that:

"(a) All the requirements of existing laws to engage in the business for which the
applicant is proposed to be incorporated or organized have been complied with;

"(b) The organization, direction and administration, as well as the integrity and
responsibility of the organizers and administrators reasonably assure the
protection of the interest of the general public;

"(c) All the requirements of this Act have been complied with: Provided, That
financing companies duly incorporated or registered prior to the approval of this
Act, and which are actually existing and operating as such, shall file an information
sheet with the Securities and Exchange Commission in the form to be prescribed
by the Securities and Exchange Commission within sixty (60) days after notice
from the said Commission. No person, association, partnership, or corporation
shall hold itself out as doing business as a 'financing company' or 'finance and
investment company' or any other title or name tending to give the public the
impression that it is engaged in the operations and activities of a financing
company, unless so authorized under this Act."
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Sec. 8. Sec. 8 of the same Act is hereby repealed.

Sec. 9. Sec. 9 of the same Act is hereby renumbered as Sec. 8.

Sec. 10. There is hereby inserted after Sec. 8 as renumbered, new Sec.s 9, 10,
11, 12 and 13 to read as follows:

"Sec. 9. Rights and powers. — Financing companies shall have the following
powers, in addition to those granted by this Act and by other laws:

"(a) Engage in quasi-banking and money market operations with the prior approval
of the Bangko Sentral ng Pilipinas;

"(b) Engage in trust operations subject to the provisions of the General Banking
Act upon prior approval by the Bangko Sentral ng Pilipinas;

"(c) Issue bonds and other capital instruments subject to pertinent rules and
regulations of the Bangko Sentral ng Pilipinas;

"(d) Rediscount their paper with government financial institutions subject to

relevant laws, rules and regulation;

"(e) Participate in special loan or credit programs sponsored by or made available

through government financial institutions; and

"(f) Provide foreign currency loans and leases to enterprises who earn foreign
currency by exports or other means, subject to existing laws and rules and
regulations promulgated by the Bangko Sentral ng Pilipinas.

"Nothing in this Sec. shall be construed as precluding a financing company from

performing such services or exercising such powers as may be granted by the
Bangko Sentral ng Pilipinas or the Securities and Exchange Commission or as
may be incidental to its activities as a corporation.

"Sec. 10. Applicability of incentives and exemptions to financial leases. — Any

incentive, exemption or benefit, including tax credits and investment incentives
granted by law or regulation to any purchaser, importer, borrower or other eligible
person in connection with any purchase, importation, acquisition, or other
transaction shall not be lost, diminished or impaired when the associated financing
is through a financial lease rather than through borrowing or other conventional
method of financing. Financing companies providing the financial lease in such
cases shall be entitled to any incentive, exemption, benefit or privilege available to
lenders, importers, purchasers or other eligible person in such transactions under
the applicable law or regulation.
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"Sec. 11. Parity clause. — When providing medium and long-term credit to small
and medium enterprises, financing companies shall enjoy such other rights,
powers, benefits and privileges as may be granted by the law or regulation to other
non-bank financial institutions when they provide similar credit to such
enterprises."

"Sec. 12. Liability of lessors. — Financing companies shall not be liable for loss,
damage or injury caused by a motor vehicle, aircraft, vessel, equipment,
machinery or other property leased to a third person or entity except when the
motor vehicle, aircraft, vessel, equipment or other property is operated by the
financing company, its employees or agents at the time of the loss, damage or
injury.

"Sec. 13. Registry of financial lease. — The Register of Deeds shall open and
maintain a register of financial leases, as an adjunct to the chattel mortgage
registry.

"Said lease register shall contain the following particulars:

"(1) Persons, associations, partnerships or corporations, including the managing

officer thereof, that shall:

"(a) Engage in the business of a financing company without authority from the
Securities and Exchange Commission;

"(b) Hold themselves out to be financing companies, either through advertisement

in whatever form, whether in its stationery, commercial paper or other document,
or through other representations without authority;

"(c) Make use of trade or firm name containing the words 'Financing Company' or
'Leasing Company' or 'Finance and Leasing Company or 'Finance and Investment
Company' or any other designation that would give the public the impression that it
is engaged in the business of a financing company or leasing company as defined
in this Act without authority; and

"(d) Violate the provisions of this Act.

"(2) Any officer, employee, or agent of a financing company who shall:

"(a) Knowingly and willingly make any statement in any application, report or
document required to be filed under this Act, which statement is false or
misleading with respect to any material fact; or

"(b) Overvalue or aid in overvaluing any securities for the purpose of influencing in
any way the action of the company on any loan, or discounting line.
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"(3) Any officer, employee or examiner of the Securities and Exchange

Commission directly charged with the implementation of this Act who shall commit,
connive, aid or assist in the commission of acts enumerated under subSec.s 1 and
2 of this Sec.."

Sec. 12. Sec.s 11 and 12 of the same Act are hereby renumbered as Sec.s 15 and
18, respectively.

Sec. 13. Effectivity. — This Act shall take effect fifteen (15) days following the
completion of its publication in the Official Gazette or in two newspapers of general
circulation.

Approved: February 26, 1998

Rights and Power – Financing companies shall have the following powers:

1. Engage in quasi-banking and money market operations with the prior approval
of the Bangko Sentral ng Pilipinas;

2. Engage in trust operations subject to the provisions of the General Banking

Act upon the prior approval of the Bangko Sentral ng Pilipinas;

3. Issue bonds and other capital instruments subject to the pertinent laws, rules
and regulations;

4. Rediscount their paper with government financial institutions subject to

relevant laws, rules and regulation;

5. Participate in special loan or credit programs sponsored by or made available

through government financial institutions;

6. Provide foreign currency loans and leases to enterprises that earn foreign
currency by exports or other means, subject to existing laws and regulations
promulgated by the Bangko Sentral ng Pilipinas.

Foreign Ownership of a Financing Company

100% foreign ownership of a financing company is allowed Republic Act No.

10881, lapsed into law on July 17, 2016. No foreign national may be allowed to own
stock unless the country of which he is a national accords reciprocal rights to
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Filipinos. In the case of corporations owning shares in a lending company, the

citizenship of the individual owners of voting stock in such corporations shall be the
basis in the computation of the percentage. More than 40% foreign ownership
requires a minimum paid-in capital of US$ Two Hundred Thousand
(USD200,000.00).

Minimum Capital Requirement

The minimum required paid-in capital is:

1. Ten Million Pesos (PHP10,000,000.00) for the head office in Metro Manila and
other first class cities.

2. Five Million Pesos (PHP5,000,000.00) in other classes of cities

3. Two Million Five Hundred Thousand Pesos (PHP2,500,000.00) in

Municipalities

Additional Capital Requirement – A financing company shall be required to put up

minimum additional capital for each branch, agency, extension office or unit as
follows:

1. One Million Pesos (PHP1,000,000.00) : Metro Manila and other first class
cities;

2. Five Hundred Thousand (PHP500,000.00) : Second class and other cities;

3. Two Hundred Fifty Thousand (PHP 250,000.00) : Municipalities.

Evaluation Guideposts – The number of branches, agencies, extension offices or

units to be established shall depend upon the capacity of the company to conduct
expanded operations and/or upon the capacity of the area wherein the proposed
branch, extension office, agency or unit will be established to absorb new entities
engaged in financing, as may be determined by the SEC.

For a financing company granted with special rights and powers mentioned in Rights
and Powers hereof additional capital required shall be based on letter (c) above or on
the capitalization requirement under the rules and regulations promulgated by the
appropriate government agency, whichever is higher.

Corporate Name
The corporate name of financing companies shall contain the term” Finance
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Company,” “Financing Company,” Finance and Leasing Company” and “Leasing

Company”.

Size of Loan and Interest

A financing company may give loans in such amounts and reasonable interest
rates and charges as may be agreed upon between the lending company and the
debtor: Provided, That the agreement shall be in compliance with the provisions of
Republic Act No. 3765, otherwise known as the “Truth in Lending Act” and Republic
Act 7394, otherwise known as the “Consumer Act of the Philippines”. As of August
19, 2013 there are no usury laws which limit the interest rate a lending investor my
charge loan recipients. The Supreme Court has reduced the interest rate, in some
cases as being excessive, iniquitous, unconscionable and exorbitant, hence, contrary
to morals (“contra bonos mores”), if not against the law.

In accordance with the Truth in Lending Act and prior to the consummation of
the transaction, a financing company shall furnish each debtor a disclosure
statement, setting forth, to the extent applicable, the following information:

1. The principal amount of loan;

2. Rate of interest of the loan;

iii. Service or processing fee, if any;

1. Amortization schedule;

2. Any penalty charge for late amortization payment;

Requirements for Securing an Authority to Operate a Financing Company from

the SEC (Secondary License)

1. Cover Sheet

2. Application Form

3. Information Sheet

4. Personal Information Sheet of Directors and Officers

5. Valid NBI Clearance of each FILIPINO Director and Officer

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6. Foreign Directors and Officers:

a. Photocopy of
● Alien Certificate of Registration, or
● Immigration Certificate of Registration
b. Photocopy of Passport
● Showing valid visa or stay in the Philippines
C. Clearance from Bureau of Immigration
* All photocopies shall be verified against the original

7. Clearance from BangkoSentralngPilipinas

● If applicant is a subsidiary or affiliate of a bank and/or non-bank financial
institution with quasi banking license

8. Manual on Corporate Governance

● If foreign participation in voting stock is more than 40%; or
● If total assets is PHP50M or more; or
● If commercial paper issuer, either exempt or registered

9. Manual on Anti-Money Laundering

● If foreign participation in voting stock is more than 40%; or
● If total assets is PHP10M or more; or

10. Board Resolution on the Adoption of the Manuals

● Certified by the Corporate Secretary

11. Format of disclosure Statement on Loan/Credit Transactions

● Indicating the name of the company

12. Notarized Bank Certificate of Deposit of the Paid Up Capital

All documents required for incorporation

SEC Licensing Fees (for secondary license):

Initial Application Fees shall be paid to SEC at the time of filing of application

1) Head Office –
A fee of 1/8 of 1% of the paid-up capital of the financing company + LRF of 1%
(minimum of P10.00) shall be paid for the issuance of a Certificate of Authority to
Operate as a Financing Company.

2) Branch, extension office, unit or satellite office

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A fee of 1/8 of 1% of the minimum assigned capital + LRF of 1% (minimum of

P10.00) of the branch, extension office, unit or satellite office shall likewise be paid
for the issuance of an original Certificate of Authority.

Annual fee –

An annual fee shall be paid not later than forty five (45) days before the anniversary
date of the CA.

Head Office – Annual Information Statement Filing fee of P10,000 + 1% LRF

Annual fee of 1/8 of 1% of the paid-up capital of the financing company + LRF of 1%
(minimum of P10.00)

Branch Office – Annual Information Statement Filing fee of P10,000 + 1% LRF

Annual fee of 1/8 of 1% of the minimum assigned capital of the financing company +
LRF of 1% (minimum of P10.00)

Commencement of Operations

A corporation/company that has been duly registered and granted a Certificate

of Authority to Operate as a Financing Company shall commence operations within
one hundred twenty (120) days from date of grant of such authority. Failure to
commence operations within said period shall be a ground for the suspension of its
CA.
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List of Financing Companies as of December 31, 2018

FINANCING COMPANY NAME

1 1 2 3 FINANCE CORPORATION

2 1109 Nikkia Financing Inc.

3 168 LEGRAND FINANCING CORPORATION

4 216 BAYAN FINANCING COMPANY INC.

5 24 - 25 FINANCE CORP.

6 2-M POWER FINANCING CORP.

7 3 CENTS FINANCING CORPORATION

8 4D FINANCE CO., INC.

9 7R FINANCE CORP.

10 88 ASIA FINANCE CORPORATION

11 A & M FINANCING, INC.

12 A.A.T. LOAN AND CREDIT CORPORATION

13 A.J. GILL FINANCING COMPANY INC.

14 A-1 FINANCIAL SERVICES, INC.

15 A-1 MICRO FINANCE, INC.

16 AACT MONEYLINK CORPORATION

17 ABG BACOLOD FINANCING, INC.

18 AC (ILOILO) FINANCE, INC.

19 ACCESS CHARTERED FINANCE INC.

20 ACP FINANCING CORPORATION

21 ACTIVE ALLIANCE FINANCE CORPORATION

22 ADEQU8 FINANCING INC.

23 ADVENT CAPITAL AND FINANCE CORPORATION

24 AEON CREDIT SERVICE (PHILIPPINES) INC.

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25 AF CORNER FINANCE CORPORATION

26 AFC SME FINANCE INC.

27 AG FINANCE, INCORPORATED

28 AGC COMMON FUND FINANCIAL CORPORATION

29 AGRIFUND AP FINANCE CORP.

30 AGRONOMIKA FINANCE CORPORATION

31 AHAVA FINANCE CORPORATION

32 AIO FINANCE GROUP INC.

33 ALADDIN FINANCE CORPORATION

34 ALGO LEASING AND FINANCE CORPORATION

35 ALIAGA FARMERS LINK FINANCING CORPORATION

36 ALJEM'S FINANCE CORPORATION

37 ALJONIE FINANCE CORPORATION

38 ALL ARM FINANCE CORPORATION

39 ALLIED LEASING AND FINANCE CORP.

40 ALMAR FREEMILE FINANCING CORPORATION

41 ALPESONS FINANCE CORP.

42 ALPHA CAPITAL FINANCE PHILS. INC.

43 ALPS FINANCE CORP.

44 AL'S RELIABLE FINANCING CORPORATION

45 AMAARA FINANCIAL CORP.

46 AMIT CREDIT CORPORATION

47 ANCB FINANCIAL MANAGEMENT SERVICES, INC.

48 AND FINANCING CORPORATION

49 APC LAGUNA FINANCE CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 21

50 ARGOSY FINANCE CORPORATION

51 ARGUS CREDIT CORPORATION

52 ASIA LINK FINANCE CORPORATION

53 ASIA UNITED LEASING AND FINANCE CORP.

54 ASIAGROUP FINANCE CORP.

55 ASIAN CATHAY FINANCE AND LEASING CORP.

56 ASIASOURCE FINANCIAL INC.

57 B2B FINANCING CORP.

58 BACECO FINANCE CORP.

59 BALIKATAN HOUSING FINANCE, INC.

60 BANCASIA FINANCE AND INV., CORP.

61 BASIS FINANCIAL SERVICES, INCORPORATED

62 BATAAN FINANCING CORP.

63 BATCH '69 FINANCING CORPORATION

64 BATIANO FINANCE CORP.

65 BAYAN WATCH FINANCE CORPORATION

66 BDO LEASING AND FINANCE, INC.

67 BENCHMARK FINANCING COMPANY, INC.

68 BENEFICIARIES FINANCING COMPANY INC.

69 BG FINANCE COMPANY INC.

70 BIG 8 FINANCE CORPORATION

71 BIG GREEN FINANCING CORPORATION

72 BILLIZTAR FINANCE CORPORATION

73 BINOS FINANCE CORP.

74 BLESS MICROFINANCE CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 22

75 BLUESTONE FINANCE CORP.

76 BMI FINANCE CORPORATION

77 BOHOL MICRO FINANCE, INC.

78 BOHOL PENSIONER'S FINANCING CORPORATION

79 BOROUGH FIN. CORP.

80 BOSTON CREDIT & INVESTMENT CORP.

81 BOSTON FINANCE & INV. CORP.

82 BOT LEASE & FINANCE PHILS., INC.

83 BPI LEASING CORP.

84 BRIDGE AUXILLIARY FINANCE CORPORATION

85 BRIDGE FINANCE INVESTOR'S INC.

86 BRYE FINANCING, INC.

87 BUDGET FINANCE CORPORATION

88 BUENAVISTA FINANCING CORP.

89 BUGLAS DEVELOPMENT FINANCE AND INVESTMENT CORPORATION

90 BUKIDNON INV. & FINANCE CORP.

91 BUSKOWITZ FINANCE, INC.

92 CAGAYAN VALLEY A+ CREDIT CORP.

93 CAPEX FINANCE AND INVESTMENT CORPORATION

94 CAPITAL HAUZ FINANCING CORP.

95 CARCANMADCARLAN FINANCING CORPORATION

96 CARD LEASING AND FINANCING CORP.

97 CARNELIAN CONSUMER FINANCE CORPORATION

98 CASH 2 GO FINANCE, INC.

99 CASH 4U FINANCING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 23

100 CASH MANAGEMENT FINANCE, INC.

101 CASHLINK FINANCIALS, INC.

102 CASHTANK FINANCING CORP.

103 CASHX FINANCING, INC.

104 CASTLINK FINANCE CORPORATION

105 CATERPILLAR FINANCIAL SVCS., PHILS., INC.

106 CC MOBILE FINANCIAL SERVICES PHILIPPINES INC.

107 CCC FINANCE CORP.

108 CEBU APC FINANCE CORP.

109 CEBU BLUE MOUNTAIN FINANCING CORP.

110 CEBU GOLDEN GATE FINANCE, INC.

111 CEBU INT'L. FINANCE CORP.

112 CEBU SHEE NA FINANCE COMPANY, INC.

113 CEBUANA LHUILLIER FINANCE CORPORATION

114 CEIMMARJ FINANCE, INC.

115 CEL FINANCIAL SERVICES CORP.

116 CENTENNIAL FINANCING CORP.

117 CFMENDOZA FINANCE CORPORATION

118 CHAILEASE BERJAYA FINANCE CORPORATION

119 CHAILEASE FINANCE CORP.

120 CHARTERED LOAN FINANCING OF BOHOL, INC.

121 CHARTON FINANCING CORPORATION

122 CHEP FINANCE CORPORATION

123 CHIFFRE PORTE-BONHEUR FINANCING INC.

124 CIRRUS FINANCIAL INSTITUTION, INC.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 24

125 CITICASH FINANCE CORPORATION

126 CLASSIC FINANCE, INC.

127 CLI FINANCE, INC.

128 CLI-GROUP FINANCIAL CORP.

129 COMMERCIAL CREDIT CORPORATION OF NEGROS

130 COMMERCIAL TRADE FINANCIAL SERVICES, INC.

131 COMTRUST FINANCE AND INV., CORP.

132 CONCHITA FINANCIAL SERVICES CORP.

133 CONCORD LEASING AND FINANCE CORP.

134 CONGLOMERATE SECURITIES AND FINANCING CORP.

135 CONSOLIDATED CAPITAL AND FINANCIAL SERVICES CORPORATION

136 CORZA FINANCE CORP.

137 CREDENCE FINANCING INCORPORATED (CFI)

CREDIT ACCESS PHILIPPINES FINANCING COMPANY, INC. (FORMERLY:

138
MICROVENTURES PHILIPPINES FINANCING COMPANY, INC.)

139 CREDIT ASSURANCE SERVICE (CAS) FINANCE CORP.

140 CREDIT PILIPINAS, INC.

141 CREDIT SOLUTIONS RESOURCES FINANCE & INVESTMENT CORPORATION

142 CREDIT24 FINANCE COMPANY, INC.

143 CREDITLINE FINANCE INC.

144 CRISTAL VI FINANCE CORPORATION

145 CROSS-BORDER FINANCE CORPORATION

146 CROSSCAP FINANCING, INC.

147 CSB FINANCE, INC.

148 CUESTA CREDIT AND LOANS CORP.

149 CV FINANCIAL CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 25

150 CVM FINANCE AND CREDIT CORPORATION

151 CYM FINANCING INCORPORATED

152 D' FIRST JAM FINANCING INCORPORATED

153 D.S. FINANCE CORPORATION

154 DA CHAN FINANCIAL SERVICES INC.

155 DAJJ'S FINANCING CORPORATION

156 DAMAR FINANCING CORP.

157 DAVAO A+ CREDIT CORP.

158 DBP LEASING CORPORATION

159 DDC FINANCE CORPORATION

160 DDPKI FINANCING CORPORATION

161 DES FINANCING CORP.

162 DIAMOND FINANCE CORP.

163 DIASTARS FINANCE, INC.

164 DIMINISHING FINANCING CORPORATION

165 DIPOLOG NJF FINANCING CORPORATION

166 DL ROSALUNA FINANCE CORPORATION

167 DLII LEASING AND FINANCE CORP.

168 DPS FINANCE CORPORATION

169 DUEKSAM CAPITAL CORPORATION

170 DYNA SOURCE FINANCE CORP.

171 DYNA WEALTH FINANCE CORP.

172 DYNASTY FINANCE CORP.

173 DYNAWEST FINANCE CORP.

174 DYNO FINANCE CORP

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 26

175 E.T.C. FINANCING , INC.

176 EAGLE FINANCE CORP.

177 EAST OCEANIC LEASING & FINANCE CORP.

178 EAST WEST LEASING AND FINANCE CORPORATION

179 EASY PAY FINANCE CORPORATION

180 eBIZ FINANCIAL SERVICES, INC.

181 E-CASH & PAYLITE FINANCING, INC.

182 ECEE FINANCING CORPORATION

183 ECLAIRE FINANCE CORP.

184 EISTRUP FINANCIAL SERVICES, INC.

185 EJS FINANCE CORP.

186 EMDEES FINANCING COMPANY, INC.

187 EMERALD FINANCE CORP.

188 EMERALD QUICKLOAN AND FINANCING INC.

189 ENCORE LEASING & FINANCE CORP.

190 EQUITABLE LEASING CORP.

191 EQUITY FINANCING CORPORATION

192 ER MARTINEZ FINANCING CORP.

193 ESNA FINANCING AND INV. CORP.

194 ESQUIRE FINANCING, INC.

195 ESQUIRE INTERNATIONAL FINANCING, INC.

196 ETJ FINANCE CORP.

197 EVER LUCKY FINANCIAL CORP.

198 EVER READY CREDIT AND FINANCE CORP.

199 EVERGREEN FINANCE (ILOILO) INC.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 27

200 EVERSTRONG FINANCING, INC.

201 FAMA GLOBAL FINANCE AND LEASING CORPORATION

202 FAREAST FINANCIALS INCORPORATED

203 FASTWAY FINANCE & CREDIT CORPORATION

204 FCH FINANCE CORPORATION

205 FEMA FINANCING CO., INC.

206 FG FINANCIAL CO., INC.

207 FIDELITY FINANCE Corporation

208 FILCREDIT FINANCE & CAPITAL DEVELOPMENT CORP.

209 FILIPINAS INTEGRATED LINK FIN. CORP.

210 FILIPINO FINANCIAL CORP.

211 FINACOR FINANCE CORP.

212 FINANCIAL FACTORS, INC.

213 FINANCIAL WORLD CORPORATION

214 FINANCIERA DE SAN MIGUEL CORPORATION

215 FIRST CATANDUANES CREDIT CORPORATION

216 FIRST CHOICE FINANCE - FCFC CORPORATION

217 FIRST CIRCFLE GROWTH FINANCE CORP.

218 FIRST DAVAO FINANCING CORPORATION

219 FIRST DIGITAL FINANCE CORPORATION

220 FIRST FILIPINAS CAPITAL CORP.

221 FIRST FINANCE CORP. OF CADIZ

222 FIRST GRADE FINANCE CORPORATION

223 FIRST ORIENTAL MINDORO FINANCING COMPANY (FOMFC), INC.

224 FIRST PRIORITY FINANCING & INVESTMENT CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 28

225 FIRST PROVINCIAL FINANCE CORP.

226 FIRST QUADCOR FINANCE CORP.

227 FIRST SOUTHERN ISLAND FINANCE CORPORATION

228 FIRST STANDARD FINANCE CORPORATION

229 FIRST UNITED FAMILY FINANCE CORPORATION

230 FIRST UNITED FINANCE & LEASING CORP.

231 FIVE (5) J FINANCING CO., INC.

232 FIVE STAR FINANCE, INC.

233 FLASH FINANCE CORP.

234 FLOARAN FINANCING CORP.

235 FONTAINE BLEU FINANCE & REALTY CORP.

236 FOREFRONT ALLIANCE LEASING AND FINANCE CORP.

237 FOUR V'S CREDIT CORP.

238 FREND'S FINANCING CORP.

239 FREWILL FINANCE CORPORATION

240 FRIENDLY CREDITCARE INCORPORATED

241 FTB FINANCE CORP.

242 FTC LEASING AND FINANCE CORPORATION

243 FTH FINANCE CORPORATION

244 FUNDLINE FINANCE CORPORATION

245 G & H FINANCE CORPORATION

246 G CAPITAL FINANCE, INC.

247 GDR FINANCIAL SOLUTIONS INCORPORATED

248 GEMSTAR FINANCING CO., INC.

249 GENIUS FINANCING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 29

250 GENSAN FINANCING HOUSE, INC.

251 GIECO RESOURCES AND FINANCE CORPORATION

252 GINTONG GABAY FINANCE CORPORATION

253 GLEH FINANCIAL SOLUTION CORPORATION

254 GLOBAL ASIA FINANCE & LEASING CORP.

255 GLOBAL DOMINION FINANCING, INCROPORATED

256 GLOBAL MERIT FINANCECENTER CORP.

257 GLOBAL ONE FINANCE AND INVESTMENT CORP.

258 GLOBAL SME LOANS INC.

259 GLOBAL WEALTH FINANCING (GWF) CORPORATION

260 GLOBEWEST FINANCE CORP.

261 GLOGOLD FINANCING CORPORATION

262 GLORIOSA FINANCE CORP.

263 GMBT FINANCING CORPORATION

264 GOLDCHECK FINANCE & DEVELOPMENT CORP.

265 GOLDEN (ILOILO) FINANCE CORP.

266 GOLDEN ENDEAVOR STAR MICRO-FINANCE CORP.

267 GOLDEN GRANDEUR FINANCING SERVICES INC.

268 GOLDEN HARVEST FINANCE CORP.

269 GOLDEN R & L FINANCE CORPORATION

270 GOLDEN STREAM FINANCING CORP.

271 GOLDEN SUN FINANCE CORP.

272 GOLDPRIME FINANCIAL SERVICES, INC.

273 GOOD MORNING FINANCE CORPORATION

274 GOOD PROVIDER FINANCING AND LEASING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 30

275 GOODWILL CREDIT CORPORATION

276 GOPEL FINANCE CORPORATION

277 GRAND VISTA FINANCE CORPORATION

278 GRANSTAR FINANCE & DEVELOPMENT CORP.

279 GREAT EDUCATIONAL FINANCING CORP.

280 GRETZ FINANCING CORPORATION

281 GROLIER INTL. FINANCE, INC.

282 GRUPO ASIANA FINANCE INC.

283 GSM CEBU INVESTORS FINANCE CORPORATION

284 GTL FINANCE CORPORATION

285 GUAHAN FINANCING CORPORATION

286 GUILMARK FINANCE CORPORATION

287 HAMILTON FINANCING CORPORATION

288 HC CONSUMER FINANCE PHILIPPINES, INC.

289 HCP2 FINANCING INC.

290 HCPH FINANCING 1, INC.

291 HEADSTART FINANCE CORP.

292 HEATHER FINANCING CORPORATION

293 HERCULES FINANCING CORP.

294 HEWLETT PACKARD FINANCIAL SERVICES (PHILIPPINES) CORPORATION

295 HEXAGON FINANCE & INV. CORP.

296 HIGHLITE FINANCE CORP.

297 HILLS FINANCE CORPORATION

298 HITRUST FINANCE CORPORATION

299 HMS CREDIT & FINANCE CO., INC.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 31

300 HOPEWELL FINANCE CORPORATION

301 HT (HOMETOWN) FINANCING CORPORATION

302 HUERVANA FINANCNG CORPORATION

303 I AND C FINANCING CORPORATION

304 IBA FINANCE CORP.

305 IBM GLOBAL FINANCING PHILIPPINES CORPORATION

306 ICHIBAN FINANCING INC.

307 ICREDIT FINANCE CORP.

308 IGLOBAL FINANCIAL SERVICES INC.

309 ILC FINANCE CENTER CORPORATION

310 ILLUMINATES FINANCE AND CREDIT INC.

311 ILOILO COMML. FINANCE CORP.

312 ILOILO FINANCE CORP.

313 ILOILO SUPREME FINANCE CORP.

314 IMS FINANCE AND RESOURCE CORPORATION

315 INNOVATIVE INVESTORS & FINANCE CO., INC.

316 INNOVATIVE VENTURE & FINANCE CORP.

317 INTEGRITY FINANCING CORP.

318 INVESTORS FINANCIAL SERVICES CORP.

319 ISTANA FINANCE CORP.

320 J.S. FINANCE CORP.

321 JADENS FINANCING CORPORATION

322 JAE FINANCE PHILIPPINES CORP.

323 JAMAICA FINANCIAL SERVICES CORPORATION

324 JANE FINANCIAL SERVICES CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 32

325 JAPAN-PNB LEASING & FINANCE CORP.

326 JARDINE PACIFIC FINANCE, INC.

327 JARL'S FINANCE INC.

328 JARVIS & KASSIA VENTURE FINANCE CORP.

329 JAVLON MICRO-FINANCE, INC.

330 JBS FINANCE CORPORATION

331 JDF PREMIER FINANCIAL SERVICES, INC.

332 JEE FINANCE CORPORATION

333 JET-PRO INTERNATIONAL FINANCING CORP.

334 JFT FINANCE & CREDIT SERVICES CORPORATION

335 JGC FINANCING COMPANY, INC.

336 JGM FINANCE CORPORATION

337 JH LOANCARE FINANCE CORPORATION

338 JK CAPITAL FINANCE, INC.

339 JMC FINANCING AND MARKETING CORP

340 JOHN DANES FINANCE CORP.

341 JOHNNY AIR FINANCING CORP.

342 JOHNSTOWN FINANCE CORP.

343 JRK FINANCE CORPORATION

344 JTGROUP FINANCE CORPORATION

345 JUPITER FINANCING CORP.

346 JUSHIN FINANCING & LEASING CORP.

347 JUST IN TIME CREDIT CORPORATION

348 JVQ FINANCE CORPORATION

349 KAAKBAY FINANCE CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 33

350 KABAYAN FINANCING CORPORATION

351 KAH FINANCE CORPORATION

352 KALIBO FINANCE & INVESTMENTS CORPORATION

353 KERSON FINANCE CORPORATION

354 KEY FINANCE & INVESTMENTS CORP.

355 KHANYAMA FINANCE CORPORATION

356 KML FINANCING CORPORATION

357 KOMPASS CREDIT AND FINANCING CORPORATION

358 KRISTINA FINANCE INCORPORATED

359 KS PRIME FINANCIAL CORP.

360 L.B.P. LEASING CORPORATION

361 L5 & SONS FINANCING CORP.

362 LABRADOR FINANCE CORP.

363 LAMITAN TIP-TOP FINANCING CORPORATION

364 LANDWEALTH FINANCING CO., INC

365 LAUS FINANCING AND LEASING CORP.

366 LEAGUE ONE FINANCE AND LEASING CORPORATION

367 LEASE FINANCE & CREDIT CORP.

368 LGF FINANCE COMPANY, INC.

369 LIBCAN FINANCING COMPANY, INC.

370 LIBERTY VALUE LOAN, INC.

371 LIBRA FINANCE AND INV. CORP.

372 LINGKOD KABUHAYAN FINANCE CORPORATION

373 LINORMA'S FINANCE CORP.

374 LITA FINANCIAL SERVICES CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 34

375 LLMQ FINANCE CORPORATION

376 LLOYD'S FINANCING CORP

377 LOPEZ-TORRES FINANCE CORP.

378 LOTUS FINANCE (LFC) CORP.

379 LUCKY PESO INTERNATIONAL FINANCE CORPORATION

380 LUMAYAG CREDIT & FINANCE CORPORATION

381 LUNAR CREDIT CORPORATION

382 LYNMARK FINANCE CORPORATION

383 LZVRA FINANCING CORPORATION

384 M A J OPAL FINANCE CORPORATION

385 MACALINTAL FINANCING CORPORATION

386 MACONDRAY FINANCE CORP.

387 MAD FINANCE CORPORATION

388 MAGNIFICO FINANCE CORPORATION

389 MAINLAND FINANCE CORPORATION

390 MAKATI FINANCE CORP.

391 MALARAYAT INNOVATIVE FINANCING CORP,

392 MALHI & RAI FINANCING CORPORATION

393 MALIGAYA FINANCING CORP.

394 MANGO FINANCE INC.

395 MANILA CREDIT CORP.

396 MANPHIL FINANCE, INC.

397 MANUELA FINANCE CORP.

398 MARBEL J-FOUR-K FINANCE CORPORATION

399 MARIKO FINANCIAL RESOURCE CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 35

400 MARIMAN FINANCING INCORPORATED

401 MAR'S FINANCE & LENDING CORP.

402 MASAGANANG BUHAY FINANCE PHILIPPINES CORPORATION

403 MATRIX FINANCE CORP.

404 MAXIMO PAREDES SARTE (MPS) FINANCING CORPORATION

405 MAYBRIDGE (ASIA) FINANCE AND LEASING, INC.

406 MBC FINANCE CORPORATION

407 MCC MONEY SHOPS FINANCE COMPANY, INC.

408 MCD FINANCE SERVICES CORPORATION

409 MEADREKE FINANCING CORPORATION

410 MEGAFINANCE COMPANY, INC.

MEGAMITCH FINANCIAL RESOURCES CORPORATION (Formerly: Mega Mitch

411
Credit, Inc.)

412 MEGAN CREDIT & FINANCING CORP.

413 MEGARITZ FINANCING CORP.

414 MEGASOLID FINANCE & INV. CORP.

415 MEGAWELL FINANCING CORP.

416 MELCRIST FINANCING, INC.

417 MERZON & SON FINANCING CORPORATION

418 MESO FINANCE CORP.

419 METRO ALABANG FINANCE AND LOANS CORPORATION

420 METRO SOUTH ASIA FINANCE CORPORATION

421 METROBANK CARD CORPORATION (A FINANCE COMPANY)

422 METRO-REI VENTURES AND FINANCE INC.

423 MIC FINANCE CORPORATION

424 MICHEL JONES LHUILLIER FINANCIAL CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 36

425 MIDLAND FINANCE CORPORATION OF BACOLOD

426 MILLENNIUM CASH FINANCE CO., INC.

427 MINDANAO DOMESTIC FINANCE CORPORATION

428 MJR FINANCING CORPORATION

429 MJS FINANCE CORP.

430 MLC FAMILY FINANCING CORPORATION

431 MLM FINANCE CORP.

432 MMPC AUTO FINANCIAL SERVICES CORPORATION

433 MOELLER FINANCE CORP.

434 MONARCH FINANCE CORP.

435 MONEY MILL FINANCING CORPORATION

436 MONEY TREE INTERNATIONAL FINANCE CORP.

437 MORE TIMES FINANCING, INC.

438 MOST IDEAL FINANCE CORPORATION

439 MOTO FINANCE CORPORATION

440 MOTOPOSH FINANCE CORP.

441 MOTORCENTRAL FINANCE CORP.

442 MR. YU FINANCE CORPORATION

443 MRK HAPPY HEARTH FINANCING CO., INC.

444 MS HILLPARK FINANCING CORPORATION

445 MUCH VICTORY REIGNS FINANCE CORPORATION

446 MUNTICASH FINANCING CORP.

447 NATION OF WEALTH FINANCIAL CORP.

448 NEGOSYONG PINOY FINANCE CORP.

449 NEGRENSE FINANCE & CREDIT CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 37

450 NEO ASIAN FINANCE & LEASING CORP.

451 NEPTUNE FINANCE CORPORATION

452 NEURONCREDIT FINANCING COMPANY INC.

453 NEW HORIZON FINANCE CORP.

454 NEWHORIZON ADVANTAGE FIN. CORP.

455 NEXUS R FORWARD FINANCE, INC.

456 NICE AND EASY FINANCE CORPORATION

457 NITTAN CAPITAL FINANCE, INC.

458 NN & L FINANCING CORPORATION

459 NORKIS FINANCIALS CORP.

460 NORTHERN CREDIT, INC.

461 NORTHPOINT FINANCING CORP.

462 NOVEL FINANCE COMPANY INCORPORATED

463 NYY MICRO FINANCE, INCORPORATED

464 OCTAGON FUND FINANCIAL SERVICES CORPORATION

465 OKANE RESOURCE FINANCE Corporation

466 ONE JL AND SON FINANCING CORP.

467 ONE TWO NINE (129) FINANCING CORP.

468 ONE-WIL FINANCE, INC.

ONLINE LOANS PILIPINAS FINANCING INC. (FORMERLY: MAGIC WORLD

469
TECHNOLOGIES INC.)

470 OPENSEAS FINANCE INC.

471 OPPN FINANCING COMPANY, INC.

472 OPTIMA FINANCING CORPORATION

473 ORAKEI FINANCING CORPORATION

474 ORION INDL. CONSUMER FINANCE INC.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 38

475 ORIX METRO LEASING & FINANCE CORP.

476 OVY FINANCE & INVESTMENT CO., INC.

477 OZAMIS A+ CREDIT CORP.

478 P.A.R. FINANCE & INVESTMENT CORP.

479 P.B. COM FINANCE CORP.

480 P.K. EXPRESS FINANCE CORPORATION

481 PACIFIC ACE FINANCE PHILS. CORP.

PAGASA PHILIPPINES FINANCE CORPORATION (FORMERLY: PAGASA

482
PHILIPPINES LENDING COMPANY, INC.)

483 PALAPAG FINANCING COMPANY, INC.

484 PALOO FINANCING, INC.

485 PALUWAL FINANCE CORPORATION

486 PAMPLONA FINANCING COMPANY INC.

487 PANAAD CREDIT & FINANCE CORPORATION

488 PANAY FINANCE CORPORATION

489 PARAGON FINANCE CORP.

490 PAROLA FINANCING CORP.

491 PCCI FINANCE CORP.

492 PEACOCK FINANCING CORPORATION

493 PEAKHOLD FINANCE CORPORATION

494 PEERS CREDIT RESOURCES, INC.

495 PENTACAPITAL FINANCE CORP.

496 PEOPLES CREDIT & FINANCE (PCFC) CORP.

497 PEOPLE'S CREDIT NETWORK FINANCE CO., INC.

498 PERMA CAPITAL FINANCE CORPORATION

499 PESO REDEE FINANCING CO., INC.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 39

500 PESOLINE FINANCE CORP.

501 PETERSON LEASING AND FINANCE CORP.

502 PHIL. SOLID FINANCE & CREDIT CORP. (PHILSOLID)

503 PHILFUND FINANCIAL, INC.

504 PHILWIDE FINANCIAL COMPANY INC.

505 PILOTS INTEGRATED FUNDING CORP.

506 PK FORTUNE CREDIT AND FINANCE INC.

507 PLI FINANCING COMPANY, INC.

508 PLPI FINANCE, INC.

509 PMC FINANCE & INVESTMENT CORP.

510 PNC FINANCIAL SERVICES, INC.

511 POWER ONE FINANCE SOLUTIONS, INC.

512 PRECIOUS XYZA FINANCE AND CREDIT SERVICES CORPORATION

513 PREFERRED FINANCING CORP.

514 PREMIO FINANCE CORP.

515 PRESIDENT JOSE P. LAUREL LEASING & FINANCE, INC.

516 PRESTIGE FAME FINANCE CORPORATION

517 PREVALIJ FINANCE CORP.

518 PRIMARY FINANCE CO., INC.

519 PRIME MOVER LEASING AND FINANCE CORPORATION

520 PRIME SBR FINANCE CORPORATION

521 PRIMECAP FINANCE CORPORATION

522 PRIMEOVER LOANS & CREDIT CORPORATION

523 PRITIL BINANGONAN CREDIT CORPORATION

524 PROFRIENDS FINANCING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 40

525 PROGRESS CREDIT CORPORATION

526 PUREGOLD FINANCE, INC.

527 QUEZON A+ CREDIT CORP.

528 QUICKLEND FINANCING CO., INC.

529 QWICK FINANCING INC.

530 R' WAY FINANCIAL SERVICES, INC.

531 R. I. FINANCING, INC.

532 R. J. & A. FINANCE CORP.

533 RA FINANCIAL SERVICES, INC.

534 RADIOWEALTH FINANCE CO., INC.

535 RADIOWEALTH FINANCIAL SERVICES CORPORATION

536 RAINBOW FINANCE, INC.

537 RAMADA GOODWILL CREDIT CORPORATION

538 RBL FINANCE & INV. CORP.

539 RBO GROUP FINANCING CORPORATION

540 RCBC LEASING AND FINANCE CORPORATION

541 RCC CREDIT AND FINANCE CORP.

542 RD CREDIT CORPORATION

543 RDH FINANCE CORPORATION

544 RELAR FINANCING CORP.

545 REPSAL C. FINANCE CORPORATION

RESPONSIBLE INVS. FOR SOLIDARITY & EMPOWERMENT (RISE) FINANCING

546
CO., INC.

547 REYNALDO FINANCING SERVICES CORP.

548 RHE MILLENNIUM FINANCE CORP.

549 RIGHT CHOICE FINANCE CORP. (FORMERLY: RIGHT CHOICE LENDING CORP.)
 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 41

550 RISING DRAGON FINANCE CORPORATION

551 RITE CHOICE FINANCING CORP.

552 RJJ LACABA FINANCING CORP.

553 RJQ FINANCE CORPORATION

554 ROBOCASH FINANCE CORP.

555 ROLCIEN FINANCING AND CREDIT CORPORATION

556 ROLE FINANCE AND INVESTMENT COPORATION

557 ROSARIAN FINANCING CORP.

558 ROSARIO (EPZA) FINANCING CO., INC.

559 ROTA CREDITLINE FINANCE CORPORATION

560 ROVIRA WEST FINANCING CORP.

561 ROYAL LOANS CREDIT AND FINANCE CORP.

562 ROYCE CREDIT AND FINANCIAL SERVICES, INC.

563 RSP LOAN AND CREDIT CORPORATION

564 RUBETAN FINANCE CORPORATION

565 RURAL ELECTRIFICATION FINANCING CORP.

566 RURAL FINANCE AND DEV. CORP.

567 RUSH AND CASH PHILIPPINES FINANCING CORP.

568 RYKOM FINANCING CORPORATION

569 S & F FINANCE CORP.

570 S.L.A. FINANCE CORPORATION

571 SACAY-BERNDT FINANCING CORPORATION

572 SAGA FINANCE CORPORATION

573 SAGUITARIUS FINANCING CORP.

574 SAN ANTONIO FINANCING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 42

575 SBM FINANCE INC.

576 SCHILLINGS FINANCE CORPORATION

577 SCR FINANCE CO., INC.

578 SEAFARER'S FINANCING COMPANY, INC.

579 SEDPI DEVELOPMENT FINANCE, INC.

580 SEEDFINANCE CORPORATION

581 SEL-J FINANCE CORPORATION

582 SGE FINANCING, INC.

583 SHEIKH JUAN FINANCE CORPORATION

584 SHEKINAH FINANCING INVESTORS, INC.

585 SHERWIN PARKER FINANCE AND CREDIT CORPORATION

586 SILANGAN FINANCE CORP.

587 SILVER ASSET FINANCE CORPORATION

588 SILVER CDO FINANCE, INC.

589 SILVER FINANCE, INC.

590 SILVER TREASURE CREDIT, INC.

591 SILVER WDC FINANCE, INC.

592 SINGLE CENTAVO FINANCING CORPORATION

593 SKYLAR LENKA CAPITAL, INC.

594 SMART INV. & FINANCE CORP.

595 SNAPCASH FINANCE INC.

596 SOCIAL HOUSING FINANCE CORPORATION

597 SOLID GROUP FINANCE, INC.

598 SOLID MANILA FINANCE, INC.

599 SONIC FINANCE CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 43

SOUTH ASIALINK FINANCE CORPORATION (FORMERLY SOUTH ASIALINK

600
CREDIT CORRPORATION)

601 SOUTH EXCHANGE CREDIT & FINANCING CORP.

602 SOUTHPOINT CREDIT AND FINANCE CORP.

603 SOUTHSTAR FINANCING INC.

604 SOUTH-WEST ILOILO FINANCE CORP.

605 SPARKLE BASE FINANCING CORP.

606 ST. JOSEPH FINANCING CORP.

607 ST. PETER FINANCE CORPORATION

608 ST. ROCK FINANCING, INC.

609 STANDARD CAPITAL CORP.

610 STANFORD FINANCE CORP.

611 STANIEL FINANCE CORPORATION

612 STARCREDIT PHILS. INC.

613 STARJED MICRO FINANCING CORPORATION

614 STATE UNION FINANCE INC.

615 STO. NINO DE CEBU FINANCE CORP.

616 STO.TOMAS EXCELLEND FINANCING CORPORATION

617 STONEHENGE LEASING FINANCIAL CORP.

618 STREETCORNER FINANCE CO., INC.

619 SUKI FINANCING CORPORATION

620 SUM FINANCE SERVICES CORPORATION

621 SUMISHO MOTOR FINANCE CORPORATION

622 SUMMIT LEASING AND FINANCE CORPORATION

623 SUN FINANCE COMPANY, INC.

624 SUNPRIME FINANCE, INC.

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625 SUPER CUB FINANCIAL CORPORATION

626 SUREFUND FINANCE CORPORATION

627 SWISS FINANCE & INV. INC.

628 SWITCH FINANCE CORPORATION

629 TAGUM UNITED FINANCE CORPORATION

630 TALA FINANCING PHILIPPINES INC.

631 TEAM MICRO CREDIT CORPORATION

632 THE GOLDEN LEGACY FINANCING CORPORATION

633 THREE P'S FINANCE CORPORATION

634 TITAN FINANCE INCORPORATED

635 TMGSI FINANCE CORPORATION

636 TOWNCALL FINANCE AND INVESTMENT CORPORATION

637 TOYOTA FINANCIAL SRVCS., PHILS., CORP.

638 TPY CREDIT AND FINANCE CORPORATION

639 TRANSFARM FINANCE & LEASING CO., INC.

640 TRANSNATIONAL FINANCIAL SERVICES, INC.

641 TRES BONITOS FINANCE CORP.

642 TRIPLE DIAMOND FINANCE CORP.

643 TRISTAR FINANCE AND INV. CORP.

644 TRIUM 888 FINANCING CORP.

645 TRUE DEALS FINANCE & LEASING CORPORATION

646 TRUMPH FINANCE CORPORATION

647 TRZ FINANCE CORP.

648 TU CASA FINANCING CO., INC.

649 TWINS FINANCING CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 45

650 UCPB LEASING AND FINANCE CORP.

651 UCPB-CIIF FINANCE & DEV. CORP.

652 UGNAYAN FINANCING CORP.

653 ULT FINANCIALIST CORPORATION

654 ULTIMATE FINANCING CO., INC.

655 ULTRAGOLD FINANCING CORPORATION

656 UNICAPITAL FINANCE & INVESTMENTS, INC.

657 UNICOM FINANCE CORP.

658 UNIFIED FINANCING CORP.

659 UNISHIRE HATHAWAY FINANCING CO., INC.

660 UNISTAR CREDIT AND FINANCE CORPORATION

661 UNITED CAPITAL RESOURCES FINANCE & LEASING CORP.

662 UNITED FINANCING CORP.

663 UNITY FINANCE CORP.

664 UNIVERSAL FAIR CREDIT CORP.

665 Universal LMS Finance & Leasing Corp.

666 UNLAD BUHAY FINANCE CORPORATION

667 UPFINANCE CORPORATION

668 USSC FINANCE CORPORATION

669 V.I. FINANCE (ILOILO), INC.

670 VA MAJEC CREDIT & FIN. CORP.

671 VALEHAUS FINANCE CO., INC.

672 VALUE QUEST FINANCE CORPORATION

673 VALUEFINANCE, INC.

674 VALUEMAX FINANCE CORP.

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 46

675 VANTAGEONE FINANCING CORPORATION

676 VENTURES CREDIT INCORPORATED

677 VFA FINANCING CORPORATION

678 VICSON FINANCE CORP.

679 VIRGO FINANCING CORPORATION

680 VISAYAS GOODWILL CREIDT CORPORATION

681 Vision Mount Tabor Finance Corporation

682 VLP BENGUET FINANCING CO., INC.

683 VRA FINANCE CO., INC.

684 VYV FINANCING CORPORATION

685 W. MATIAO CREDIT SERVICES, INCORPORATED

686 WELCOME FINANCE, INC.

687 WEST OCEANIC LEASING & FINANCE CORP.

WESTBROOK FINANCE CORPORATION (FORMERLY WESTBROOK CREDIT &

688
LENDING CORPORATION)

689 WHITE MAGIC FINANCE CORPORATION

690 WILLIAMTON FINANCING CORPORATION

691 WISE CREDIT CORP.

692 WISEFUND FINANCE CORPORATION

693 WORLD PARTNERS FINANCE CORPORATION

694 WORLDWIDELINK FINANCING CORP.

695 Y FINANCE INC.

696 YESCREDIT FINANCING, INC.

697 YIELDS FINANCIAL CORPORATION

698 YL FINANCE CORPORATION

699 YULON FINANCE PHILIPPINES CORPORATION

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700 YUSAY CREDIT AND FINANCE CORPORATION

701 Z.C. CROWN LINK FINANCE CORPORATION

702 ZAMBOANGA CITY GENEL FINANCING CORPORATION

703 ZAMBOANGA INDL. FINANCE CORP.

704 ZEN FINANCE INC.

705 ZIRCON FINANCE CORP.

706 ZOE & RST FINANCING CORP.

707 ZURICH FINANCIE CORPORATION

 POLYTECHNIC UNIVERSITY OF THE PHILIPPINES 48

BIBLIOGRAPHY

Santomero, A. (2001). Financial Markets, Instruments, and Institutions

Rose, P. (2001). Money and Capital Markets: Financial Institutions and Instruments in
a Global Marketplace
Financing Company Information & Documentary Requirements. (n.d.). Retrieved from
https://www.dayananconsulting.com/financing-company-information-documentary-
requirements/
Lacoma, T. (n.d.). What Are the Primary Functions of Finance Companies? Retrieved
from https://www.sapling.com/6907619/primary-functions-finance-companies
Bonessi, J. (2016, November 02). Online Loans: Finance Companies are Different
than Banks. Retrieved from https://www.ifsautoloans.com/blog/whats-difference-
banks-finance-companies/
Weedmark, D. (2018, May 21). The Main Sources & Uses of Funds for Finance
Companies. Retrieved from https://yourbusiness.azcentral.com/main-sources-uses-
funds-finance-companies-29310.html
Republic Act No. 8556 known as The Financing Company Act of 1998
List of Financing Companies. (n.d.). Retrieved from http://www.sec.gov.ph/lending-
companies-and-financing-companies/list-of-financing-companies/