The Philippine Finance Association (PFA), formerly known as the Philippine Association of Finance Companies (PAFCI) has been a major advocate of change and development in the financing and leasing industry since its establishment in 1962.
Among the Association’s major accomplishments was the drafting of Republic Act No. 5980, otherwise known as “The Financing Company Act of 1969” which was enacted into law on August 4, 1969.
On February 28, 1998, then President Fidel V. Ramos signed into law Republic Act No. 8556, otherwise known as “The Financing Company Act of 1998”. Again the drafting of the amendatory provisions and the enactment of this new law were among the Association’s most important achievements.
With the entry of savings and commercial banks in the consumer finance business, the Association amended its Articles of Incorporation and By-Laws on November 20, 1996 allowing banks and financial institutions engaged in consumer finance activities to become members of the Association. On July 1, 1997, the Securities and Exchange Commission (SEC) approved the amendments of the Association’s charter including the change of its name from PAFCI to Philippine Finance Association, Inc. (PFA).
- Drafting and passage of RA 5980 or the Financing Company Act of 1969
- Drafting of the first set of Rules and Guidelines Implementing RA 5980
- Passage of the new Lease Revenue Regulations
- Organization of the first regional leasing convention in Asia
- Organization of the Asian Leasing Association
- Establishment of a central registry of financed/leased equipment called “Security Access to Financed Equipment Tally Network” or “SafeTNet”
- Drafting and passage of RA 8556 or “The Financing Company Act of 1998”.
- Ateneo – PFA Training Center for Leasing and Consumer Financing - a partnership between PFA and Ateneo de Manila Graduate School of Business
- PFA–BAP Credit Bureau Linkage – a partnership between PFA and BAP CB which extended to PFA members online access to BAP CB’s Negative File Information System (NFIS). In a reciprocal manner, PFA supports the NFIS by contributing its members’ own negative credit information on their various clients.
PFA at the forefront of providing greater consumer and corporate credit access particularly to micro, small and medium enterprises and coalescing finance and leasing companies in developing innovative & competitive financing services to accelerate the country's inclusive growth.
- Promote, enhance and uphold sound, ethical and fair business conduct and practices among banks, finance companies and other financial institutions engaged in consumer finance, leasing and other forms of business finance.
- Establish a means or avenue for the collection, dissemination and exchange of credit, financial and other relevant information among members.
- Liaise between its member institutions, the regulatory bodies and other governmental agencies which regulate or supervise any of the member institutions’ business finance activities.
- Establish and maintain appropriate rules and norms of business conduct and practices to enable its members to carry on its business according to the highest standards of ethics and professionalism
- Engage in research and professional development activities in the fields of finance, business and management in order to promote the adoption of the latest advances and innovations in the industry.
- Cooperate, coordinate and work with the government in the development, promotion, enhancement, and execution of policies that serve the needs of the industry, its customers and the business community in general.
- Establish, promote and develop relations with other financial, business and professional organizations here and abroad in order to gain knowledge about their best practices that the membership could follow.