It was recently updated on market news that Squidpay applications for eWallet License was revoked.(Source: Philstar global newS)

This was revoked by Banko Sentral ng Pilipinas (BSP) based on the rules of non-bank institutions for Financial companies.

Currently Squidpay is also battling the issues with its shares subscription with PHA. Remember that Marvin Dela Cruz have a fallout with PHA after it attempted to do a backdoor listing.

Stock price of PHA opened at -8% after the news broke out today. It is currently trying to recover its lost ground and is now at 0.35 pesos per share as of the time of this writing.

On PSE Edge disclosure below was the report from PHA.

In relation to the criminal complaint filed by Premiere Horizon Alliance Corporation (“PHA”) for Estafa against Messrs. Augusto Antonio C. Serafica, Jr. and Marvin C. Dela Cruz (subject of the corporation’s disclosure dated 6 December 2022), on 20 January 2023, PHA was informed by its external retained counsel that the Office of the City Prosecutor of Pasig City has issued its Resolution dated 28 December 2022 finding probable cause to indict and bind for trial Messrs. Serafica, Jr. and Dela Cruz for the crime of Estafa under Article 315 (1)(b) of the Revised Penal Code.

Accordingly, the corresponding Information dated 28 December 2022 for Estafa against Messrs. Serafica, Jr. and Dela Cruz was filed, and, raffled to Branch 155 of the Regional Trial Court of Pasig City, in the case entitled, “People of the Philippines vs. Augusto Antonio C. Serafica, Jr. and Marvin C. Dela Cruz”, docketed as R-PSG-23-00208-CR on 19 January 2023.

Source: https://edge.pse.com.ph/openDiscViewer.do?edge_no=22bce4beb16aac9e9e4dc6f6c9b65995