MFT’s Mica Tan: The girl boss who could… or couldn’t?
November 5, 2023
BILYONARYO.COM
By Eileen Mencias
At thirty-something years old, the self-styled trading prodigy Maria Francesca “Mica” Tan has already accomplished what most people could only dream of: becoming the president and chief executive officer of a multimillion-dollar investment firm.
In 2019, Tan, then 27, was included in Tatler Asia’s Gen T. List as “one of the “300 leaders of tomorrow shaping Asia’s future.” The Filipina Women’s Network (FWN) named her as among the Most Influential Filipina Women in the World that same year.
Tan’s biography on the website of her eponymous private equity firm, the MFT Group, described her as “the visionary” who led the company’s expansion to 10 countries, including the United States, Spain, Japan, Singapore and Vietnam. She also claimed that she initiated her stock trading journey at the Philippine Stock Exchange at the tender age of 13, and delved into foreign exchange currencies at 15 with guidance from a mentor named Mark So, all while actively contributing to the family’s pawnshop business.
Tatler Asia’s 2019 article on Tan put the company’s assets at over $61 million, an impressive feat for a woman who started the MFT Group in 2014 at 19 years old after passing on the chance to attend the prestigious Fordham University in New York because of “heartbreak,” as she told the lifestyle magazine.
But with the rise of Tan’s star comes closer scrutiny of Tan’s company—and people are now asking questions.
On Reddit’s r/phinvest community, there were queries reportedly dating as far back as 2018 about MFT Group’s business practices.
A netizen who was said to have been invited to invest money in the company sought more details about the company from other Reddit users after claiming he/she was unable to find independent verifiable information about the MFT Group’s performance “other than the PR stuff and blurbs from their fans.”
The MFT Group allegedly offers a 1% monthly return on investments (ROI), with the gains reportedly reaching as high as 35% per year. Its current offer is said to be 14% annual ROI, with an additional 5% to 10% return per quarter for five years.
“Ang promise sa amin now is yung quarterly naming na natatanggap before magiging annual na. And the % will increase in 5 years. So 5 years naka lock ang investment. We’ll see by Feb next year if totoo ito. I learned madami nagtry mag pull out but they cannot so tinanggap nalang naming. Since we knew naman this is a high-risk investment,” a post by u/YourMillenialBoss on r/phinvest read.
While the reported ROI rate was enough to raise eyebrows, what was more concerning for some netizens was the MFT Group’s alleged lack of a secondary license from the Securities and Exchange Commission (SEC) to solicit investments.
Tan is reportedly able to circumvent the need for a secondary license by limiting the investment offer to “family and friends,” according to online posts. The contract is said to be a business loan agreement or promissory note, with a company officer—instead of the firm itself supposedly signing it.
The promissory notes are also allegedly not under the name of the MFT Group or Tan’s other company, The Foundry. She reportedly does not sign contracts or post-dated checks.
In 2020, netizen lance_uy21 claimed that MFT reportedly doesn’t pay its suppliers on time and that efforts to reach the company are difficult.
The Reddit discussion on the MFT Group has evolved to the possibility of filing a class action suit against Tan.
“Gusto na namin mag file ng kaso kaso ang problema lang hindi pa nag mamature ang principal namin,” part of the post by u/Virtual_Emphasis_62 last August read.
Attempts to reach the MFT Group through the landline number indicated on its website resulted in a “not yet in service” response. Messages sent to Tan’s e-mail address did not bounce but remain unanswered.
Tan seems unperturbed by the questions and speculation about the MFT Group online. Just last month, she opened the Mondial Kidney Care Center with no less than First Lady Liza Araneta Marcos as a guest of honor.