FILINVEST Development Corp. (FDC) said on Friday that its subsidiary, f(dev) Digital Innovations and Ventures Inc., and partner Investree Singapore Pte. Ltd. had agreed to wind down the operations of Investree PH Inc., the Philippines' first crowdfunding platform.

FDC told the stock exchange that Investree PH "will apply for the shortening of its corporate term up to September 30, 2025."

It added that Investree PH was "working diligently to facilitate a smooth transition following due process" in accordance with Securities and Exchange Commission (SEC) regulations.

All stakeholders, including investors, small and medium enterprise partners and employees, are being properly informed, FDC said.

"The company will continue to facilitate the payment of notes according to the terms and conditions of its agreements."

Investree PH was granted a permanent license by the SEC in 2020 as a crowdfunding platform to empower and connect micro, small and medium enterprises to investors. It has since supported more than 180 businesses and funded over 800 applications from different industries.

"Investree PH expresses its gratitude to its stakeholders for their trust and support," FDC said, noting that the matter will have no material effect on FDC's consolidated earnings forecast for 2024.

FDC shares on Friday rose 1.58 percent to P5.78 each amid a 0.6-percent decline in the benchmark Philippine Stock Exchange index.