Business groups optimistic on economic recovery following vaccines arrival
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Metro Manila (CNN Philippines, February 28) The arrival of the first batch of COVID-19 vaccines is expected to trigger public confidence, spurring economic recovery.
This is according to big business groups in the Philippines Financial Executives Institute of the Philippines (FINEX), Makati Business Club (MBC), and Management Association of the Philippines (MAP).
Executives from the said groups shared the same sentiments, saying jump-starting mass vaccination against the virus would equip the Philippines to further pursue and fuel its economic recovery plan.
MAP National Issues Committee Chairperson Rizalina Mantaring told CNN Philippines that since the government has been implementing lockdowns, limiting Filipinos movement to lessen the spread of the COVID-19, the economy has been devastated .
BusinessWorld
THE FINANCIAL Institutions Strategic Transfer (FIST) Law will not be enough for a “turnaround” in credit growth even as it aims to help banks offload non-performing assets (NPAs), ANZ Research said in a note.
“It (FIST Law) is unlikely to trigger a credit cycle until the risk profile of borrowers improves, a development that is contingent upon a broad-based upturn in the business cycle,” ANZ Research Chief Economist Sanjay Mathur said in a note sent on Thursday.
Republic Act No. 11532 signed by President Rodrigo R. Duterte last week allows banks to get rid of soured loans and NPAs by selling them to Financial Institutions Strategic Transfer Corporations (FISTCs).
FINEX expresses support to a proposal to place the entire Philippines under the most lenient quarantine controls next month for a faster economic recovery
BusinessWorld
February 18, 2021 | 12:33 am
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Reporters
THE BANKING industryâs nonperforming loan (NPL) ratio is expected to be reduced, with the implementation of the Financial Institution Strategic Transfer (FIST) law, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.
âIt will ease the NPL ratios of banks moving forward. FIST is expected to reduce the NPL ratio by about 0.63 to 7.0 percentage points,â Mr. Diokno told reporters in a Viber message on Tuesday night.
The banking industryâs NPL ratio stood at 3.61% as of end-December, much higher than the 2.08% a year earlier but still better than BSPâs 4.6% projection for end-2020.
Republic Act No. 11523, or the FIST Act, was signed into law by President Rodrigo R. Duterte on Tuesday. The law allows banks to clean up their books by selling their soured loans to so-called Financial Institutions Strategic Transfer Corporations (FISTCs).
Published January 18, 2021, 5:30 AM
The Financial Executives Institute of the Philippines (FINEX) has elected lawyer Francis ED. Lim as its President for 2021.
Lim was the President and CEO of the Philippine Stock Exchange (PSE) from 2004 to 2010. It was during his stint at the PSE when he joined FINEX.
Francis Ed. Lim
Concurrent with his post at the bourse, Lim held key positions in various institutions such as the PSE Foundation, the Securities Clearing Corporation of the Philippines, the Capital Market Development Council, the Philippine Dealing and Exchange Corporation, and the Securities Investors Protection Fund.
Since then, he has served as President of the Management Association of the Philippines (MAP) and the Shareholders Association of the Philippines (SharePhil).