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PCCI backs NEDA s bid to place entire Philippines under MGCQ By TED CORDERO, GMA News
Published February 18, 2021 12:40pm The Philippine Chamber of Commerce and Industry, the country’s largest business group, is throwing its support behind the proposal of the National Economic and Development Authority to place the entire country under modified general community quarantine (MGCQ), the most relaxed quarantine classification. In a statement, PCCI president Benedicto Yujuico said that the business community shares the call of the NEDA to transition the country to MGCQ “to stem further economic decline and help businesses regain lost grounds.” On Monday, NEDA chief and Acting Socioeconomic Planning Secretary Karl Chua urged authorities to place the whole country under MGCQ.
Philippine banks on Thursday cheered the passage of the law which would allow financial institutions to offload soured loans to asset management companies, which they said would lead to higher lending activities amid the COVID-19 pandemic.
President Rodrigo Duterte (pic) has signed Republic Act (RA) 11523 or the Financial Institutions Strategic Transfer (Fist) Act in a bid to keep the financial sector stable amid the coronavirus disease 2019 (Covid-19) pandemic, Malacañang announced on Wednesday
Published February 18, 2021, 6:15 PM
Business organizations lauded the enactment of Financial Institutions Strategic Transfer (FIST) Act into law as timely stating the new law would further aid in the recovery of the Philippine economy, which has been battered by long lockdowns and quarantines due to the pandemic.
The Philippine Chamber of Commerce and Industry (PCCI), the Bankers Association of the Philippines (BAP), and the Management Association of the Philippines (MAP) issued separate statements of support to the signing of the FIST Act by President Duterte and its passage by Congress.
BAP said the passage and signing of the FIST Act into law is timely and will further strengthen the role of the financial industry in the economic recovery of the country.