Press Release
POE SEES FIST FUELING ECONOMIC RECOVERY
The Senate has ratified the Financial Institutions Strategic Transfer (FIST) Act, earlier certified as urgent to help cushion the financial sector from the pandemic s impact and allow it to bankroll activities that will fuel the country s economic recovery. Pinoprotektahan ng batas na ito ang kapital para mas maraming mapautang ang bangko. Pero binibigyan rin nito ng pagkakataon ang mga napautang na makuha muli ang kanilang mga ari-arian na marahil ay nailit ng bangko. Lahat ay binigyan ng boses dito, said Sen. Grace Poe.
The FIST aims to speed up the transfer of bad assets of banks to allow them to lend to businesses and consumers while taking away the temptation for government to buy such assets with its limited revenues to better prioritize spending.
Stock indices as of December 16, 2020 – The Manila Times
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House ratifies bicam report on proposed FIST Act – The Manila Times
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(MANILA BULLETIN FILE PHOTO)
Senator Grace Poe, chairperson of the Senate banks committee, reported to her colleagues the bicameral conference committee report on the disagreeing provisions of the FIST bills approved by the Senate and the House of Representatives.
The bill, if signed into law, would allow banks and other financial institutions to dispose of their non-performing loans and assets in anticipation of the increase in such items following the pandemic.
Government economic managers earlier said this would help the banks free up money and capital to extend more credit, especially to small businesses.
President Duterte had certified the proposed legislation as urgent as part of his administration’s COVID-19 response and recovery measure.