Passing The Peso | Global Finance Magazine gfmag.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gfmag.com Daily Mail and Mail on Sunday newspapers.
Published April 6, 2021, 12:09 AM
With the promulgation last week of the implementing rules and regulations of the Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523), the government has delivered a solid jab into the financial muscle of banks as prime movers of business and industrial growth that has taken a nosedive in the wake of the COVID-19 pandemic.
This new law supersedes and repeals Republic Act No. 9182, which granted tax exemptions and other privileges to newly created firms, known as special purpose vehicles, that assume bad loans and invest in banks’ non-performing assets. The FIST companies take on the management of such debts and assets, deploying their expertise in rehabilitating the loans of the banks’ distressed clients.
PNB may sell nonperforming loans, assets bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Philippines Launches FIST Act to Protect Banks and Financial Institutions
Philippines Launches FIST Act to Protect Banks and Financial Institutions March 17, 2021 Posted by ASEAN Briefing Written by Ayman Falak Medina Reading Time: 3 minutes
The Philippines government approved the Financial Institutions Strategic Transfer (FIST) Act to help dispose of non-performing assets (NPAs) and non-performing loans (NPLs) of banks and financial institutions (FIs).
The new law allows banks and FIs to dispose or outsource the management of their NPAs to FIST Corporations (FISTC).
FISTC are asset management firms similar to special purpose vehicles (SPV) and have been given the power to collect, dispose of, manage, and operate NPAs acquired from FIs.
Herd immunity in the Philippines might not be achieved until 2023 Moody s Analytics
Published March 17, 2021 11:57am By TED CORDERO, GMA News The Philippines is not likely to achieve herd immunity against COVID-19 until 2023, which could slow the pace of its economic recovery, according to Moody’s Analytics. In his Asia-Pacific Economic outlook, Moody’s Analytics chief economist for Asia-Pacific Steven Cochrane reiterated that the Philippines will lag behind its peers in the region in terms of recovering to its pre-pandemic economic growth. “Most of the region, if not already recovered, is within 2 to 3 percentage points of achieving a new peak in GDP (gross domestic product),” Cochrane said.