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FIST to let Philippine banks offload billions in bad debts in next 2 years: BSP

Bruce Rodriguez, ABS-CBN News
Posted at Mar 29 08:39 PM

Philippine banks which were badly affected by the COVID-19 pandemic will get a much-needed boost from the implementation of the Financial Institutions Strategic Transfer (FIST) Act, which will let them offload billions of pesos of bad debts. Read more »

Financial execs 'strongly urge' passage of GUIDE bill to aid small businesses

ABS-CBN News
Posted at Feb 25 05:18 PM

A group composed of the country’s top financial executives is urging Congress to pass a bill that seeks to provide financial assistance to distressed micro, small and medium enterprises (MSMEs). Read more »

SEC releases draft rules of FIST law

ABS-CBN News
Updated as of Feb 19 05:41 PM

The Securities and Exchange Commission (SEC) has released Friday the draft implementing rules and regulations (IRR) of the newly passed law that will help banks and financial institutions managed risk from piling bad loans amid the COVID-19 crisis. Read more »

No write-off, no condonation: DBP officials belie claims Lopez firms have unpaid debt

ABS-CBN News
Posted at Feb 17 08:57 PM

Companies under the Lopez Group and its former unit Maynilad Water Services have no unpaid loans with the state-run DBP, bank officials said Wednesday. Read more »

Metrobank net income drops by half in 2020 as provisions for bad loans spike

ABS-CBN News
Posted at Feb 17 06:59 PM

Metrobank said its net income in 2020 reached P13.8 billion, which less than half the P28.1 billion it booked in 2019. Read more »

Duterte signs FIST bill into law to cushion banks from bad loans

ABS-CBN News
Updated as of Feb 17 11:49 AM

President Rodrigo Duterte has signed into law the Financial Institutions Strategic Transfer (FIST) Act which would cushion banks and credit-granting institutions from the build up of bad loans due to the COVID-19 crisis, the Bangko Sentral ng Pilipinas said on Tuesday. Read more »

DOF bats for ‘doable’ economic measures as Congress holds Cha-cha hearings

ABS-CBN News
Posted at Jan 26 03:37 PM

Finance Secretary Carlos Dominguez III said lawmakers should pass “doable” economic measures with only 17 months left in the administration of President Rodrigo Duterte, as Congress again held hearings on amendments to the Constitution on Tuesday.   Read more »

Financial execs oppose Cha-cha, say gov't must focus on economic recovery

ABS-CBN News
Posted at Jan 18 06:50 PM

The premier group of the country's top financial executives has "strongly opposed" changes to the Constitution through the government's proposed charter change (Cha-cha), as amendments should be limited to economic reforms. Read more »

DBP belies allegations it condoned loans from Lopez group

ABS-CBN News
Posted at Jan 18 06:14 PM

State-owned DBP on Monday belied allegations that it condoned or wrote off loans from businesses belonging to the Lopez Group of companies. Read more »

Senate ratifies bicam report on FIST bill

Katrina Domingo, ABS-CBN News
Posted at Dec 15 05:07 PM

The Senate on Tuesday ratified the bicameral conference committee report on the proposed Financial Institutions Strategic Transfer (FIST) Act, which would allow "banks and other financial institutions to dispose and transfer non-performing assets and loans." Read more »

Senate approves on final reading FIST bill to cushion banks from bad loans

Katrina Domingo, ABS-CBN News
Posted at Nov 10 07:33 PM

The Senate on Tuesday unanimously passed on final reading the Financial Institutions Strategic Transfer (FIST) Act bill to cushion banks from the possible build up of bad loans due to the COVID-19 crisis. Read more »

PH economic recovery rests on 2021 budget, 'set of measures' to aid businesses

ABS-CBN News
Posted at Sep 10 11:06 AM

Economic recovery from the COVID-19 pandemic rests not just on the 2021 budget but also the swift passage of other measures meant to assist struggling businesses, Finance Asec. Tony Lambino said Thursday. Read more »

DOF chief pushes for 2021 budget's 'swift' passage as Senate begins tackling P4.5T spending bill

Katrina Domingo, ABS-CBN News
Updated as of Sep 09 09:36 PM

Finance Secretary Carlos Dominguez on Wednesday urged the Senate to "swiftly" pass the P4.5-trillion 2021 budget and at least 3 bills to enable the government to revive the Philippine economy stunted by the COVID-19 crisis. Read more »

Bangko Sentral backs FIST bill allowing banks to offload bad loans

ABS-CBN News
Posted at Sep 02 10:51 PM

BSP said the Financial Institutions Strategic Transfer (FIST) Act “will assist the financial system perform its role efficiently, mobilizing savings and investments for the country’s economic recovery as well as its sustained growth and development.”   Read more »

Finance chief bats for approval of bill to manage banks’ bad loans

ABS-CBN News
Posted at Sep 02 03:00 PM

Congress needs to act quickly to pass a proposed law that allows banks to offload their bad loans to asset management companies, Finance Secretary Carlos Dominguez III said Wednesday. Read more »

On International Dog Day, 'hungry puppy' disrupts Senate hearing

Katrina Domingo, ABS-CBN News
Posted at Aug 26 10:36 PM

Senators Franklin Drilon, Imee Marcos, Ralph Recto and Sonny Angara were seen giggling at the unexpected interruption.    Read more »

Gov't may lose up to P13.2B in 5 years if Congress OKs FIST: National Treasurer

Katrina Domingo, ABS-CBN News
Posted at Aug 26 08:33 PM

The government is expected to lose as much as P13.2 billion in the next 5 years should Congress pass a Bangko Sentral-backed measure that would cushion banks from the possible build up of bad loans due to the COVID-19 crisis. Read more »

Business group backs P1.3-trillion stimulus bill

ABS-CBN News
Posted at Jul 29 10:56 PM

Management Association of the Philippines called on government to pass a House-approved bill seeking to spend P1.3 trillion to stimulate the economy, saying corporate tax reforms and new banking measures may not be enough.  Read more »

'Crisis and recovery': Business groups press Congress on stimulus

ABS-CBN News
Posted at Jun 04 12:30 PM

The Philippines' biggest business groups on Thursday said lawmakers should speed up deliberations on stimulus measures to help the economy recover from the coronavirus pandemic.   Read more »

House COVID-19 panel approves P1.3 trillion economic stimulus bill

ABS-CBN News
Posted at May 26 12:58 PM

The House Defeat COVID-19 Committee on Tuesday approved a P1.3 trillion economic stimulus measure, the chamber's Majority Leader Martin Romualdez said. Read more »