Europe-PH News

SEC releases draft rules of FIST law

February 19, 2021

ECCP Online

MANILA - The Securities and Exchange Commission (SEC) has released to the public on Friday the draft implementing rules and regulations (IRR) of a newly passed law that will help banks and financial institutions manage risk from piling bad loans amid the COVID-19 crisis.

The Financial Institutions Strategic Transfer or FIST Act allows banks and financial institutions to dispose of non-performing assets (NPAs) or "bad loans" through selling them to "FIST corporations."

The draft IRR contains the guidelines on the creation of FIST firms that will invest in or acquire bad loans.

It has inputs from the Bangko Sentral, Bureau of Internal Revenue, and the National Economic and Development Authority, and has been released for public comments.

Non-performing or bad loans were described as unpaid loans for at least 90 days after they were due, or after they default under the loan agreement.

Source: ABS-CBN News

  • Europe-PH News

  • June 15, 2021

    Metro Manila, Bulacan ease to GCQ with 'some restrictions' by June 16

    Metro Manila (CNN Philippines, June 14) – Quarant... Read More

  • June 15, 2021

    COVID-19 vaccine deliveries and rollout in the Philippines

    (CNN Philippines) — The government is aiming to v... Read More

  • June 15, 2021

    Palace: Duterte to announce new quarantine classifications; ‘normal’ GCQ likely in NCR Plus

    MANILA, Philippines — President Rodrigo : will announce new quaran... Read More