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.
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By Aurelio R. Montinola III
(This article, with some light editing, was lifted from the Inaugural Speech delivered by the author as the President of the Management Association of the Philippines for 2021.)
First, a look back at 2020.
The year 2020 was unexpectedly a year of severe and multiple crises.
We had and have a Health Crisis.
The COVID-19 Coronavirus Pandemic hit the world and the Philippines like a giant sledgehammer. Global statistics show over 94 million COVID-19 cases, over 2 million deaths everywhere, comparisons with the 1918 Spanish Flu, and fears of a deadlier second wave.
End December Philippines Department of Health indicators report 439,796 cases, a 92.77% recovery rate, a 5.28% active rate (25,024 cases), and a 1.95% Death Rate (9,244 deaths).
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