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5 FIST corporations now set up—DOF

Slow FISTC rollout due to strong PHL banks | Bernadette D Nicolas

FIVE asset management companies have been set up since the enactment of the law almost a year ago allowing the creation of these entities to enable banks and other credit-granting institutions to offload bad loans and non-performing assets they have accumulated during the pandemic. The Securities and Exchange Commission (SEC)…

Philippines Launches FIST Act to Protect Banks and Financial Institutions

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.

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