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.
FIST be with you! | BusinessWorld
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SEC releases draft implementing rules of FIST law
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