There are few takers for a law that allows banks to offload bad loans even at substantial discount to ensure a sound and safe financial system as the industry recovers from the impact of the pandemic, according to the Bangko Sentral ng Pilipinas.
Five financial institution strategic transfer corporations have been established since a law, which allows private firms to acquire the soured loans of banks, was approved nearly a year ago, the Securities and Exchange Commission said.
The Securities and Exchange Commission (SEC) has approved five corporations that will acquire the bad loans and non-performing assets (NPAs) of financial institutions affected by the pandemic-induced crisis, the Department of Finance (DOF) said. In a statement, the DOF said that five Financial I
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)…