With COVID-19 now considered as an occupational and work-related disease in the Philippines, workers who have been infected with COVID-19 may receive appropriate compensation under the EC Programme. Here s what employers need to know.
Philippines: Financial Institutions Strategic Transfer Act signed into law
On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act. The FIST Act allows financial institutions, including the Bangko Sentral ng Pilipinas, banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the BSP to perform quasi-banking functions and credit-granting activities, to offload non-performing loans and other bad assets to a Financial Institutions Strategic Transfer Corporation. The law took effect on 22 February 2021.
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Recent developments
On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act (“