By Prince Golez
President Rodrigo Duterte wants Congress to prioritize legislation that will ensure the country’s financial system is resilient to the coronavirus disease (Covid-19) pandemic.
In a letter to Senate President Vicente Sotto III dated October 16, 2020, Duterte certified Senate Bill No. 1849 or the proposed “Financial Institutions Strategic Transfer (FIST) Act” as urgent.
The letter was also sent to House Speaker Alan Peter Cayetano and Presidential Liaison Office Secretary Adelino Sitoy.
The immediate enactment of the bill will “strengthen financial initiatives towards national economic recovery and maintain the stability of the financial sector amid the Covid-19,” according to the President.
The FIST Act aims to allow banks to offload their soured loans and assets and free up more funds to fuel the economy.