Senator Grace Poe on Wednesday welcomed the signing into law of the Financial Institutions Strategic Transfer (FIST) Act, which would make it easier for banks to unload bad assets and free up funds for lending.
The chair of the Senate committee on banks said the new law “is a measure designed for tough times, and we are glad it is now institutionalized into our financial system.”
“At the heart of this law are the people and their jobs and livelihood which we aim to protect amid the pandemic-induced economic crunch,” Poe said in a statement.
“Giving banks and financial institutions a lifeline will mean more credit access for businesses, preservation of jobs and even generation of new ones as economic activities continue,” she said.
“Jobs are crucial to productivity and the rebound of the economy,” Poe added.