The Senate banks, financial institutions and currencies committee tackled the proposed Financial Institutions Strategic Transfer (FIST) Act in a hearing on Wednesday. ADVERTISEMENTThis measure seeks to encourage financial institutions to sell their nonperforming assets to asset management companies to be created as so-called financial institutions strategic transfer corporations that specialize in the resolution of distressed assets by providing fiscal incentives. The BTr expressed full support for FIST and the BIR expressed opposition to it, particularly provisions on tax exemptions. Poe also took to task several agencies over the absence of its ranking officials during the hearing. “The committee would like to stop playing catch-up with the pandemic and prepare the policy for the worse,’ the senator added.

Source: Philippine Daily Inquirer August 26, 2020 12:11 UTC