PRRD certifies FIST bill as urgent

October 20, 2020 10:32 AM

President Duterte certified as urgent the proposed Financial Institutions Strategic Transfer (FIST) Act which helps the Philippine economy recover amid the COVID-19 pandemic.

In a letter to Senate President Vicente “Tito” Sotto III on Friday (October 16), President Rodrigo Roa Duterte certified as urgent Senate Bill No. 1849 or the proposed Financial Institutions Strategic Transfer (FIST) Act.

The President believes the bill will “strengthen financial initiatives towards national economy recovery and maintain the stability of the financial sector amid the COVID-19.”

The bill aims to aid banks and other financial institutions licensed by the Bangko Sentral ng Pilipinas (BSP) by allowing them to offload bad loans in a bid to cushion the economic impact of the COVID-19 pandemic. It is currently undergoing plenary debates in the Senate. 

In the letter sent to Sotto and House of Representatives Speaker Lord Allan Velasco, the President wrote, “Such compliance will avoid adverse findings against the country which could lead, among others, to increased costs of doing financial transactions, to the prejudice of the business sector and our overseas Filipino workers,” 

Senator Grace Poe, the sponsor of the FIST bill, said that it could help some 600,000 micro, small, and medium enterprises (MSMEs) and save over 3.5 million jobs.

Likewise, President Duterte also certified as urgent Senate Bill No. 1412 and House Bill 6174, both of which supports Republic Act 9160 "Anti-Money Laundering Act of 2001"