BSP appreciates the time and effort this committee has poured into the FIST Bills in order to facilitate the timely enactment of this economic recovery intervention. BSP recognizes the objectives of FIST Bill to help financial institutions (“FIs”) in their bad debt resolution and non-performing assets (“NPA”) management in response to the adverse impact of the COVID-19 pandemic on their financial operations.
BSP supports the laudable objectives of FIST Bill to induce economic activity and improve the liquidity of the financial system, enabling FIs to respond to the looming increase in NPAs, and therefore, propel economic growth.