We expect this behavioral change to continue as consumers adapt to what we call as the “new economy”. Moving forward, we are monitoring developments and preparing additional measures to ensure the soundness, stability, resilience and inclusivity of the banking system.
To complement our regulatory and supervisory initiatives to mitigate the adverse effect of the COVID-19 pandemic, the BSP sees the need to implement the following legislative measures: The enactment of the Financial Institutions Strategic Transfer (FIST) Act. It will assist the financial system in managing the levels of non-performing assets in the industry. The proposed amendment of the New Central Bank Act.