The Securities and Exchange Commission (SEC) has drafted the implementing rules of the newly enacted Financial Institutions Strategic Transfer (FIST) Act, which offers time-bound fiscal incentives to make it easier for financial institutions to unload bad debts that may pile up during the current economic difficulties brought about by the coronavirus pandemic.
The SEC, the primary implementing agency of the FIST Act, drafted the implementing rules and regulations (IRR) with inputs from the Bangko Sentral ng Pilipinas (BSP), Bureau of Internal Revenue and National Economic and Development Authority. It is now seeking public feedback before finalizing the FIST blueprint—which is expec…
Keep on reading: FIST Act draft implementing rules now up for public scrutiny