By Prince Golez
President Rodrigo Duterte has signed Republic Act No. (RA) 11523, which allows all banks to sell their non-performing assets while availing of fiscal incentives.
On Wednesday, Malacañang commended Congress for the lawmakers for passing the new law, which Duterte has certified as urgent, and has been considered by the economic managers as one of the measures that would help the country recover from the coronavirus pandemic.
“We consider the enactment of RA 11523 timely and thank both Houses of Congress for the passage of this law,” according to Presidential Spokesperson Harry Roque.
Roque said FIST aims to strengthen the financial sector by enabling banks to offload souring loans and assets, clean up their balance sheets, and extend funds to more sectors in need of credit.
“We remain committed to put the economy on a more solid path to recovery through our fiscal and economic reforms, and alongside the rollout of a mass vaccination program, we are confident that we would heal and recover as one,” he added.
Source: Latest Politics News Today (Politics.com.ph)
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