This April 26, 2020 file photo shows the name of the Bangko Sentral ng Pilipinas on Roxas Boulevard, Malate, Manila. PHOTO BY ENRIQUE AGCAOILI
The Bangko Sentral ng Pilipinas (BSP) and business groups have welcomed the signing of Republic Act 11523, or the “Financial Institutions Strategic Transfer Act” (FIST), with the central bank saying it could cut the nonperforming loan (NPL) ratio of banks by as much as 7 percentage points.