The newly signed Republic Act 11523, or the “Financial Institutions Strategic Transfer Act” (FIST), will allow the Philippine banking industry to further support economic activities by lending more, according to the Department of Finance (DoF) and two major industry groups.
In a statement on Thursday, Finance Secretary Carlos Dominguez 3rd said FIST’s passage within the first year of the coronavirus pandemic made it an effective measure to ensure the stability of the country’s financial system amid global health and financial crises.
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