ON February 21, 2022, Insurance Commissioner Dennis Funa issued Circular Letter No. 2022-08 on the 'Guidelines on the Implementation of Republic Act No. 11523 or the Financial Institutions Strategic Transfer (FIST) Act.'

'The IC issued Circular Letter No. 2022-08 as part of a 'whole-of-government approach' to the adverse economic effects of the Covid-19 pandemic. There is a need to issue such guidelines as insurance companies were identified under the FIST Act and its implementing rules and regulations (IRR) as one of the credit- granting institutions that may invest in, as well as transfer non-performing assets (NPAs) to, Financial Institutions Strategic Transfer Corporations (FISTCs),' Commissioner Funa said.