Duterte Classifies Senate Bills as Urgent To Support the Philippine Financial Sector
President Rodrigo Duterte certifies the Financial Institutions Strategic Transfer (FIST) act, along with other senate bills, as urgent to support the Philippine financial sector and the Anti-Money Laundering Law amid the COVID-19 pandemic.
The FIST Bill, also known as Senate Bill No. 1849, seeks to support banks and financial institutions by allowing them to offload bad loans as a measure to mitigate the effects of the pandemic.
During Duterte’s national address, he stated that “[The bill will] strengthen financial initiatives towards national economic recovery and maintain the stability of the financial sector amidst the COVID-19.”
Recently, the bill has been endorsed for plenary approval in the Senate.
The Anti-Money Laundering Act of 2001, also known as Republic Act No. 9160, requires financial technology (FinTech) and other obligated institutions to take measures to detect and prevent money laundering.
In a letter sent to Senate President Vicente Sotto III and House of Representatives Speaker Lord Allan Velasco, Duterte urges that “Such compliance will avoid adverse findings against the country which could lead, among others, to increased costs of doing financial transactions, to the prejudice of the business sector and our overseas Filipino workers.”