On Republic Act No. 11523

The Palace confirms that President Rodrigo Roa Duterte signed Republic Act No. 11523, otherwise known as the Financial Institutions Strategic Transfer ( FIST ) Act.

We consider the enactment of RA 11523 timely and thank both Houses of Congress for the passage of this law, which has been certified urgent by the Chief Executive, and has been considered by our Economic Team as one of the measures that would help us recover in the aftermath of the COVID-19 pandemic.

As part of the economic recovery program of the Duterte Administration, FIST will strengthen the financial sector by enabling banks to efficiently dispose of their non-performing loans and assets, clean up their balance sheets, and extend credit to more sectors in need.

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.