On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act (“FIST Act”). The FIST Act allows financial institutions (FIs), including the Bangko Sentral ng Pilipinas (BSP), banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the BSP to perform quasi-banking functions and credit-granting activities, to offload non-performing loans and other bad assets to a Financial Institutions Strategic Transfer Corporation (FISTC). The law took effect on 22 February 2021.
The Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1105, series of 2020, the Guidelines on the Establishment of Digital Banks (Circular). It took effect on 23 December 2020. The Circular considers digital bank as a distinct classification of bank and provides the framework for its operation and establishment.
On 11 September 2020, President Rodrigo Duterte signed into law Republic Act No. 11494, otherwise known as the Bayanihan to Recover as One Act (Bayanihan 2), which details the measures to be implemented by the Philippine government to stimulate and accelerate the recovery of the Philippine economy from the adverse impact brought about the by the Coronavirus 2019 (COVID-19) pandemic.
The Bayanihan 2 took effect on 15 September 2020.
The Insurance Commission, through Circular Letter No. 2018-74 dated 28 December 2018 (Circular Letter), issued the guidelines for admissibility of investments in infrastructure projects, thereby encouraging insurance and professional reinsurance companies to invest in infrastructure projects under the Philippine Development Plan (PDP) for 2017 to 2022. Based on the Circular…