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BSP ready to implement FIST Law – Diokno

To encourage banks to dispose bad assets, the BSP streamlined the procedures for application of the certificate of eligibility of NPAs. The BSP, the Securities and Exchange Commission and the Insurance Commission would issue the COE for the purpose of obtaining tax exemptions and fee privileges.

Aside from banks, entities covered by the law include financing companies, investment houses, lending companies, accredited microfinance non-government organizations, insurance companies, government financial institutions, government owned or controlled corporations, non-stock savings and loan associations, and non-bank credit card issuers.


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