SALIENT POINTS OF HOUSE BILL NO. 6622: THE PHILIPPINE BANKING INDUSTRY RESILIENCY AGAINST COVID-19 PANDEMIC ACT
On May 11, 2020 the National Economic and Development Authority (NEDA) through Acting Socioeconomic Planning Secretary Karl Kendrick Chua revealed that House Bill No. 6622 (HB6622) or “The Philippine Banking Industry Resiliency Against COVID-19 Pandemic Act” is likely to be certified as urgent by President Rodrigo Duterte. The Bill authored by Representative Junie Cua will encourage financial institutions to sell their non-performing assets (NPAs) to Financial Institution Strategic Transfer Corporations (FISTSCs), and grants tax exemptions and reduced registration and transfer fees to certain transactions. One of the major reason for the probable…