Senate Committee on Banks, Financial Institutions and Currencies hearing on the Financial Institutions Strategic Transfer (FIST) Act

August 26, 2020

While the FIST Act seeks to help banks and other financial institutions clean up their books of bad loans and free up their capital through the establishment of asset management companies, Senator Ralph Recto emphasized that the borrowers should also be protected from premature foreclosure.

“I think we should protect homeowners as well, especially in this time of pandemic. Marami ang hindi makabayad sa bangko at nanganganib maforeclose ang kanilang ari-arian.

“We should assist them para ‘yung mga bahay nila ay hindi naman mahatak ng bangko.

“We should put adequate safeguards for the homeowners in the bill.”