POE ON THE SIGNING OF THE FIST LAW:

The Financial Institutions Strategic Transfer (FIST) law is a measure designed for tough times, and we are glad it is now institutionalized into our financial system.

At the heart of this law are the people and their jobs and livelihood which we aim to protect amid the pandemic-induced economic crunch.

Giving banks and financial institutions a lifeline will mean more credit access for businesses, preservation of jobs and even generation of new ones as economic activities continue.

Jobs are crucial to productivity and the rebound of the economy.