RCBC sees country’s GDP to grow 6-7% in 2021The timely signing of the 2021 national budget and the widening distribution of coronavirus disease 2019 (Covid-19) vaccines would help the Philippine economy return to growth next year, according to the Rizal Commercial Banking Corp. (RCBC). Ricafort also said progress on the government’s priority reform measures would also help economic recovery. He identified these as the proposed Corporate Recovery and Tax Incentives for Enterprises (Create), Financial Institutions Strategic Transfer (FIST), and Government Financial Institutions Unified Initiative to Distressed Enterprises for Economic Recovery (Guide) laws. FIST aims to encourage financial institutions to sell their nonperforming assets to asset management companies that specialize in resolving distressed assets by providing fiscal incentives. Guide proposes measures to strengthen the capacity of state financial institutions in providing funds to micro, small, and medium enterprises, and other strategically important companies.

Source: Manila Times December 30, 2020 16:34 UTC