MANILA, Philippines — The House committee on banks and financial intermediaries on Monday approved a bill seeking to help banks and other financial institutions offload their non-performing assets (NPAs) to cushion the impact of the COVID-19 pandemic to their operations. 6622 or the Philippine Banking Industry Resiliency Act Against COVID-19 pandemic proposed by Quirino 1st District Rep. Junie Cua. “The State recognizes the role of banks and other financial institutions as mobilisers of savings and investments for the country’s growth and development. These financial institutions are main components of the financial system and their continued financial health is critical to the maintenance of financial stability,” the bill’s explanatory note reads. NPAs consist of financial institutions’ non-performing loans, and real and other properties acquired in settlement of loans and receivables, the bill explains.

Source: Philippine Daily Inquirer May 11, 2020 07:18 UTC