Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) has finally released the implementing rules and regulations (IRR) of Republic Act 11523 or the Financial Institution Strategic Transfer (FIST) Act.
Circular 1117, signed by BSP Governor Benjamin Diokno last May 27, establishes guidelines for banks' sale and or transfer and investment transactions, as well as those of other institutions licensed by the Bangko Sentral to perform quasi-banking functions and credit-granting activities, such as pawnshops, non-stock savings and loan associations, and non-bank credit card issuers.