Senate panel starts discussion on FIST bill amid tenuous response from economic officials
Senators and finance officers agreed on Wednesday on the need to pass a measure to protect and help prepare the country’s banking sector in the face of recession-related impacts of the COVID-19 pandemic.
“We see that the threat to our banks is not immediate. But like all things pandemic, we have to prepare,” Senator Grace Poe, banks committee chair, said. She recalled the deterioration of the country’s banking system years after the Asian Financial Crisis in 1997. Drilon particularly scolded the BIR’s representative, who failed to substantiate the agency’s opposition to the bill.
“The BIR is a very important resource person here as there will be tax incentives granted and it will affect our revenue stream, with all due respect to the representative of the BIR, I wish they would send somebody more ranking who can speak for the BIR and we could hardly understand the statement of the BIR representative,” he said.
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