Five financial institutions strategic transfer corporations were established since the law allowing the creation of these corporate entities was enacted in February 2021 to enable banks and other credit-granting institutions to efficiently offload bad loans and non-performing assets that they may have accumulated during the pandemic.
The Securities and Exchange Commission said in a report to Finance Secretary Carlos Dominguez III two of the five FISTCs are 100-percent Filipino-owned, while the rest include the participation of Japanese and Swiss investors.
These FISTCs are the Philippine Equitable Recovery FIST-Asset Management Corp. and Philippine Recovery Co. FISTC- AMC Inc. which are both Filipino-owned; Argo Global Servicing Philippines Inc., owned by Argo Global Investment Co. Ltd., a Japanese corporation; Resurgent Capital Inc. which has China Bank Capital Corp., a domestically registered investment banking subsidiary of China Banking Corp., among the incorporators; and Collectius FISTC-AMC Private Limited Corp., which is wholly-owned by Switzerland-based Collectius 2 AG.