For more information you can review our Terms of Service and Cookie Policy. Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. Why did this happen? To defray the costs of transferring bad loans to so-called Financial Institutions Strategic Transfer Corporations (FISTCs) that will manage distressed assets, the law provided tax incentives. ($1 = 48.1660 Philippine pesos) (Reporting by Karen Lema; Editing by Alison Williams)
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