Philippines launches FIST Act for Banks and Financial Institutions

1. On February 16, 2021, the Philippines government issued the Financial Institutions Strategic Transfer (FIST) Act to facilitate banks and financial institutions (FIs) to dispose of their non-performing assets (NPAs) and non-performing loans (NPLs) through transfers to FIST Corporations (FISTC).

2. The FIST Act is among the government’s priority legislation to strengthen the financial sector and enable banks and financial institutions to extend credit to more sectors and thus stimulating much-needed economic growth. 

3. FISTC are asset management firms similar to special purpose vehicles and have been given the power to collect, dispose of, manage, and operate NPAs acquired from FIs under the FIST Act.

4. Through this measure, the government expects that the recovery of these financial institutions would spill over to other affected sectors of the community and help keep the economy afloat.

Consumer Insights & Trends Affecting Your Business

1. Euromonitor International has identified five key consumer insights from the results of its Voice of the Consumer: Lifestyles Survey. The survey was fielded to over 40,000 respondents in 40 countries worldwide in early 2021.

2.Consumers are demanding that companies care beyond revenue; they no longer perceive businesses as profit-driven entities. Protecting the health and interest of society and the planet is the new expectation, in order to Build Back Better. Companies should help reshape the world in a more sustainable way, leading a shift from a volume- to a value-driven economy and turning the tide on social inequity and environmental damage.

3. Global consumers are more focused on value, emotional wellbeing and hybrid lifestyles across the physical and digital worlds. Companies that can respond and align to these needs will be better placed to succeed and grow. With lessons learnt from the pandemic and the global recession, it is vital to prevent future shocks and disruption to your business.

Impact from Indonesia's ban on Nickel Ore Export

1. Nickel prices skyrocketed on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth. The rebound in the steel industry and rising electric vehicle manufacturing drive nickel consumption. 

2. Indonesia, the largest nickel ore producer worldwide, banned exports of the ore and thus achieved a record output of refined nickel. 

3. Indonesia, the leading global producer of nickel ore, reduced its volume of mine production from 853К to 760К tonnes, banned the export of unprocessed nickel ore and increased the refined nickel production to 636K tonnes. 

4. According to World Bank, the average nickel price in the first half of 2021 reached $17,489 per tonne, which was 27% higher than the 2020’s average price of $13,787 per tonne.

5. Rising demand from the recovering steel industry and from emerging electric car manufacturing provokes the price rally, while the supply is expected to be insufficient in the immediate term due to a decrease in the mined output.

Equitable Transit-Oriented Development (ETOD) Pilot Program & Public-Private Partnership Housing Development

1. A new Equitable Transit-Oriented Development (ETOD) Pilot Program to support community-driven projects that promote healthy, affordable, and accessible development near transit. The pilot program supports the implementation of the City of Chicago’s recently adopted ETOD Policy Plan.  

2. Three-part ETOD plan was developed over the last two years to foster more equitable transit-oriented development citywide. The plan’s goals include driving investment in transit-oriented projects on the South, West, and Southwest sides while also preventing displacement and promoting affordability in the North and Northwest sides of the city.