Worth a monstrous P153 billion, ensuring the safety and sustainability of the Non-Bank Financial Institutions (NBFI) sector is now more important than ever before.
The huge figure represents an incredible increase of P24 billion in just a year, with the sector valued at P129 billion in 2021.
Briefing the press on some of the recent changes affecting NBFI, Director Insurance & Pension at Ministry of Finance, Patrinah Masalela mentioned the new Retirement Funds Act of 2022 and the Non-Bank Financial Institutions Tribunal, which both came into effect last month, as two huge milestones.
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