![](https://assets.isu.pub/document-structure/230331160903-33e4d3b18e1863e20e509beb83f815f3/v1/14a01b4a3b2b39c3766bc85170bdc155.jpeg?width=720&quality=85%2C50)
1 minute read
GCG to evaluate planned Landbank-DBP merger
The Governance Commission for GOCCs said on Thursday it would evaluate the proposed merger of the state-run Land Bank of the Philippines and the Development Bank of the Philippines and come up with a recommendation to be submitted to the Office of the President.
In a statement, the GCG said legal concerns were raised by the DBP about the proposed merger with Landbank, with the latter as the surviving entity poised to become the largest bank in the country, during a sectoral meeting attended by the stakeholders.
Advertisement
merger is seamless and will not disrupt or cause issues or concerns in their respective operations and processes… It is within the jurisdiction of GCG to ensure that the merger of Landbank and DBP is beneficial to the state,” Quiroz said.
The GCG said the evaluation would cover all areas and be “considered of utmost importance as Landbank and DBP have been named as sources of the start-up funds for the government’s proposed sovereign wealth fund, or the Maharlika Investment Fund (MIF).” money back to the Philippines for free via the app. That will save them the cost of remittance fees.
“GCash being available to our 10 million Filipinos overseas,” said Trinidad. He added, “Filipinos can now travel cashless all
FGCASH, P10
The DBP has earlier said that the plan to merge it with Landbank would require legislation as both banks were created by different enabling laws or charters.
GCG Chairperson Alex Quiroz said the commission “will have to look into the specifics of the merger as it involves two major banks that are state-owned.”
“We want to ensure that the
“We are grateful that in this process of merger, the President recognizes the oversight function of the Governance Commission,” GCG Commissioner Gideon Mortel said.
On Tuesday, Finance Secretary Benjamin Diokno announced that President Ferdinand Marcos Jr. had given the thumbs up for the merger of the two state-owned banks, which he said would result in P5.2 bil-