The Development Bank of the Philippines stood firm in its opposition to the proposed merger with another state-owned bank, the Land Bank of the Philippines, warning of its potential adverse impact on the economy and the financial system should the “superbank” collapse.
Landbank is the Philippines’ second largest universal bank with P2.76 trillion in assets, next to BDO Unibank with P3.73 trillion in assets.If the merger materializes, Landbank as the surviving “superbank,” would be the largest bank in the country with assets worth about P4 trillion. “If merger is inevitable, the DBP should be the surviving entity because of its richer legacy, more extensive experience, and expertise and better track record in development financing," Tinga said.defended the proposed mergerIn a separate statement, Diokno said that contrary to the claim that the merger was a “dangerous experiment,” the proposal was the result of “careful analysis of the costs and benefits of this merger, based on solid financial and economic evidence.
In April, the Governance Commission for Government-Owned and Controlled Corporations submitted to the Office of the President its study, which stated that the Landbank-DBP merger couldTiñga said that since the two state-owned banks were created by acts of Congress, the merger required an enabling law.
Having all the financial resources of the national government, its agencies, GOCCS, government instrumentalities, and local government units in one official depository bank may be more perilous than beneficial for the country Diokno had said 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 billion per year worth of savings for the government.
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