Marcos backs Landbank-DBP merger

supports the proposed merger of state-controlled lenders Land Bank of the Philippines and Development Bank of the Philippines 'to make it the biggest bank in the country,' his Finance chief said Tuesday.The President and his economic team discussed the merger during a sectoral meeting held on Tuesday in Malacañang.

'The President expressed the desire to merge the two, to make it the biggest bank of the country because of the recent financial developments abroad,' Diokno told reporters.'That's really the best practice. The biggest bank is usually owned by the state, globally,' he said, adding that the merger will save the government around P5.3 billion per year in the next four years.'As a result of the merger, there will be savings, the merged bank will be stronger.

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