— President Ferdinand Marcos Jr. has approved the proposed merger of LandBank and the Development Bank of the Philippines following recent developments in the international banking sector, according to Finance Secretary Benjamin Diokno.
"That's really the best practice. The biggest bank is usually owned by the state, globally," he told a Palace briefing on Tuesday. Aside from the merged bank becoming stronger, Diokno assured the president that the government would save at least ₱20 billion in the first four years of its operations. The estimate was"even understated" as this did not include revenues from the sale of redundant assets of DBP.
"The plan is that LandBank will have a branch in all LGUs in the Philippines. It could be a combination of light branches or big branches, ATMs, etc.," he said.Since the two state-run banks have respective charters created by separate laws, the merger may require a new law passed by Congress and signed by Marcos.However, Senator Win Gatchalian raised"serious concerns" over the proposed merger, saying it"will create a super monopoly.
Yes sir, monopoly these merger will benefits the lender, the borrowers have a hard paying the loans,interest rates is rising 6.25% causing defaults for unemployed or health issues may arise on the family. Thus far these 2 Senators Gatchalian & Hontiveros are doing their jobs.
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