DBP lauds Senate reso seeking probe on planned merger with Landbank

In a statement, the DBP said it is “prepared to work with Congress and to participate and provide unequivocal support to any Congressional inquiry that may be undertaken concerning the proposed merger Landbank.”

Hontiveros filed the resolution for a probe as she raised concerns about the potential risks and benefits of the possible merger. Last week, the Governance Commission for Government-Owned and Controlled Corporations submitted to the Office of the President the result of its legal study which says the merger of Landbank and DBP can proceed without legislation and can be done through an executive action.

The DBP, however, said it shares the sentiments of legislators on the need to undertake a rigorous and meticulous analysis of the proposal as the planned merger would entail a significant impact not only on the future of the two largest financial institutions of the government but also on the wider banking industry and the Philippine economy in general.

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