MANILA, Philippines — President Ferdinand Marcos Jr. approved the merger of the Land Bank of the Philippines Leasing and Finance Corporation and United Coconut Planters Bank Leasing and Finance Corporation , Malacañang said Friday.The President, through Executive Secretary Lucas Bersamin, signed Executive Order 65 on August 6, approving the merger with the LLFC as the surviving entity.
According to the EO, the Governance Commission for GOCCs , LLFC and ULFC were ordered to ensure that the merger will comply with Republic Act 11232 or the 'Revised Corporation Code of the Philippines' and RA 10667 or the 'Philippine Competition Act.'The merger shall also transfer all assets and liabilities of United Coconut Planters Bank to Land Bank of the Philippines , including its ownership shares in ULFC.