DBP, LBP merger-plan to be probed | Butch Fernandez

THE Senate, acting on a Resolution filed by Senator Ana Theresia “Risa” N. Hontiveros, is poised to mount an inquiry into the proposed merger of the Development Bank of the Philippines and the Land Bank of the Philippines , seen to imperil bank employees and coconut-levy beneficiaries.

It recalled that on March 28, 2023, Finance Secretary Benjamin E. Diokno disclosed the government was mulling over a merger between the two state-run financing institutions with LBP as surviving entity. The move is expected to create the largest banking institution in the country, with a total of more than P4.179 trillion in assets.

“As the two banks merge operations, it is possible that certain jobs will be eliminated or reduced in size,” the senator said, conveying concerns that “it will negatively affect employee morale and job satisfaction.”

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DBP digs in, insists merger with Landbank needs new lawIn a statement, Development Bank of the Philippines said it has filed an appeal with the Office of the President questioning GCG’s legal study for being “legally erroneous,” among other grounds. | RonWDomingoINQ /PDI
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