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Philippines president backs merger of two state lenders to create country's biggest bank

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Philippines President Ferdinand Marcos Jr is pushing for the merger of two state-run banks, which will create the country's largest lender by assets, his finance secretary said on Tuesday.

The planned merger, first approved by President Benigno Aquino in 2016 but scrapped later that same year by his successor Rodrigo Duterte, was revived "due to recent financial developments abroad," Finance Secretary Benjamin Diokno told a media briefing.

"The merger will create a bigger and stronger bank to better serve the country's development needs," Diokno said.

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