A resolution seeking to investigate the "potential risks" of the proposed merger of the Landbank of the Philippines and the Development Bank of the Philippines has been filed in the Senate.
"The Senate needs to look into concerns [about] the potential risks the contemplated merger may bring to the stability of the banking industry and the economy, as the consolidation of these banks to form the largest bank in the country could concentrate risks and increase vulnerability to financial market stress and economic shocks," Gatchalian said in his resolution.
But Gatchalian noted the appeal of the DBP to the GCG’s study, arguing that the latter did not study the propriety of the merger and that the legal authority of the GCG is at best recommendatory and not binding on any government agency.
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