GCG: Legislation not needed for Landbank-DBP merger

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The planned Landbank and Development Bank of the Philippines merger may proceed even without a new law, according to the Governance Commission for Government Owned or Controlled Corporations. | RonWDomingoINQ /PDI

The conclusions of the GCG, where the Finance Secretary sits as an ex officio member, agree with the Department of Finance.

In asserting authority over the matter, GCG chair Alex Quiroz said in a statement: “The GCG, pursuant to memorandum Circular 2015-03 , has the power to ascertain the manner of the merger—either de jure merger or de facto merger.”It specifically cited three legal provisions that gave it the power to merge government-owned or -controlled corporations : Section 5 of Republic Act No.

“We want to ensure that the merger is seamless and will not disrupt or cause issues or concerns in their respective operations and processes,” Quiroz said in response. Ensuring that the merger of the two state-run banks would benefit the government was within the GCG’s jurisdiction, he had said. The GCG chief added the planned merger was expected to result in savings of about P5 billion annually for the government.Subscribe to our daily newsletter

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 3. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

RonWDomingoINQ Hmm! So fishy!

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Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

GCG green-lights Landbank-DBP mergerThe GCG has informed President Ferdinand Marcos Jr. that the planned merger of Land Bank of the Philippines and Development Bank of the Philippines does not need a new law to be done. | RonWDomingoINQ /PDI
출처: inquirerdotnet - 🏆 3. / 86 더 많은 것을 읽으십시오 »

Cong Pimentel hopeful of gov't windfall from LBP-DBP mergerA ranking congressman expressed confidence that the national government will receive bigger cash dividends from the Land Bank of the Philippines (LBP) after its planned merger with the Development Bank of the Philippines (DBP). | ManilaBulletin 🦇💩
출처: manilabulletin - 🏆 25. / 51 더 많은 것을 읽으십시오 »