Bongbong Marcos backs Landbank-DBP merger, says Finance secretary

📆 28/03/2023 04:33 a. m.
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Finance Secretary Benjamin Diokno said President Ferdinand Marcos Jr. had “approved” the planned merger of DBM with Landbank of the Philippines in a sectoral meeting on the merger in Malacañang. | DYGalvezINQ / RonWDomingoINQ

However, he said the President had expressed concern about the merger process, saying that none of the services of the two banks should be lost.

“With the merger, there will be savings, and the merged bank will be stronger, and maybe the interest rate that they will be charging will be lower,” he added. “We’ll be able to save a lot of money for the national government. This does not include revenues that can be derived from the sale of redundant assets of DBP, various properties such as its head office in Makati, a property in BGC, various branch properties, equipment and licenses,” Diokno said.

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DOF's Diokno: Marcos OKs Landbank-DBP mergerPresident Ferdinand Marcos Jr. approved the proposed merger of state-run lenders Land Bank of the Philippines and Development Bank of the Philippines (DBP), with Landbank as the surviving entity that could become the largest bank in the country in terms of assets.
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