ANG Probinsyano Rep. Alfred C. Delos Santos announced last Wednesday that lawmakers should be reminded of an 8-year-old bill on the merger of the Development Bank of the Philippines and the Land Bank of the Philippines .
“During the summer recess of Congress, I will study the possibility of either filing my own new bill merging the Land Bank and the Development Bank of the Philippines or I can simply re-file HB 5755,” he added. Moreover, Delos Santos added that he “will have to consider the various banking, financial and corporation laws that took effect in the eight years since 2015, when the House sent HB 5755 to the Senate.”
If there is a compelling need to merge LBP and DBP, the more efficient way would be to simply authorize by law the governing boards of the two banks to merge their two banks—the same way that private banks do mergers, said the lawmaker. After the merger, the LBP will be the surviving entity given its higher authorized capital stock of P800 billion and stronger financial position.THE consolidated books will allow the merged entity to better withstand economic shocks. The merger will also enhance retail and wholesale banking operations than when functioning as separate banks.