State-run Development Bank of the Philippines on Tuesday said the plan to merge it with the Land Bank of the Philippines would require legislation.
“DBP believes that any merger would require an act of Congress as both institutions were created by enabling laws,” the lender said in a statement.However, the lender said it echoed and shared the sentiments of the President "on the need to conduct a thorough and meticulous legal study on the proposed merger of DBP and LBP which he firmly declared during a meeting with all stakeholders in Malacañang today, March 28, 2023.
It was followed by Landbank with assets worth P2.76 trillion. DBP, on the other hand, ranked eighth with P1.035 trillion worth of assets.
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