Finance Secretary Benjamin Diokno on Friday defended the proposed merger of the Land Bank of the Philippines and the Development Bank of the Philippines , saying that it will eliminate the redundancy and inefficiency in operations.
He said the merger aims to achieve synergies that will enhance the efficiency of operations and generate cost savings for the government. “On the retrenchments resulting from the merger, we are determined to work closely with the two banks to ensure that personnel decisions are consistent with our objective to enhance the bank’s efficiency and effectiveness," he said.
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