“The Senate also needs to look into concerns on the potential risks the contemplated merger may bring to the stability of the banking industry and the economy, as the consolidation of these banks to form the largest bank in the country could concentrate risks and increase vulnerability to financial market stress and economic shocks,” he added.
It could be remembered that Finance Secretary Benjamin Diokno proposed the merger in March, claiming that it would “create a bigger, stronger, and more resilient bank that can better serve the country’s development needs”.Diokno said that once the two banks are merged, it will become the biggest in the Philippines, with an estimated asset size of about P4.18 trillion. It is also expected to eliminate redundancies and inefficiencies in operations, leading to a projected annual savings of P5.
However, the DBP in April insisted that the merger must be passed through legislation in Congress rather than through the President and the GCG.
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