Landbank, DBP stop merger plan, seek more capital and possible IPO instead

state-run Land Bank of the Philippines and the Development Bank of the Philippines has been abandoned, although both banks could be further strengthened through increased capitalization and a possible listing on the Philippine Stock Exchange, according to Finance Secretary Ralph Recto.

Instead, Recto said he expects the Senate to approve two bills, which amend the charters of both banks and increase their capitalization, before lawmakers go on break., filed by Senate President Francis Escudero on July 30, amends the charter of Landbank and bumps its authorized capital stock up to P1 trillion from the current P200 billion.

“The idea is also to increase both their capitalization at the same time to help professionalize it by way of allowing them to raise money from the public and possibly to be the first SOE, or state-owned enterprise, to be listed in the stock exchange,” Recto told the Senate.Before Recto took the helm of the finance department, his predecessor Benjamin Diokno pushed hard to have both Landbank and the DBP merged into one “superbank” as early as November 2023.

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