“GCG will have to look into the specifics of the merger as it involves two major banks that are state-owned,” Quiroz said.
Created under Republic Act No. 10149 of 2011, GCG is the central policymaking and regulatory body mandated to safeguard the state’s ownership rights and ensure that the operations of GOCCs are transparent and responsive to the needs of the public.GCG Commissioner Gideon Mortel expressed gratitude that the President “recognizes the oversight function” of the GCG on the matter of the Landbank-DBP merger.
Meanwhile, Landbank’s mandate is to promote countryside development and provide credit assistance to small farmers and fisherfolk as well as agrarian reform beneficiaries.
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