He emphasized that “the projected merger cannot legally be effected by a mere executive order.”
The GCG opinion was apparently based on the Landbank merger with the United Coconut Planters Bank , also a government bank, that took effect last year via EO 142, signed by former President Rodrigo Duterte on June 25, 2021. Former President Benigno Aquino III tried to merge the banks via EO 198, which he signed on Feb. 4, 2016, or less than four months before the end of his term.Now, the DBP Employees Union, led by its national president Charles Coronejo, declared that a new law is required to amend the DBP’s charter and spell out the terms of the merger.
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