In a statement, DBP said on Wednesday, May 31, that the bank is standing firm against the merger, noting that it formally submitted its appeal memorandum to the Office of the President last May 18.
The DBP also quoted Section 9 of AO No. 22, which states that the "…execution of the decision/resolution/order appealed from is stayed… until OP [Office of the President] makes its decision final and executory.” Earlier, Finance Secretary Benjamin E. Diokno said President Marcos was expected to issue his executive order for the merger of DBP and Land Bank within May.
The independent body shall advance "the welfare of both financial institutions and the banking and finance community as a whole,” DBP said.