The proposed merger of Land Bank of the Philippines and Development Bank of the Philippines will carry on despite an impending Senate investigation into the merger’s supposed risks, according to Finance Secretary Benjamin Diokno.
“Any senator can file a resolution, asking for investigation,” Diokno said.
The proposed merger will create the largest banking institution in the Philippines with an estimated asset size of about P4.18 trillion, a deposit base amounting to P3.59 trillion, and a capital of P288 billion based on figures as of December 31, 2022. At the sidelines of the Bangko Sentral ng Pilipinas’ reception to the banking community last Friday, Landbank president and CEO Lynette Ortiz said that the state-run lender has no comment on the planned Senate probe on its merger with DBP.
The Governance Commission for Government-Owned and Controlled Corporations has submitted a study to the Office of the President, which stated that the Landbank-DBP merger could proceed without legislation.
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