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Jul 18, 2016 @ 1:26

Admin junks DBP-Landbank merger

The Duterte administration will repeal former President Benigno Aquino III’s order to merge state-run lenders Development Bank of the Philippines and Land Bank of the Philippines, Finance Secretary Carlos G. Dominguez III said.

While the Department of Finance was still determining the legal way to repeal Executive Order No. 198 issued by Aquino in February, Dominguez told reporters that the current administration will not implement it.”

According to Dominguez, the merger of DBP and Landbank cannot be done through a mere executive order, stressing in an earlier statement that such requires legislative actio

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