GCG green-lights Landbank-DBP merger
MANILA -The Governance Commission for Government Owned or Controlled Corporations (GCG) has informed President Marcos that the planned merger of Land Bank of the Philippines and Development Bank of the Philippines does not need a new law to be done.
“The GCG, pursuant to memorandum Circular 2015-03 [it issued in April 2015], has the power to ascertain the manner of the merger,” GCC chair Alex Quiroz said in a statement.
Thus, the GCG has submitted to President Ferdinand Marcos Jr a study that spells out the details of how to go about with the Landbank-DBP union.
Citing laws and a Supreme Court decision, the GCG said the President has the power “to implement the merger…without waiting for Congress to file and pass related bills.”
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