Wary of two earlier attempts that failed, the government remained very cautious about its announced plan to merge the Landbank and the Development Bank of the Philippines. | JMAurelioINQ /PDI
Landbank and its subsidiaries was estimated to have more than 10,000 employees in 2019 while the DBP group is estimated to have more than 3,000.
In the latest attempt, Tambunting cited the need to strengthen the banks’ financial capabilities and improve the delivery of services by merging their “different but complementary mandates.” It was not the first time such a bill was proposed in the House either. In 2015, during the 16th Congress, the House approved a bill proposing the banks’ consolidation but the measure failed in the Senate.
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