GCG: Legislation not needed for Landbank-DBP merger

The planned Landbank and Development Bank of the Philippines merger may proceed even without a new law, according to the Governance Commission for Government Owned or Controlled Corporations. | RonWDomingoINQ /PDI

The conclusions of the GCG, where the Finance Secretary sits as an ex officio member, agree with the Department of Finance.

In asserting authority over the matter, GCG chair Alex Quiroz said in a statement: “The GCG, pursuant to memorandum Circular 2015-03 , has the power to ascertain the manner of the merger—either de jure merger or de facto merger.”It specifically cited three legal provisions that gave it the power to merge government-owned or -controlled corporations : Section 5 of Republic Act No.

“We want to ensure that the merger is seamless and will not disrupt or cause issues or concerns in their respective operations and processes,” Quiroz said in response. Ensuring that the merger of the two state-run banks would benefit the government was within the GCG’s jurisdiction, he had said. The GCG chief added the planned merger was expected to result in savings of about P5 billion annually for the government.Subscribe to our daily newsletter

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