The Development Bank of the Philippines (DBP) has affirmed its commitment to exhaust all legal avenues to halt the proposed merger with the Land Bank of the Philippines.
DBP has submitted an appeal memorandum to the Office of the President, countering the justifications raised by the merger proponents, particularly the Department of Finance (DOF).
The bank cited Administrative Order No. 22, which stays the execution of the appealed decision until the Office of the President makes a final and executory ruling.
DBP also emphasized the necessity of an independent body to thoroughly address the issues and implications of the merger for the benefit of both institutions and the banking community.
DBP Chairman Dante O. Tiñga mentioned the potential involvement of the Supreme Court in resolving legal questions, though the bank itself would not initiate a petition.
While awaiting President Marcos’ decision, DBP management expressed its non-opposition should the DOF’s draft executive order for the Landbank-DBP merger be approved.
