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March 05, 2024

DBP-Landbank merger fate rests with Supreme Court, says DBP Chairman

State-run Development Bank of the Philippines (DBP) is anticipating that the Supreme Court will hold ultimate authority over the proposed merger between DBP and the Land Bank of the Philippines, according to DBP Chairman Dante O. Tiñga.

Tiñga, a former associate justice of the Supreme Court, clarified that DBP would not initiate the legal petition, but rather stakeholders affected by the merger could potentially challenge it before the Supreme Court.

Meanwhile, Tiñga expressed that DBP’s management would not oppose the merger if President Marcos decides to approve the Department of Finance’s (DOF) draft executive order (EO) concerning the Landbank-DBP merger.

He stated that the bank’s management would need to resign if they were to oppose the president’s decision.

Finance Secretary Benjamin E. Diokno previously stated that the DOF has submitted a draft EO for the planned merger to President Marcos, and expressed hope that it would be signed by the end of the month.