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Phillipines: Duterte administration stops DBP-Land Bank merger

By  |  September 6, 2016

The Duterte administration has stopped the planned merger of state-run lenders Development Bank of the Philippines and Land Bank of the Philippines given a go-ahead by former President Benigno S. Aquino III early in 2016.

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    In a statement Tuesday, Department of Finance spokesperson Paola Alvarez said an en banc resolution of the Governance Commission for Government Owned and Controlled Corporations “resolved to cancel the implementation” of Executive Order No. 198 issued by Aquino in February.

    The resolution was signed by GCG Chairman Jaime Ma. Flores III as well as Commissioners Michael Cloribel and Samuel Dagpin Jr.

    Finance Secretary Carlos G. Dominguez III and Budget Secretary Benjamin E. Diokno, both sitting as ex-officio members of the oversight body for GOCCs, also signed the GCG resolution.

    Full Content: Inquirer

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