President Benigno Aquino 3rd has approved the merger of state-owned Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP), with the latter as the surviving entity.
Executive Order (EO) 198, signed February 4 and issued on Tuesday, noted overlapping functions and the need to “build a stronger and more competitive universal development bank able to fulfill its mandate of providing banking services to propel countryside development and to contribute to sustainable and inclusive growth.”
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