The Duterte administration finally aborted the planned merger of state-owned lenders Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP), the Department of Finance (DOF) announced on Tuesday.

In an en banc resolution, the Governance Commission for GOCCs (GCG) resolved to cancel the implementation of Executive Order (EO) 198 issued by then-President Benigno Aquino 3rd earlier this year that green-lighted the DBP-LandBank merger.

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