THE merger of the state-owned Land Bank of the Philippines and Development Bank of the Philippines, which the former president Benigno Aquino 3rd had ordered in February this year through Executive Order (EO) 198, is not going to take place.
Ordering such a merger is, first of all, beyond the authority of the executive branch, said the finance secretary, Carlos Dominguez 3rd, when reporters asked him about the long pending merger.
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