Stop the LBP-DBP merger from being carried out

PRESIDENT BS Aquino last February signed his executive order merging the Land Bank of the Philippines and the Development Bank of the Philippines. The merger creates a P1.6 trillion megabank (by Philippine standards) with the possibility of beating BDO. DBP will disappear. Only the Land Bank name will continue to exist. The merger makes LBP the second largest Philippine Bank, in assets, after BDO.

President Aquino says, “The merger of the DBP and the Land Bank will build a stronger and more competitive universal development bank able to fulfill its mandate of providing banking services to proper countryside development and contribute to sustainable and inclusive growth.”