PNoy OKs DBP-Land Bank merger | ABS-CBN
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PNoy OKs DBP-Land Bank merger
PNoy OKs DBP-Land Bank merger
Willard Cheng,
ABS-CBN News
Published Feb 09, 2016 08:46 PM PHT
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Updated Feb 10, 2016 10:37 AM PHT
MANILA - President Benigno "Noynoy" Aquino III has signed an executive order approving the merger of the Development Bank of the Philippines (DBP) and Land Bank of the Philippines.
MANILA - President Benigno "Noynoy" Aquino III has signed an executive order approving the merger of the Development Bank of the Philippines (DBP) and Land Bank of the Philippines.
According to Executive Order No. 198, the merger comes amid "overlapping of the functions of the two banks and to provide better services to more "unbanked and underserved areas."
According to Executive Order No. 198, the merger comes amid "overlapping of the functions of the two banks and to provide better services to more "unbanked and underserved areas."
In his EO, Aquino also approved, upon the recommendation of Finance Secretary Cesar Purisima, the increase in Land Bank's authorized capital stock from P25 billion to P200 billion since it would be the surviving entity.
In his EO, Aquino also approved, upon the recommendation of Finance Secretary Cesar Purisima, the increase in Land Bank's authorized capital stock from P25 billion to P200 billion since it would be the surviving entity.
The President said the merger of the two state-owned banks will build a stronger and more competitive development bank which would help the country achieve inclusive growth. -- With a report from ANC
The President said the merger of the two state-owned banks will build a stronger and more competitive development bank which would help the country achieve inclusive growth. -- With a report from ANC
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