The proposed merger of state-owned lenders Land Bank of the Philippines and the Development Bank of the Philippines (DBP) can proceed without legislation, according to the Governance Commission for Government-Owned and Controlled Corporations (GCG).
Citing its study submitted to the Office of the President, the GCG said it “has the power to merge GOCCs which the Supreme Court affirms in its ruling in Lagman v. Executive Secretary” through the Republic Act No. 10149 or the GOCC Governance Act of 2011.
The GCG said its study aims to resolve the legal issues raised by DBP and the Department of Finance . The Section 5 of RA 10149 states that the GCG can evaluate the performance and determine the relevance of the GOCC, to ascertain whether such GOCC should be reorganized, merged, streamlined, abolished or privatized, in consultation with the department or agency to which a GOCC is attached.
“The foregoing legal anchors empower President Ferdinand Marcos Jr. to implement the merger of the state-owned bank without waiting for Congress to file and pass related bills,” said Quiroz.
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