There have been previous moves to merge the two government banks. In 2016, then-senator Ferdinand Marcos Jr. opposed the move.
MANILA, Philippines – The plan to merge the Development Bank of the Philippines and the Land Bank of the Philippines is again seeing the light of day, following a meeting between President Ferdinand Marcos Jr. and his economic managers.
But the plan was scrapped months later in September 2016 under the then-new Duterte administration, through a Governance Commission for Government Owned and Controlled Corporations resolution. Both Duterte-era finance chief Carlos Dominguez and then-budget chief Diokno – the same Benjamin Diokno who now heads DOF – signed that resolution, as ex-officio members of the GCG.
“[Marcos] expressed concern that in the process of merging, none of the services provided by either bank will be lost. And we assured him that with the merger, because both the Landbank and DBP are universal banks – they do almost the same, except that one is focused on agri and the other one industrial projects, but they do practically the same,” said Diokno in a briefing with Palace media.
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