President Ferdinand Marcos Jr. has approved the merger of Landbank with Development Bank of the Philippines, paving the way for the creation of the new biggest player in the local banking sector. | NCorralesINQ RonWDomingoINQ /PDI
He said it was taken up during the subsequent administration of Rodrigo Duterte but it also did not push through.Landbank is the biggest credit provider to small farmers and fishermen while mandated to provide banking services principally to cater to the medium- and long-term needs of agricultural and industrial enterprises with emphasis on small- and medium-scale industries.
Projected operating costs savings due to the merger could reach at least P5.3 billion per year, or more than P20 billion over the next four years; this is a conservative estimateThe improved financial position will provide a bigger headroom for loans that can be used for development projects The merged bank will be in the best position to serve as the sole authorized government depository bank for the entire Philippine government and its instrumentalities
“Both banks are performing well, but we have to constantly seek better ways of doing things,” Diokno said.
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