Landbank prepared to execute proposed merger with DBP

Lady Vicencio, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Landbank of the Philippines. Handout" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/05/30/20221222-landbank-philippines-ho-2.jpg"/><figcaption>Landbank of the Philippines. <em>Handout</em></figcaption></figure></div><p>MANILA - Land Bank of the Philippines is prepared to execute the proposed merger with the Development Bank of the Philippines if it pushes through, Landbank President and CEO Lynette Ortiz said.<br/> <br/>In a briefing with Finance Secretary Benjamin Diokno, Ortiz refused to comment on Senator Sherwin Gatchalian’s Senate resolution for an inquiry on the proposed merger between the two state-run financial institutions. The senate resolution aims to launch a probe on the “potential risks” of the proposed merger.<br/> <br/>But the official expressed confidence on the plan of the Department of Finance.<br/> <br/>“As far as the merger is concerned, I understand that the government, what our Secretary of Finance would like to achieve,” Ortiz said.<br/> <br/>“From the Landbank’s perspective, we are prepared if it happens. We have a team who’s prepared to actually execute the merger if it happens. It’s all about making sure that we draw from the synergies of both institutions and that we are able to retain good talent and that wea re able to manage the integration successfully,” Ortiz added.<br/> <br/>Ortiz also downplayed concerns and committed to continue its mandate especially on funding of agricultural projects.<br/> <br/>“I wouldn’t say it’s scary. When you are a managing a financial institution, you abide by principles of being able to manage your capital well, manage your risks well. I assure you and I commit to you that we will be true to our mandate. We are development policy banks- both institutions. We will be consistent in making sure that there will be no diminish on in terms of our priority and our objectives,” Ortiz said.<br/> <br/>Diokno said legislators are welcome to challenge the proposal.<br/> <br/>“An investigation doesn’t not mean the project will not push through. Any senator can file a resolution asking for an investigation,” Diokno said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/10/23/dof-eyes-completion-of-dbp-landbank-merger-by-mid-2024">DOF eyes completion of DBP-Landbank merger by mid-2024</a></li>	<li><a href="https://news.abs-cbn.com/video/business/03/29/23/finance-chief-says-marcos-backs-landbank-dbp-merger">Finance chief says Marcos backs proposed merger of Landbank, DBP</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2522271" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Land Bank of the Philippines is prepared to execute the proposed merger with the Development Bank of the Philippines if it pushes through, Landbank President and CEO Lynette Ortiz said.

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Landbank prepared to execute proposed merger with DBP

Landbank prepared to execute proposed merger with DBP

Lady Vicencio,

ABS-CBN News

Published Jul 31, 2023 03:24 AM PHT

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Land Bank of the Philippines

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Development Bank of the Philippines

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