Media Statement on the GCG Letter

The Development Bank of the Philippines (DBP) acknowledges the April 27 2023 communication of the Governance Commission on GOCCs (GCG) on the status of the proposed merger with the Landbank of the Philippines (LBP).

DBP welcomes GCG’s advice that the Commission “…has not made its final determination insofar as the formal merger of DBP and LBP is concerned…” While we note the encouraging update, DBP insists that this information poses no detriment to our pending appeal with the Office of the President concerning GCG’s legal study on whether congressional action is needed to approve the proposed merger.

We believe that GCG’s statement is a tangible substantiation of DBP’s assertion that the merger is not yet final and directly refutes the May 5 public pronouncement of the Department of Finance, which boldly claimed that GCG had approved the unification of the two financial institutions.

We hope that GCG’s clarification would debunk all reckless speculations and irreverent conjectures that mislead and confuse the public and would allow the proper and legal process to take its due course in a manner that would uphold and protect the interests and welfare of our valued clients and stakeholders.