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DBP MEDIA STATEMENT: On Proposed Senate Resolution No. 570

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The Development Bank of the Philippines (DBP) is prepared to work with Congress and to participate and provide unequivocal support to any Congressional inquiry that may be undertaken concerning the proposed merger with Landbank of the Philippines (LBP).

We share the sentiments of our legislators on the need to undertake a rigorous and meticulous analysis of the proposal as the planned merger would entail a significant impact not only to the future of the two largest financial institutions of the government but also to the wider banking industry and to the Philippine economy in general.

DBP is one with its employees in expressing concern on the ramifications of the merger on their livelihood and employment, their financial security, and their current status as government employees. We stand by our DBP union leaders in seeking alternative and viable platforms where their collective voices may be properly heard and their legitimate concerns may be effectively addressed.

DBP believes that any congressional inquiry, in aid of legislation, will serve as a pivotal venue to facilitate healthy, dynamic, and robust discourses and enable all stakeholders to thresh out the myriad of issues surrounding the merger in order to arrive at the best possible approach that would redound to the best interests of the Filipino people.

The DBP, led by our Chairman Dante O. Tiñga and President and Chief Executive Officer Michael O. de Jesus, thanks Senator Risa Hontiveros for filing Senate Resolution No. 570, which would allow for a more extensive analysis and broader consultation with “…key stakeholders and resolve not just the legal issues but all the operational and personal issues…” voiced out by the affected employees of DBP and LBP.

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