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Manila Bulletin devider Philippines devider National devider Pro-admin congressman to back LBP-DBP merger if...

Pro-admin congressman to back LBP-DBP merger if...

Published May 9, 2023 05:02 am
Cagayan de Oro 2nd district Rep. Rufus Rodriguez (Facebook)




Pro-administration congressman, Cagayan de Oro 2nd district Rep. Rufus Rodriguez wants to be assured of several things first before he can back the proposed merger of state-owned Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP). “I am willing to support this proposal, if it could be shown that it would benefit our farmers and agrarian reform beneficiaries, and small businesses and our people in general, if it would help the banking sector," Rodriguez said in a statement Tuesday, May 9. "But we have to do it the proper, legal way,” stressed the veteran solon from Mindanao. Rodriguez called for a House probe on the LBP-DBP merger in order to answer some important questions. “Let us look into the legal basis of this proposal. It is my opinion that the merger cannot take place without Congress passing an enabling bill,” he said. No less than Malacañang is seeking the merger of the two government financial institutions (GFIs). Rodriguez said LBP and DBP had been created primarily to support the agriculture sector and small and medium enterprises. In particular, Land Bank was organized to help millions of farmers and beneficiaries of the government’s agrarian reform programs, he added. “I would like to find out if the two banks have been true to their mandates, how much they have lent to farmers and agrarian reform beneficiaries, and small and medium businesses, and how much funds they have made available to other borrowers, including large corporations,” Rodriguez stressed. He pointed out that such information could be gathered from LBP and DBP officials and from beneficiaries during his proposed House inquiry. The Mindanaoan said he would also like to know how much LBP has paid to landowners and the payments yet to be made, if any. He said he is also interested in listening to those opposed to the proposed merger. There are reports that DBP employees are objecting to the proposal.

Related Tags

Development Bank of the Philippines (DBP) Rufus Rodriguez Landbank of the Philippines
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