Duterte OKs merger of LandBank, UCPB

  • Page Views 343
  • PRESIDENT Rodrigo Duterte has approved the merger between the Land Bank of the Philippines (LBP) and the United Coconut Planters Bank (UCPB) to “strengthen [their] capability to deliver financial services to [the] coconut industry and the entire agricultural sector”.
    Executive Secretary Salvador Medialdea, by the authority of the President, signed Executive Order (EO) 142 on June 25, ordering the merger of the two government financial institutions.
    “Due in part to their shared objectives and interrelated mandates, the merger of the LBP and the UCPB, with the LBP as surviving entity, was considered and studied; after which, it was found that such merger will significantly strengthen capability to deliver financial services to coconut industry and the entire agricultural sector,” Duterte said in his order.
    The merger will also contribute to “economic sufficiency, foster countryside development, and financial inclusion, and promote stability in the country’s banking system,” he added.
    Duterte said the plans and projections for the intended merger of LBP and UCPB assume, as one of their premises, that the operational merger between LBP and the Development Bank of the Philippines, previously approved in 2016, will no longer be pursued.”
    He said the LBP and UCPB personnel who would be affected by the merger shall be entitled to separation incentives and benefits.
    “The personnel of UCPB who may be separated from service as a consequence of the merger, shall be paid separation benefits by the UCPB pursuant to the guidelines it may adopt and applicable laws and rules,” the President said.
    “Whenever applicable, such personnel may be hired by the LBP, subject to the possession of the necessary civil service eligibility, and other requirements prescribed for the position,” he added. (C. S. Valente, TMT)

    Share

    New Posts Recently publish post More

    • 14 October 2021
      1 day ago No comment

      3 Steps to getting your BC Vaccine Card

      Related

    • 14 October 2021
      1 day ago No comment

      Maria Ressa’s Nobel Peace Prize is an international Rebuke of the Duterte Regime

      The Malaya Movement in Canada congratulates Maria Ressa as co-recipient of the 2021 Nobel Peace Prize. In its announcement, the Nobel Committee cited Ms. Ressa’s efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace. Ms Ressa …[is] receiving the Peace Prize for [her] ...

    • 14 October 2021
      1 day ago No comment

      Fil-Cans unite, launch Vancouver, BC 4 LENI 2022

      As the Philippine presidential election draws closer and closer, groups are getting together to support the candidate they feel must become the next president of the country. Filipino-Canadians from all over British Columbia’s Lower Mainland gathered together at the King George Grill Hub in Surrey to gather support for ...

    • 07 October 2021
      1 week ago No comment

      The Miracle Wedding of the Year

      Many of the most great love stories are tragic ones. On this extraordinary pandemic times and on what they went through the couple Laura and Brian you’ll expect it to end with the same way. But to everyone’s joy, it didn’t have the tragic ending like the romance of ...

    • 07 October 2021
      1 week ago No comment

      Jane de Leon excited and quite nervous  to meet director Chito Roño

      I hope to be able to meet his expectations of me,” said Jane de Leon, lead star of “Darna: The TV Series,” her reaction to the news that highly acclaimed director Chito Roño would be officially taking the helm in the much-awaited TV adaptation of the country’s iconic superheroine. ...

    %d bloggers like this: