State-run Development Bank of the Philippines said Wednesday it will continue to exhaust available remedies under existing laws on its proposed merger with Land Bank of the Philippines.
DBP said that on May 18, it formally submitted an appeal memorandum to the Office of the President, which contains, among others, the extensive discussion of responses and counter arguments of the bank to the justifications raised by the proponents of the merger, principally the Department of Finance.
It said the “perfected appeal” would now be subject to reglementary review mechanisms under Administrative Order No. 22 (s.2011), which prescribes the rules and regulations governing the appeals to the OP.
The bank said under Section 9 of AO No. 22, “execution of the decision/resolution/order appealed from is stayed” until the OP makes its decision final and executory.
“We strongly aver that the provisions of AO No. 22 are consistent with and underpins DBP’s unequivocal stand on the need for an independent body that would thresh out all possible issues, concerns and ramifications with utmost impartiality and equanimity in order to formulate a viable solution that advances the welfare of both financial institutions and the banking and finance community as a whole,” DBP said. Julito G. Rada