Former Senate President Franklin Drilon has argued that a proposed bill to merge state-owned banks in the Philippines is a waste of time and resources, as existing legislation already grants the president power to oversee the merger. Writing in the Philippine Star, Drilon noted that the Governance Council for Government-Owned or Controlled Corporations (GCG) was empowered under the Government-Owned or Controlled Corporations Governance Act to evaluate the performance of government-owned or controlled corporations (GOCCs), including those set up as banks. If the GCG decides a GOCC should be streamlined, reorganised, merged, abolished or privatised, the law is clear that it “shall implement” the changes “unless otherwise directed by the president”.
![Former Senate President Drilon says President already has power under GOCC Governance Act to direct LBP-DBP merger; bill unnecessary. Former Senate President Drilon says President already has power under GOCC Governance Act to direct LBP-DBP merger; bill unnecessary.](https://i0.wp.com/www.world-today-news.com/wp-content/uploads/2023/04/loner-1670896_960_720.jpg?fit=960%2C629&ssl=1)
Former Senate President Drilon says President already has power under GOCC Governance Act to direct LBP-DBP merger; bill unnecessary.
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