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”.
