Pagsasama ng ULFC at Landbank Leasing and Finance Corp., inaprubahan ni PBBM

Transcript

00:00President Ferdinand R. Marquez Jr. approved the merger of United Coconut Planters Bank Leasing and Finance Corporation, or ULFC,

00:10and Land Bank of the Philippines Leasing and Finance Corporation, or LLFC, which he considered as a surviving entity.

00:19Under EO No. 65, all assets and liabilities of the ULFC will be transferred to the LVP, as well as its ownership shares.

00:30The President also ordered the absorption of ULFC officials who will be affected by the EO

00:38based on their service eligibility and other requirements.

00:44It was also stated in the EO that the Separation Incentive Package should be strict to the ULFC officials and personnel affected.

00:53The GCG, LLFC, and ULFC were also ordered to be strict in the merger of these that are anchored under RA No. 11232,

01:05or the Revised Corporation Code of the Philippines, and RA No. 10667, or the Philippine Competition Act.

01:13The LLFC and ULFC are entities under the Finance Department that are in debt to businesses.