Only the Congress can grant legislative charters to operationalize Government Owned and Controlled Corporations (GOCCS), amend their charters, or abolish or merge GOCCs.
The Development Bank of the Philippines (DBP) was created under Republic Act No. 2081 of 1958 and the Land Bank of the Philippines (LBP) was established by Republic Act No. 3844 of 1963. They have separate legislative mandates.
The proposed merger of DBP and LBP necessitates the amendment of their respective charters by the Congress.
Only the Congress can amend or repeal statutes.
The projected merger cannot legally be effected by a mere Executive Order.
Legislative enactment, not executive fiat, is mandatorily required to operationalize the proposed merger of DPB and LBP.
EDCEL C. LAGMAN