Manila: Senator Robinhood Padilla on Monday filed a resolution calling for a review of the proposed merger between the Overseas Filipino Bank (OFBank) and the Land Bank of the Philippines (LandBank), citing the different mandates of the two institutions. Senate Resolution No. 1281 urges relevant government agencies to reassess the merger, underscoring the need to maintain separate entities that cater to overseas Filipino workers (OFWs) and agricultural stakeholders.

According to Philippines News Agency, the measure was prompted by a reported affirmation of the merger by the Department of Finance during a meeting on April 25, 2024. Padilla emphasized that LandBank’s primary function is to support small farmers, fishers, and agrarian reform beneficiaries with financial assistance and services.

He noted that OFWs have unique banking needs, which may require a specialized financial institution tailored to address their specific requirements. “This proposal necessitates careful examination to ensure that the distinct needs of both OFWs and the agricultural sector are met without compromising the mandate of either institution,” Padilla stated.

The resolution seeks to ensure that the merger, if pursued, aligns with the government’s broader goals of inclusive growth and responsive financial services.