President Ferdinand “Bomgbong” R. Marcos Jr. (Photograph from his Fb web page)
MANILA, Philippines — President Ferdinand “Bongbong” R. Marcos Jr. has issued an government order (EO) approving the merger of United Coconut Planters Financial institution Leasing and Finance Company (ULFC) and the Land Financial institution of the Philippines Leasing and Finance Company (LLFC).
The LLFC and ULFC — each connected to the Division of Finance — are finance and leasing firms extending credit score to companies for the acquisition of apparatus and different belongings.
“The merger of LLFC and ULFC, with LLFC because the surviving entity, is hereby accredited, topic to related legal guidelines, guidelines and rules,” EO 65, signed by Government Secretary Lucas Besamin on August 6, acknowledged.
Underneath the EO, the merger shall switch all belongings and liabilities of United Coconut Planters Financial institution (UCPB) to LBP, together with its possession shares in ULFC.
It’s pursuant to Part 5(a) of Republic Act (RA) No. 10149 or the “GOCC Governance Act of 2011,” which states that “the GCG en banc finds the merger of LLFC and ULFC to be in the perfect curiosity of the State, to eradicate pointless overlap within the mandates and features of LLFC and ULFC.”
In the meantime, the Governance Fee for GOCCs (GCG), LLFC and ULFC have been ordered to make sure that the merger between the mentioned two entities will adjust to RA No. 11232 or the “Revised Company Code of the Philippines” and RA No. 10667 or the “Philippine Competitors Act.”
Marcos, by means of the EO, additionally directed the absorption of certified officers and staff from the ULFC affected by the order at any time when relevant — topic to the possession of the mandatory service eligibility and different necessities prescribed for the place.
“Along with retirement or separation advantages below current legal guidelines and rules, the ULFC Board of Administrators is hereby licensed to undertake a separation incentive bundle for affected officers and personnel of ULFC, utilizing as reference the charges prescribed below EO No. 150 (s.2021), and in accordance with different relevant legal guidelines, guidelines and rules,” it acknowledged.
The EO takes impact instantly upon publication within the Official Gazette, or in a newspaper of normal circulation.