BIZ BUZZ: Landbank, DBP ‘Cha-cha’ on hold
The much-talked-about Charter changes—or “Cha-cha,” as many like to call it—for the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) are officially heading back to the drawing board.
With the 19th Congress winding down and the 20th set to begin on July 28, the timeline has run out for these legislative pieces to make it into law.
In short: it’s back to square one.
In case you missed it, President Marcos recently vetoed the bill proposing changes to DBP’s charter—stopping it just before it could automatically become law.
Meanwhile, Landbank’s version hadn’t gotten past the second reading in the Senate. Finance Secretary Ralph Recto confirmed the next steps. “We will comply with the veto message,” he told Biz Buzz. “We will also refile the Landbank charter.” Translation: both bills will need to be reintroduced in the upcoming session, giving newly elected lawmakers a chance to weigh in.
For now, both banks will have to wait a little longer for their legislative refresh. But with a new Congress comes new opportunities — and possibly, a second chance to dance the Cha-cha.
