MANILA — The Duterte administration has stopped the planned merger of state-run lenders Development Bank of the Philippines and Land Bank of the Philippines given a go-ahead by former President Benigno S. Aquino III early in 2016.

In a statement Tuesday, Department of Finance (DOF) spokesperson Paola Alvarez said an en banc resolution of the Governance Commission for Government Owned and Controlled Corporations (GCG) “resolved to cancel the implementation” of Executive Order (EO) No. 198 issued by Aquino in February.

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