United Coconut Planters Bank on Monday welcomed the impending sale of the government’s controlling stake in the lender after the high court lifted the halt order issued two years ago against the implementation of executive orders (EOs) allowing the disbursement of coco levy funds.
“As announced by Department of Finance Secretary Carlos G. Dominguez III, the government will soon resume the bank’s privatization through a recapitalization program and sale of the government’s majority stake in UCPB. This will definitely redound to the benefit of UCPB and its clients as this will strengthen the bank’s capital and generate more resources to improve its competitive position in the market,” it said in a statement.
“We will be coordinating closely with the DOF for their next steps, and will provide updates to all our stakeholders as we do so,” UCPB added.
“We would like to assure our clients that it is business as usual for the bank while we go through each phase of this much-awaited recapitalization program, and that they can look forward to a better and stronger UCPB,” the lender said.
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Last week, Dominguez disclosed that the DOF would soon start privatizing UCPB, which he said the government is currently supporting with deposits in excess of P40 billion.
The Supreme Court this month lifted the temporary restraining order (TRO) it had issued to implement EO 180 of former president Benigno Aquino III.
