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Land Bank of the Philippines' plan to buy PDS Holdings stake hits roadblock

Land Bank of the Philippines' plan to acquire up to a 49% stake in bond market platform Philippine Dealing System Holdings Corp., or PDS, stalled due to its failure to obtain regulatory approvals, The Philippine Daily Inquirer reported Jan. 3.

Land Bank CEO Cecilia Borromeo did not disclose a new timetable for the proposed acquisition, saying it would depend "on the timing of the regulatory approvals." Borromeo had said in November 2019 that she expected the deal to be completed before the end of 2019, pending regulatory approval. The CEO declined to say which regulatory agency has yet to sign off on the deal.

The bank was seeking to secure a maximum stake of 49% in PDS as it did not want the platform to become a government-owned or controlled operation. It currently owns 1.56% of PDS through the Bankers Association of the Philippines.

As of Jan. 2, US$1 was equivalent to 50.74 Philippine pesos.