Executive Order No. 65 (2024) — the said merger between UCPB and LBP transferred all assets and liabilities of the UCPB to the LBP, including its ownership shares in ULFC, making the latter a subsidiary of LBP;

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Section 1 · Merger of LLFC and ULFC Section 2 · Compliance with Relevant Laws and Accounting and Auditing Standards Section 3 · Integration Plan Section 4 · Reorganization and Absorption of Qualified Officers and Employees Section 5 · Agency Support Section 6 · Separability Section 7 · Repeal Section 8 · Effectivity

Section 1

Merger of LLFC and ULFC

Section 1. Merger of LLFC and ULFC. The merger of LLFC and ULFC, with LLFC as the surviving entity, is hereby approved, subject to relevant laws, rules and regulations. ℒαwρhi৷

Section 2

Compliance with Relevant Laws and Accounting and Auditing Standards

Section 2.

Compliance with Relevant Laws and Accounting and Auditing Standards. The GCG, LLFC and ULFC shall ensure that the merger between LLFC and ULFC complies with the following:

a. RA No. 11232 or the "Revised Corporation Code of the Philippines;"

b. RA No. 10667 or the "Philippine Competition Act;" and

c. Such other applicable laws, rules, and regulations.

In the implementation of the herein merger, LLFC and ULFC shall likewise ensure compliance with applicable accounting and auditing standards, rules, and policies.

Section 3

Integration Plan

Section 3.

Integration Plan. To effectively implement the merger and carry-out the provisions of this Order, LLFC and ULFC shall prepare and implement an integration plan, in accordance with existing laws, rules and regulations.

Section 4

Reorganization and Absorption of Qualified Officers and Employees

Section 4.

Reorganization and Absorption of Qualified Officers and Employees. Within one (1) year from the effectivity of this Order, LLFC shall submit its proposed organization plan to the GCG, as approved by the LLFC Board of Directors, subject to the principles and standards under RA No. 10149 and such other applicable laws, rules and regulations.

In addition to retirement or separation benefits under existing laws and regulations, the ULFC Board of Directors is hereby authorized to adopt a separation incentive package for affected officers and personnel of ULFC, using as reference the rates prescribed under EO No. 150 (s. 2021), and in accordance with other applicable laws, rules and regulations.

Whenever applicable, affected officials and personnel of ULFC may be hired by LLFC, subject to the possession of the necessary service eligibility and other requirements prescribed for the position.

Section 5

Agency Support

Section 5.

Agency Support. All relevant departments, agencies, bureaus, offices and instrumentalities shall provide full support and assistance to ensure the effective implementation of this Order.

Section 6

Separability

Section 6.

Separability. If any section or part of this Order is declared unconstitutional or invalid, the other sections or provisions not otherwise affected shall remain in full force and effect.

Section 7

Repeal

Section 7.

Repeal. All other orders, rules, regulations, and issuances or parts thereof, which are inconsistent with this Order, are hereby repealed, or modified accordingly.

Section 8

Effectivity

Section 8.

Effectivity. This Order shall take effect immediately upon publication in the Official Gazette or in a newspaper of general circulation.

DONE, in the City of Manila, this 06 day of August, in the year of our Lord, Two Thousand and Twenty-Four.

(Sgd.) FERDINAND R. MARCOS, JR.

By the President:

(Sgd.) LUCAS P. BERSAMIN Executive Secretary