State-owned Development Bank of the Philippines (DBP) has been recognized by its regulator for its adherence to good corporate governance and by a world organization for its sustainability programs, a top official said.
DBP President and CEO Michael O. de Jesus said the Bank was hailed as the highest performing government-owned and -controlled corporation (GOCC) in the course of the recent Governance Commission for GOCCs (GCG) Awards and the “Top Community-Centric Company” in the course of the Asia Corporate Excellence and Sustainability (ACES) Awards.
“It is actually humbling for DBP to be recognized for its corporate governance practices and sustainability efforts anchored with the ideals of the Marcos Administration and geared towards advancing the welfare of the Filipino people,” de Jesus said.
DBP is the ninth largest bank within the country with total assets of P1.041 trillion, primarily providing funding assistance to projects in 4 economic sectors — infrastructure and logistics; micro, small and medium enterprises; social services and community services; and the environment.
GCG AWARD
De Jesus said DBP was the highest ranked GOCC within the GCG 2024 Corporate Governance Scorecard (CGS) which evaluates GOCCs based on international governance standards, obtaining a final CGS rating of 104.17%, a pointy rise from the 102.67% it garnered from the previous CGS.
GCG is the first central policy-making and regulatory body of GOCCs that evaluates corporate governance standards and practices. Its CGS serves as an instrument to evaluate the company governance initiatives and practices of GOCCs using a technique benchmarked against the Corporate Governance principles of the Organization for Economic Cooperation and Development and the ASEAN Corporate Governance Scorecard.
ACES AWARD
Organized by Malaysian-based MORS Group, the ACES Awards recognized industry leaders in Asia which have successfully integrated Environmental, Social, and Governance (ESG) principles into their operations.
De Jesus noted that that is the third consecutive win of DBP within the ACES awards, this time under the Corporate Sustainability category for its reforestation program with the Mindanao State University-Buug campus and its participation within the Department of Agriculture’s Agri-Puhunan at Pantawid Program.
“These accolades are a testament to DBP’s tireless pursuit of exemplary public service, ably fulfilling its developmental mandate and supporting the National Government’s thrust of promoting progress today and within the years ahead,” de Jesus said.
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