The state-owned Development Bank of the Philippines (DBP) has been recognized by its regulator for its adherence to good corporate governance and international organization for its sustainability initiatives, a senior official said.
DBP President and CEO Michael O. de Jesus said the Bank was recognized as the most efficient government owned and controlled corporation (GOCC) during the recent Governance Commission for GOCCs (GCG) awards and the “Top Community-Centric Company” during the Asia Corporate Excellence and Sustainability (ACES) awards.
“It is truly humbling that DBP has been recognized for its corporate governance practices and sustainability efforts that are in line with the goals of the Marcos Administration and aimed at improving the welfare of the Filipino people,” said de Jesus.
DBP is the ninth largest bank in the country with total assets of P1.041 trillion, which primarily provides financing for projects in four economic sectors – infrastructure and planning; micro, small and medium enterprises; public services and public services; and nature.
GCG AWARD
De Jesus said that DBP was ranked the top GOCC in the GCG 2024 Corporate Governance Scorecard (CGS) which evaluates GOCCs based on international governance standards, receiving a final CGS score of 104.17%, which is a significant increase from the 102.67% it received in the previous CGS.
The GCG is the main policy-making and regulatory body of GOCCs that monitors corporate governance standards and practices. Its CGS serves as a tool to assess the implementation of corporate governance and GOCC processes using a standardized methodology against the Corporate Governance principles of the Organization for Economic Co-operation and Development and the ASEAN Business Governance Card.
ACES AWARD
Organized by Malaysian-based MORS Group, the ACES awards recognize industry leaders in Asia who have successfully integrated Environmental, Social, and Governance (ESG) principles into their operations.
De Jesus noted that this is DBP’s third consecutive win in the ACES awards, this time under the Business Sustainability category for its reforestation program with the Mindanao State University-Buug campus and its participation in the Department of Agriculture’s Agri-Puhunan in the Pantawid Program.
“These awards are proof that DBP is tirelessly pursuing exemplary public service, fully fulfilling its development mandate and supporting the National Government’s mission to promote progress today and in the years to come,” said de Jesus.
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