State-owned Development Bank of the Philippines (DBP) was honored by the chief regulator of government-owned and controlled corporations (GOCCs) for its consistent adherence to good corporate governance principles, top officials said.
DBP President and Chief Executive Officer Michael O. de Jesus said that the Bank scored the second highest ranking in the Corporate Governance Scorecard (CGS) ratings of the Governance Commission for GOCCs (GCG) with an above ceiling score of 102.67%.
“DBP’s consistent outstanding performance in the CGS is a result of our firm commitment in upholding the highest standards of good governance to further optimize Bank operations and enable it to further advance inclusive economic growth in the country,” de Jesus said.
DBP is the 10th largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small, and medium enterprises; environment; social services and community development.
GCG is the primary regulatory institution of GOCCs and was established by virtue of Republic Act No. 10149 or the GOCC Governance Act of 2011, which standardized the implementation of CGS, a quantitatively-driven performance evaluation tool that serves as an instrument in assessing the corporate governance initiatives and practices of GOCCs.
DBP Chairman Philip G. Lo said the Bank was likewise recognized with special awards such as the GOCCs for Sustainability Award, Special Recognitions for consistent high scores in CGS ratings under the categories of Responsibilities of the Board and Stakeholder Relationships for 2021 to 2023, and Special Recognition for adherence to the Global Reporting Initiative (GRI).
He said these accolades serve as an inspiration for the Bank to continuously innovate and actively pursue excellence in our banking operations while ensuring that DBP contribute positively to the fulfilment of its mandate under the banner “Bagong Pilipinas” of President Ferdinand Marcos, Jr.
“DBP shall continue to be a paragon of good corporate governance among our peers in the public sector, which shall serve as the hallmark of our commitment to excellent service to our stakeholders,” Lo said.
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