State-owned Development Bank of the Philippines (DBP) has been recognized by the government’s chief corporate regulator for its consistent outstanding performance in the field of corporate governance, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said DBP was one of the three recipients of the Corporate Governance Scorecard (CGS) Hall of Fame award from the Governance Commission for GOCCs (GCG) for consistently ranking in the top ten of the CGS ratings since 2017.
“This latest recognition from no less than our regulator, the GCG, is a testament to DBP’s continued adherence to the best practices in corporate governance and which has enabled the Bank to remain a relevant government financial institution up to this day,” he said.
DBP is the ninth 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; the environment; and social services and community development.
Created under Republic Act No. 10149 or the GOCC Governance Act of 2011, the GCG is the central policymaking and regulatory body for government-owned and controlled corporations (GOCCs) and uses the CGS to evaluate and assess the corporate governance initiatives of GOCCs through a methodology benchmarked against international best practices.
De Jesus said that DBP was also awarded by the GCG for being Top 4 in the Corporate Governance Scorecard for 2022 with a high score of 100.
He said the Bank shall remain committed in formulating and implementing measures to further strengthen its corporate governance mechanisms anchored on its core values of integrity, excellence, teamwork, service to others and love for the Filipino.
“We will continue to uphold the highest standards in corporate governance in support of the Marcos Administration’s pursuit of good governance as an instrument to promote a more sustainable and inclusive economic growth,” de Jesus said.