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DBP cited for pioneering sustainability practices   

DBP Senior Vice President for Operations Catherine Magana (middle) receives the Top Sustainability Advocates in Asia award under the Sustainability category of the Asia Corporate Excellence and Sustainability (ACES) Awards 2023 during ceremonies held in Kuala Lumpur, Malaysia. Also in photo are MORS Group Chief Executive Officer Shanggari Balakrishnan (left) and AUBRENS Managing Partner Dr Jayanthi Desan.

State-owned Development Bank of the Philippines (DBP) has been recognized by an international organization for being ahead of the curve in the sustainability arena as exemplified by its pioneering adoption of green practices in the early 1990s, a top official said.

DBP President and Chief Executive Officer Michael O. de Jesus said the Bank was named as one of the “Top Sustainability Advocates in Asia” under the Sustainability category of the Asia Corporate Excellence and Sustainability (ACES) Awards 2023 which honors enterprises and business leaders in the region for their outstanding corporate excellence and sustainability efforts.

“This latest achievement is a testament to DBP’s unwavering commitment to sustainable practices deeply ingrained in its organizational DNA, and which have contributed significantly to the fulfillment of its developmental mandate,” he said.

The ninth largest Philippine bank in terms of assets, DBP has a long track record of financing sustainable projects in key sectors such as infrastructure, energy, agriculture, water, and sanitation.

Organized by Malaysia-based MORS Group, the ACES Awards 2023 drew 600 nominations with 70 awardees. DBP was one of the 10 honorees under the Sustainability category.

De Jesus said the top sustainability advocates demonstrate exemplary integration of sustainability into their policies and operations, with a high level of employee and top management involvement and genuine interest in the well-being of all stakeholders.

He said DBP was the first Philippine bank to be ISO 14001-certified in 2002 for its successful establishment of an Environmental Management System in 1998 and adoption of an Environmental Policy in 1997 and one of the founding signatories of UNEP Principles for Responsible Banking in 2019, where it was the sole representative from the Philippines.

“DBP also integrated Environmental, Social, and Governance (ESG) considerations into its offerings even before the Philippine Central Bank enacted the Sustainable Finance Framework in 2020 mandating Philippine banks to fully transition to green and sustainable finance in three years,” he said.

“DBP recognizes that sustainability is not just a responsibility but an opportunity to create a more inclusive, equitable, and environmentally responsible future for the Philippines,” he said.