State-owned Development Bank of the Philippines (DBP) has been recognized by its regulator for its adherence to good corporate governance and by an international organization for its sustainability programs, a top official said.
DBP President and CEO Michael O. de Jesus said the Bank was hailed as the top performing government-owned and -controlled corporation (GOCC) during the recent Governance Commission for GOCCs (GCG) Awards and the 鈥淭op Community-Centric Company鈥 during the Asia Corporate Excellence and Sustainability (ACES) Awards.
鈥淚t is truly 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,鈥 de Jesus said.
DBP is the ninth largest bank in the country with total assets of P1.041 trillion, primarily providing funding assistance to projects in four economic sectors 鈥 infrastructure and logistics; micro, small and medium enterprises; social services and community services; and the environment.
GCG AWARD
De Jesus said DBP was the top ranked GOCC in the GCG 2024 Corporate Governance Scorecard (CGS) which evaluates GOCCs based on international governance standards, obtaining a final CGS score of 104.17%, a sharp rise from the 102.67% it garnered from the previous CGS.
GCG is the primary central policy-making and regulatory body of GOCCs that evaluates corporate governance standards and practices. Its CGS serves as an instrument to assess the corporate governance initiatives and practices of GOCCs using a methodology 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 that have successfully integrated Environmental, Social, and Governance (ESG) principles into their operations.
De Jesus noted that this is the third consecutive win of DBP in the ACES awards, this time under the Corporate Sustainability category for its reforestation program with the Mindanao State University-Buug campus and its participation in the Department of Agriculture鈥檚 Agri-Puhunan at Pantawid Program.
鈥淭hese accolades are a testament to DBP鈥檚 tireless pursuit of exemplary public service, ably fulfilling its developmental mandate and supporting the National Government鈥檚 thrust of promoting progress today and in the years ahead,鈥 de Jesus said.
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