The state-owned Development Bank of the Philippines (DBP) has earned accolades from the government’s chief corporate regulator for its consistent and outstanding performance in the realm of corporate governance.
DBP President and Chief Executive Officer Michael de Jesus announced that DBP is among the three recipients of the Corporate Governance Scorecard (CGS) Hall of Fame award conferred by the Governance Commission for Government-owned and Controlled Corporations (GCG). This recognition is bestowed in acknowledgment of DBP consistently securing a position in the top 10 of the CGS ratings since 2017.
As the ninth-largest bank in the country based on assets, DBP plays a pivotal role in providing credit support to four strategic sectors of the economy, namely infrastructure and logistics, micro, small and medium enterprises, environment, and social services and community development.
Established under Republic Act 10149, the GOCC Governance Act of 2011, GCG serves as the central policymaking and regulatory body for government-owned and controlled corporations (GOCCs). The CGS is employed by GCG to assess the corporate governance initiatives of GOCCs, utilizing a methodology benchmarked against international best practices.
De Jesus further highlighted that DBP has been honored by GCG as a top performer, securing the fourth position in the CGS for 2022 with an impressive score of 100. He affirmed the bank’s unwavering commitment to devising and implementing measures aimed at further fortifying its corporate governance mechanisms. This commitment is grounded in DBP’s core values of integrity, excellence, teamwork, service to others, and love for the Filipino.
