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March 01, 2024

GCG ranks PDIC “Outstanding” in corporate governance scorecard

The Governance Commission for Government-Owned or Controlled Corporations (GCG) recently recognized state-run Philippine Deposit Insurance Corp. (PDIC) as among the top GOCCs in the bureaucracy.

The state deposit insurer received an “Oustanding” assessment rating in the GGC-implemented Corporate Governance Scorecard (CGS) during the height of the COVID-19 pandemic 2020.

PDIC president and CEO Roberto Tan said that the agency remains on track toward achieving its vision of becoming a leading institution in governance by 2023.

“To be recognized as among outstanding GOCCs in governance for 2020 is not only a great achievement but is made more meaningful because of the severe economic and operational challenges PDIC had to hurdle on the first year of
the pandemic,” Tan said.

The annual assessment through the CGS aims to determine the corporate governance performance of GOCCs and to help recognize their strengths and weaknesses relative to prevailing corporate governance provisions. It also
identifies how closely these GOCCs adhere to international best practices and standards.

The PDIC leveraged technology to innovate major areas of its operations to better serve its clients during the pandemic, introducing online filing for deposit insurance claims and electronic public biddings to dispose of corporate and closed bank assets, among others.

The PDIC also implemented programs such as a calamity assistance program for thrift, rural and cooperative banks; and payment relief measures for closed banks’ lessees, borrowers and property buyers to help clients weather the effects of the health crisis.

The Bases Conversion Development Authority, Cebu Port Authority, Clark Development Corp., Credit Information Corp., Development Bank of the Philippines, Government Service Insurance System, National Electrification Administration, National Power Corp., Philippine Crop Insurance Corp., and Small Business Corp. were also given outstanding assessment in corporate governance by the GCG.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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