State-owned Development Bank of the Philippines (DBP) has been recognized for the second consecutive year by the state regulator of government-owned and controlled corporations (GOCCs) in the country for upholding the highest standards of corporate governance among its industry peers, a top official said.
DBP President and Chief Executive Officer Michael O. de Jesus said the Bank was the top ranked GOCC in the Governance Commission for GOCCs’ (GCG) 2024 Corporate Governance Scorecard (CGS) which evaluates GOCCs based on international governance standards.
“This latest accolade from the GCG is an affirmation of DBP’s long-standing commitment to sound corporate governance as a foundation of operational discipline and institutional integrity, and which has helped it in fulfilling its development financing mandate,” de Jesus said.
DBP is the 10th 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; environment; social services and community development.
Enacted by virtue of Republic Act No. 10149 or the GOCC Governance Act of 2011, GCG is the primary central policy-making and regulatory body that strengthens governance standards across the GOCC sector while ensuring the delivery of efficient, transparent, and people-centered services.
De Jesus said DBP obtained a final CGS score of 104.17%, a sharp rise from the 102.67% it garnered from the previous CGS, which 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.
He said the award is a testament to the collective efforts of the men and women of DBP, who have built on time-tested principles of good governance and jumpstart the Bank’s strategic initiatives in 2026.
“We hope that this latest GCG citation would inspire us further in enhancing our good governance policies and mechanisms with the end goal of making our programs more responsive to the needs of our ultimate stakeholder—the Filipino people” de Jesus said.