The Development Bank of the Philippines (DBP) was presented with an award of excellence by the Governance Commission for GOCCs and the Institute of Corporate Directors for achieving one of the highest scores on the Corporate Governance Scorecard (CGS) for government-owned and controlled corporations. The awarding ceremony was held on November 24, 2017 at the Dusit Thani Hotel in Makati City, Metro Manila, Philippines.
DBP ranked fourth out of the ten (10) awardees with a score of 91.50 percent based on 2016 Assessment for 2015 operations. The bank also posted the biggest leap among the awardees, jumping from #11 last year to #4 this year with a 28.8-point improvement. It also earned a perfect score of 35 percent in the section on disclosure and transparency.
Other awardees were the Philippine Deposit Insurance Corp., Land Bank of the Philippines, Philippine Crop Insurance Corporation, Bases Conversion and Development Authority, LBP Leasing and Finance Corporation, Government Service Insurance System, PNOC Renewable Corporation, Philippine Reclamation Authority and Social Security System.
The CGS is a quantitatively driven evaluation tool extracted from existing and globally accepted standards and practices. It served as an instrument to assess the Corporate Governance performance of GOCCs using a methodology benchmarked against the OECD Principles of Corporate Governance and ASEAN Corporate Governance Scorecard. It also aims to recognize well-governed GOCCs and raise corporate governance standards and practices.