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DBP president and chief executive officer Cecilia Borromeo receives the award of excellence from GCG and ICD officials during the awarding ceremony held recently in Makati City. With Borromeo are (from left) DBP first vice president Atty. Perla Melanie Caraan and DBP directors Miguel Abaya, Luis Bonguyan and Rogelio Garcia.

DBP tops governance score among state firms

State-owned Development Bank of the Philippines (DBP) was recently 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.

DBP ranked fourth out of the 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 11th last year to fourth this year with a 28.8-point improvement. It also earned a perfect score of 35 percent in the section on Disclosure and Transparency category.

Other awardees were the Philippine Deposit Insurance Corp, Land Bank of the Philippines, Philippine Crop Insurance Corp, Bases Conversion and Development Authority, LBP Leasing and Finance Corp, 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 serves 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.

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