DBP says COA observations addressed, affirms sound governance

The Development Bank of the Philippines (DBP) said it has addressed audit observations concerning aspects of its 2025 operations, reaffirming its commitment to transparency, accountability and the prudent management of public funds.

In a statement, the state-owned lender said recent media reports had focused on selected portions of the Commission on Audit’s (COA) Audit Observation Memoranda (AOMs) without fully considering the bank management’s responses and actions.

DBP stressed that the issuance of an AOM does not automatically indicate wrongdoing, noting that it is a preliminary step in the government auditor’s regular audit process and does not constitute a final judgment on an agency’s management of resources.

The bank said its point-by-point responses to the observations were supported by factual statements, financial evidence and relevant documents, along with action plans consistent with existing laws, policies and regulations.

It added that it continues to work with COA and other regulators to implement corrective measures and strengthen internal policies and controls.

DBP also cited its performance in the 2024 Corporate Governance Scorecard of the Governance Commission for Government-Owned or -Controlled Corporations, which placed the bank among the top-performing GOCCs.

The bank further noted that COA issued an unqualified audit opinion on its 2025 operations, as reflected on the commission’s website.

Despite challenges in the domestic banking sector and the broader economic environment, DBP said it remains strong, profitable and capable of fulfilling its development financing mandate.

The bank said it would continue supporting the Philippine economy while maintaining sound banking practices and upholding corporate governance and institutional integrity.