The Development Bank of the Philippines (DBP), a key state-owned financial institution, has once again received international and national recognition for its commitment to sustainability and strong corporate governance.
Photo shows DBP President and CEO Michael O. de Jesus (third from left) as he accepts the Green Initiatives Award in recognition of the state-owned bank’s pioneering and enduring sustainability efforts. Also in photo are (from left): MORS Group president Dr. Shanggari Balakrishnan, DBP senior vice president Carolyn I. Olfindo, and ACES Awards advisor Luis Bueno Nieto.
The bank recently garnered the “Green Initiatives Award” at the Asia Corporate Excellence and Sustainability (ACES) Awards 2024, presented by the Malaysia-based MORS Group. This prestigious award acknowledges DBP’s leadership in integrating Environmental, Social, and Governance (ESG) principles into its core business operations.
“This accolade is a manifestation of DBP’s enduring commitment to sustainable financing and more importantly, provide inspiration to the men and women of the bank to continue working towards ensuring a more sustainable future for our countrymen,” de Jesus said.
As the 10th largest bank in the country in terms of assets, DBP plays a crucial role in supporting the Philippine economy. The bank focuses on four key sectors: infrastructure and logistics, micro, small, and medium enterprises (MSMEs), environmental protection, and social services and community development.
The state-owned bank has a long history of sustainability initiatives. Notably, it became the first Philippine bank to receive ISO 14001 certification for its Environmental Management System in 2002, a testament to its early adoption of green practices.
In October this year, the bank also received the Outstanding Sustainable Project Financing Award at the Karlsruhe Sustainable Finance Awards in Germany.
The DBP-funded Imperial Homes Corporation’s Solar-Powered Resilient Housing Community in Sto. Tomas, Batangas.
The award recognizes the state-owned bank’s financing of the Via Verde Homes Project, a solar-powered residential community developed by Imperial Homes Corporation in Sto. Tomas, Batangas.
The project utilizes eco-friendly materials, integrates solar energy, and promotes energy efficiency, aligning with the bank’s commitment to sustainable development.
Via Verde is the Philippines’ first “Metered Community,” allowing residents to generate and sell excess solar power to the grid. The project also received the EDGE Certificate for meeting global standards for green buildings.
This award highlights the state-owned bank’s role in supporting sustainable infrastructure development and promoting environmental responsibility in the Philippines.
DBP: Upholding strong corporate governance
DBP President and CEO Michael O. de Jesus (center) after receiving the CGS Hall of Fame Award for 2022 from Executive Secretary Lucas Bersamin (fifth from left) and GCG Chairperson Atty. Marius Corpus (sixth from left). Also in photo were (from left) GCG Commissioner Atty. Brian Keith F. Hosaka, GCG Commissioner Atty. Geraldine Marie Berberabe-Martinez, DBP Director Roberto Antonio, and DBP Assistant Vice President Maria Katrina Infante.
In addition to its sustainability achievements, the DBP has also been recognized by the government’s chief corporate regulator, the Governance Commission for GOCCs (GCG), for its consistently outstanding performance in corporate governance.
DBP was inducted into the CGS (Corporate Governance Scorecard) Hall of Fame for consistently ranking among the top ten in the CGS ratings since 2017.
The CGS, developed by the GCG, evaluates and assesses the corporate governance initiatives of government-owned and controlled corporations (GOCCs) based on international best practices.
Furthermore, DBP was awarded a top-four ranking in the 2022 CGS with a perfect score of 100, highlighting its commitment to the highest standards of corporate governance.
A commitment to excellence
DBP President and CEO Michael O. de Jesus expressed his pride in these recognitions, emphasizing that they reflect the bank’s unwavering commitment to sustainable financing and strong corporate governance.
“These accolades serve as a powerful motivator for our team to continue striving for a more sustainable future for the Philippines and to uphold the highest standards of corporate governance in support of the Marcos Administration’s pursuit of good governance and inclusive economic growth,” stated de Jesus.
A model for the financial sector
DBP’s achievements in sustainability and corporate governance serve as a model for other financial institutions in the Philippines.
By prioritizing ESG considerations and adhering to strong governance principles, DBP demonstrates how financial institutions can contribute to a more sustainable and inclusive future while maintaining sound financial performance.