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May 28, 2007 |
HANOI, Vietnam - DBP was conferred the Outstanding Corporate Governance award by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) during ceremonies held here last May 10 in recognition of the bank’s sound governance practices and policies.
The ADFIAP award is the second recognition that the DBP has received for its corporate governance program. Last year, DBP scored highest among 31 government-owned and controlled corporations in the Corporate Governance Scorecard of the Institute of Corporate Directors.
President & CEO Reynaldo G. David, who received the award on behalf of the bank, said the recognition is a testament to the DBP’s continuing effort towards fostering a culture of excellence, ethics, and compliance within the institution.
“This latest citation for DBP was brought about by the conscious effort of everyone — from the chairman of the board of DBP, the directors, and management levels, to the lowest-ranking in the Bank’s hierarchy. It also recognizes the way that DBP has conducted itself in its relations with the government — its sole shareholder — and with the various stakeholders of the institution,” he said.
President David also noted that the recognition comes as a timely development in view of recent reports that paint an unpleasant picture of graft and corruption in the country: “With this accolade, it goes without saying that we are no longer an agnostic in recognizing governance not only as a way of business life but in every undertaking that we do on a daily basis.”
To further emphasize his point, President David made a reference to DBP’s consistently impressive financial performance, which was highlighted by a record net income of P3.7 billion last year, as he said: “We are very happy that at this early stage, we are already starting to reap the rewards of our sound governance policies and practices. Our experience has also shown that good governance boosts business stability, viability, and in turn spews out quality earnings.”
Lastly, President David underscored the impact of this latest recognition on the Bank’s continuing mandate to be the country’s leading development partner: “There could not be a more auspicious time for this recognition as it comes amidst a backdrop of an economy that is on the ascent. The Philippines is growing at a respectable growth rate. We have GDP growing at an average of 5.33 percent since three years ago. And we at DBP could not be prouder to be playing a key role in providing the wherewithal and support impetus for our country’s much-awaited economic take-off.”
ADFIAP is an organization of development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. It currently has 76 member-institutions in 36 countries. The annual ADFIAP Development Awards recognize and honor member-banks that have undertaken or assisted projects that have created a development impact in their respective countries by implementing or enhancing outstanding and innovative development projects. |
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