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PDIC tops Governance Scorecard for GOCCs

December 12, 2017

Governance Scorecard Top Scorer. Philippine Deposit Insurance Corporation (PDIC) President Roberto B. Tan (2nd from left) receives on behalf of PDIC the Award of Excellence from Governance Commission for GOCCs (GCG) Chairman Atty. Samuel G. Dagpin, Jr. (3rd from left) and Institute of Corporate Directors (ICD) Chairman Francis G. Estrada (extreme left), for top scoring the 2015 Corporate Governance Scorecard (CGS) at 99.5%, during the Corporate Governance Scorecard Awards held at the Dusit Thani on November 24, 2017. The GCG and ICD jointly implemented the CGS that rates the GOCCs’ policies and practices in stakeholder relations, disclosure and transparency; and Board responsibilities. Also in photo are GCG Commissioners Marites C. Doral and Michael O. Cloribel; BSP Deputy Governor Chuchi G. Fonacier, PDIC Director Rogelio M. Guadalquiver, PDIC Director Reynaldo F. Tansioco; and ICD CEO Ricardo Nicanor Jacinto.

The Governance Commission for Government –owned and/or –controlled corporations (GCG) and the Institute of Corporate Directors (ICD) recognized the Philippine Deposit Insurance Corporation (PDIC) for top scoring the Corporate Governance Scorecard for GOCCs for calendar year (CY) 2015. For obtaining a nearly perfect score of 99.5%, PDIC received the Award of Excellence during the Corporate Governance Scorecard Awards ceremony held at the Dusit Thani on November 24, 2017. This is the second year that the PDIC scored the highest in the Scorecard. In 2016, PDIC bested 89 other GOCCs by scoring 94.5% in the appraisal of its performance on corporate governance for CY 2014.

The GCG adopted the Corporate Governance Scorecard for GOCCs, patterned after the ASEAN Corporate Governance Scorecard and based on the Principles of Corporate Governance for State-owned Enterprises by the Organisation for Economic Cooperation and Development (OECD), to raise the standards of corporate governance practices of GOCCs and be at par with the ASEAN state-owned enterprises. The Scorecard rates the GOCCs’ policies and practices in stakeholder relations, disclosure and transparency, and Board responsibilities. The GCG and ICD cited the PDIC for its perfect score in stakeholder relations and almost perfect score in Board responsibilities. PDIC was also acknowledged for its best practice in providing newly-appointed Board Directors of a Director’s Kit as well as briefings on corporate operations, strategic plans and objectives; and other matters that may be requested by the Directors. PDIC Directors are likewise regularly updated of applicable laws, rules and regulations and informed of relevant forthcoming trainings and seminars. Their seminars and trainings are duly funded by the Corporation as well.

In his Message during the ceremony, GCG Chairman Samuel Dagpin, Jr. lauded the awardees for being prime examples of better corporate governance in the GOCC sector and expressed hope that more GOCCs will exemplify better governance practices.

ICD Chairman Francis G. Estrada stressed that governance is not all about compliance but about values and principles; and real long-term results in governance. He said that the implementation of the Scorecard and the subsequent outstanding performance of GOCCs proved that excellence could be built.

PDIC President Tan expressed optimism that the prestigious award will inspire the whole PDIC to perform better, deliver breakthrough results and continue to be motivated by its vision of becoming a world class organization in depositor protection. “We hope PDIC will also inspire other GOCCs to build a culture of public service excellence the same way PDIC continuously strives to benchmark its operations with international standards,” he said. The award supports the recent call of Department of Finance Secretary Carlos G. Dominguez who is also the Chairman of the PDIC Board of the need to build a world-class bureaucracy in the Philippines by ensuring quality governance in delivering public service.

The Award for Excellence is another milestone achievement that marks 54 years of protecting the depositing public and promoting financial stability, the twin public policy objectives of the Corporation.

Other awardees were Land Bank of the Philippines (LBP) (98.5%), Philippine Crop Insurance Corporation (94.5%), Development Bank of the Philippines (91.5%), LBP Leasing and Finance Corporation (90.5%), Bases Conversion and Development Authority (90.5%), Government Service Insurance System (86.5%), PNOC Renewables Corporation (86%) and Philippine Reclamation Authority (82.5%).

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

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