The Philippine Crop Insurance Corporation (PCIC) bagged the Top 3 “Award on Excellence in Corporate Governance” from a selection of 85 Government-Owned and Controlled Corporations (GOCCs) in the country in awarding ceremonies held on November 24, 2017 at the Dusit Thani Manila Hotel, Makati City.
PCIC garnered a 94.50% score in the Corporate Governance Scorecard (CGS). Others in the top five GOCCs were the Philippine Deposit Insurance Corporation (PDIC) which came in 1st with 99.50%; LandBank of the Philippines (LBP), 2nd with 98.50%; Development Bank of the Philippines (DBP), 4th with 91.50%; and LBP Leasing and Finance Corporation (LLFC), 5th with 90.50%.
PCIC has received this Award for two consecutive years ever since it was started last year by the Governance Commission for GOCCs (GCG) and the Institute of Corporate Directors (ICD), a non-profit organization advocating enhanced corporate governance in the country.
The awards were made based on the CGS, which assesses the GOCCs on their adherence to best practices and in compliance with international standards on corporate governance, making them at par with those of more advanced state-owned enterprises in other member countries of the ASEAN.
Among the criteria considered in evaluating these best practices and high international standards were policies on handling stakeholder relationships, public disclosures and transparency, and responsibilities of their corporate Boards.
Attending the awards representing PCIC were President Jovy Bernabe; Acting Chairman Crisologo Ignacio; Directors Alex Suarez and Juan Borra, Jr.; Senior Vice President Norman Cajucom; Vice President Segundo Guerrero, Jr.; Department Managers Rodelia Pagaddu, Renato Viado, and Allan Retamar; and Assistant Board Secretary Arbi Dela Cruz.
The award was presented by the GCG headed by Chairman Samuel Dagpin, Jr. and ICD led by Chairman Francis Estrada.