PCIC gains top score in GCG assessment for 4th straight year
The Philippine Crop Insurance Corporation (PCIC) has once again gained the highest rating among government corporations in the corporate governance performance assessment conducted by the Governance Commission for GOCCs (GCG) for 2019.
The evaluation report recently published on the GCG website shows that the PCIC obtained a score of 100.52, the highest among 80 GOCCs that have been evaluated during the year.
It was the fourth time in a row, starting in 2016, that the PCIC has topped all GOCCs in this evaluation.
PCIC President Jovy C. Bernabe expressed gratefulness at this development. “We thank the GCG for once again recognizing our continuing effort at improving our operations, as they relate to our internal and external stakeholders,” he said.
He also thanked and congratulated the PCIC staff at the central and regional offices for their strict adherence to the code of corporate governance, and for putting the stakeholders, specially the small farmers and fisherfolk, at the front and center of their daily operation.
The GCG initiative aims to recognize well-governed GOCCs and raise corporate governance standards and practices. It uses the Corporate Governance Scorecard (CGS) as a tool to assess the corporate governance performance of the GOCCs.
CGS involves a methodology benchmarked against the Organisation for Economic Cooperation and Development (OECD) Principles of Corporate Governance and the ASEAN Corporate Governance Scorecard.
Guided by the CGS, it specifically assesses the GOCCs’ adherence to best practices and international corporate governance standards. It is further aimed at making them at par with those of more advanced state-owned enterprises in other member countries of the ASEAN.
A GOCC’s performance is measured in the areas of stakeholder relationship, disclosure and transparency, and responsibilities of the corporation’s Board of Directors. Points are awarded when the corporation meets the criteria. A maximum of 104 points can be obtained, including bonus points.