Development Bank of the Philippines Celebrates Consecutive and Dual Honors at Asia Corporate Excellence and Sustainability (ACES) 2024
- Written by Media Outreach
The Development Bank of the Philippines (DBP) shines at the ACES Awards 2024! Receiving the prestigious Green Initiative Award on Day 1, DBP was represented by Michael de Jesus, President and CEO (right center), and Carolyn Olfindo, SVP/Head of the Branch Banking Sector (left center). The award was presented by Dr. Shanggari Balakrishnan, President of the ACES Awards (far left), and Luis Bueno Nieto, Advisor to the ACES Council (far right). Adding to the celebration, Michael de Jesus was honoured on Day 2 with the Outstanding Leaders in Award, in recognition of his exemplary leadership that continues to drive DBP towards sustainable and impactful growth. DBP leading the way in green initiatives and inspiring leadership!
Under the leadership of PCEO Michael O. de Jesus, who brings more than 37 years of domestic and international financial experience, DBP solidified its position as a catalyst for sustainable development. With a strong ethical framework, the bank's commitment to environmental stewardship, social responsibility, and good governance has been instrumental in driving national progress.As a flagship environmental undertaking and corporate social responsibility (CSR) initiative, the DBP Forest Program was launched in 2005. Over 6.6 million trees have been planted across 48 project sites spanning 6,000 hectares in collaboration with local communities, universities, and non-governmental organizations—achieving 85% of the 2030 target. This initiative enhances biodiversity, improves local livelihoods, and contributes to the Philippines' climate action goals through carbon sequestration.
As a key player in driving the country's transition to a low-carbon economy, with target of 35% renewable energy in the power mix by 2030, DBP actively channels resources to climate financing and renewable energy projects. Through its pioneering Solar Merchant Power Plant (SMPP) financing program, the bank supports developers supplying clean electricity to the Wholesale Electricity Spot Market. Likewise, DBP's Assistance for Economic and Social Development (ASENSO) for Local Government Units (LGUs) financing program ensures funding for essential infrastructure and socio-economic development projects, including clean energy solutions to uplift living standards nationwide.
DBP's holistic approach extends beyond financing to education, exemplified by its Resources for Inclusive and Sustainable Education (RISE) CSR program, which provides scholarships to underprivileged students. This emphasis on human capital development underscores the bank's conviction that education is integral to lasting social and economic progress.
The recent induction of DBP into the Corporate Governance Scorecard Hall of Fame further validates its adherence to high ethical standards, transparency, and good governance. Bolstered by the Senate's approval of a new charter increasing its authorized capital, DBP stands well-positioned to broaden its development impact, fostering responsible growth, and resilience for future generations.
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