Landbank retains status as top GOCC, bags multiple awards for governance

MANILA, Philippines — Land Bank of the Philippines was named the top government-owned and controlled corporation (GOCC) for the second consecutive year, earning the highest rating for corporate governance in 2023 from the Governance Commission of GOCCs (GCG).

The state-run bank garnered an unprecedented rating of 104 percent on the GCG’s Corporate Governance Scorecard (CGS), exceeding the rating ceiling of 100 percent. The CGS is an evaluation tool that assesses the corporate governance practices of GOCCs, using a methodology aligned with international standards.

“Being recognized anew as the top GOCC for corporate governance reflects Landbank’s steadfast commitment to transparency, accountability and excellence in public service. This recognition drives us further to continuously foster a culture of good governance, ensuring that we remain a reliable and trusted partner in promoting inclusive and sustainable growth across the nation,” said Landbank president and CEO Lynette Ortiz.

Landbank also ranked among the top-ranking GOCCs in the 2023 GCG Performance Evaluation System (PES), which measures the achievements of GOCCs based on performance criteria, targets and weighted indicators outlined in the Performance Scorecard.

In addition, Landbank received a sustainability award for its outstanding commitment to sustainability values and practices. The bank was further lauded for consistently achieving high scores in the “Responsibilities of the Board” section of the Corporate Governance Scorecard and for adhering to the Global Reporting Initiative (GRI) Standards in its Sustainability Reporting for calendar years 2021 to 2023.

Landbank has long been committed to upholding the highest ethical standards while faithfully fulfilling its role in nation-building. In 2024, the bank remitted a record-setting P32.119 billion in cash dividends to the national government – the highest in the bank’s history and among all GOCCs – to support the country’s priority infrastructure projects and socio-economic programs.