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Corporate governance in the Philippines
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Ignacio R. Bunye
In a recent award ceremony, the Securities and Exchange Commission (SEC) and the Institute of Corporate Directors (ICD) lauded four Ayala companies for leading the way in terms of corporate governance in the country.
Ayala Land, Inc. (ALI) and Globe Telecom made it to the top three Philippine publicly listed companies (PLCs) while Ayala Corporation and Bank of the Philippine Islands (BPI) were among companies who made it to the ASEAN Asset Class.
The occasion was the recognition of the awardees of the 2019 ASEAN Corporate Governance Scorecard (ACGS) Philippines Awards.
By way of background, SEC Chairman Emilio Aquino explained that the ASEAN Capital Markets Forum (ACMF), in partnership with the Asian Development Bank (ADB), developed the ASEAN Scorecard as part of its efforts to promote regional integration in the ASEAN region.