| PARTICULARS | FILE | ||
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| I. Stakeholder Relationships | |||
| 1. Does the GOCC disclose a policy that: Stipulates the existence and scope of its effort to address customer’s welfare? | |||
| a. Stipulates the existence and scope of its effort to address customer’s welfare? |
The agency’s external and internal stakeholders are posted on TPB’s official website. The Revised TPB Code of Corporate Governance states under Sec.33 thereof, thus: “Every Director and Officer accepts the position fully aware that he assumes certain responsibilities not only to the Board, but also with different constituencies or stakeholders, who have the right to expect that the Board is being run in a prudent manner and with due regard to the interests of the all Stakeholders. Consequently, members of the Board and Officers shall deal fairly with the Board’s employees, customers, suppliers and other stakeholders. No member of the Board or Officer may take unfair advantage of the Board’s employees, customers, suppliers and other Stakeholders through manipulation, concealment, abuse of confidential or privileged information, misrepresentation of material facts or any other unfair dealing practice”. |
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| b. Elaborates its efforts to interact with the communities in which they operate? |
The specific policy is under Chapter VII Sec 33 Corporate Social Responsibility and Relations with Stakeholders in the TPB Code of Corporate Governance. The identification of Stakeholder including the requirements, needs and expectations incomliance with ISO 9001:2015 Standards is conducted at least once anually by TPB and duly posted under Item I of the Corporate Governance Seal under the Corporate GOvernance Scorecard tab in the TPB Corpoarate website Standard practices in direct engagements/immersions with communities include onboarding of employee partcipant prior to event implementation for Corporate Responsibility Programs implemented and coordination with local tourism offices/lgus for Focus Group Discussion as part of the Community Needs Assessment for Community Based Tourism Programs. Since 2015, TPB’s interaction with communities has been anchored on the CSR Statement. This policy clearly indicates that the CSR programs, projects, and activities that the agency will implement should be based on either of the following objectives: |
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| c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? |
In recent years, TPB has actively integrated sustainability across its tourism value chain, ensuring that our programs, partnerships, and operations align with environmentally responsible and socially inclusive practices. Building on these foundations, TPB further strengthened its commitment in the last quarter of 2024 by formulating its strategic direction for the midterm of the administration. This direction reinforces our adherence to the Sustainable Development Goals, ensuring that our initiatives continue to contribute to global sustainability while fostering long-term resilience in the tourism sector. TPB’s Strategic Directions for 2025–2028 are encapsulated in the theme: “Taking Philippine Tourism to Excellence: Marketing a Sustainable, Diverse, and Experiential Destination.” These directions serve not just as a roadmap but as a testament to our dedication to elevating Philippine tourism. Grounded in our mandate and aligned with both global and national tourism development priorities, they will guide the selection, conceptualization, and execution of our programs, projects, and activities. Moving forward, TPB will further enhance strategic partnerships to promote sustainable, gender-responsive, and community-based tourism practices. We will continue working closely with stakeholders across the tourism value chain – tour operators, accommodation providers, local communities, and industry partners to embed sustainability at every stage of tourism development. By reinforcing eco-friendly standards, responsible sourcing, and inclusive growth strategies, we aim to cultivate a resilient and environmentally conscious tourism sector. TPB Strategic Directions 2025-2028 Green Technical Specifications from GPPB |
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| 2. Does the GOCC disclose the activities that it has undertaken to implement the abovementioned policies? | |||
| a. Customer health and safety | Yes. In 2025, the TPB implemented several technical seminars and health and safety programs such as health fora, sports activities, first aid and basic life support seminars, and the adoption of flexible work arrangements. | ||
| b. Interaction with the communities |
The TPB Website provides a page which reflects all CSR Reports. Since 2015, the Tourism Promotions Board (TPB), through its Corporate Planning and Business Development Department (CPBDD), has remained committed to its Corporate Social Responsibility (CSR) Program, which emphasizes meaningful engagement with local communities, promoting sustainable tourism, and advancing environmental protection. Each activity serves as a platform to foster deeper connections with communities while addressing their unique needs and preserving natural resources vital to tourism and livelihoods. In June 2025, TPB in partnership with the Bases Conversion and Development Authority (BCDA), conducted a tree-planting activity and sustainability tour around New Clark City, which aimed to contributing to the preservation of biodiversity through the planting of 171 native tree species in Sapa Kawayan, New Clark City (NCC). The initiative sought to cultivate environmental and social responsibility among TPB volunteers and partners. In addition, a rolling sustainability tour was conducted to showcase NCC’s green infrastructure and environmentally sound practices. TPB’s CSR Program for 2025 exemplifies its unwavering commitment to fostering partnerships with communities, promoting sustainable practices, and safeguarding the environment. These initiatives underscore the organization’s mission to integrate tourism development with genuine care for people and the planet, setting a benchmark for future efforts in sustainable tourism. |
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| c. Environmentally-friendly value chain |
TPB continues to practice waste segregation which promotes environmental protection and pollution reduction. TPB also practices energy efficiency through mindful and economic consumption of electricity and fuel (i.e. turning off of lights and ACUs when not in use, strategic dispatch of pool vehicles, regular cleaning of refrigerator) and water conservation. The agency also participated in Earth Hour on 22 March 2025. TPB Bids and Awards Committee also aligns with the Green Procurement by thoroughly reviewing Terms of Reference or Technical Specifications of Purchase Request to ensure sustainability practices (i.e. Tour Operators are required to provide tumblers instead of bottled water to prevent single-use plastics, use of sustainable materials in the supply of promotional materials) TPB Sustainability Practices (Issued Memoranda) |
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| 3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report / section? |
The TPB Website provides a page which reflects all CSR Reports. The Tourism Promotions Board (TPB), through its Corporate Planning and Business Development Department (CPBDD), has been steadfast in conducting its Corporate Social Responsibility (CSR) Program annually since 2015. The program emphasizes engagement with local communities across the Philippines, aiming to foster meaningful connections and sustainable impact. In June 2025, TPB in partnership with the Bases Conversion and Development Authority (BCDA), conducted a tree-planting activity and sustainability tour around New Clark City, which aimed to contributing to the preservation of biodiversity through the planting of 171 native tree species in Sapa Kawayan, New Clark City (NCC). The initiative sought to cultivate environmental and social responsibility among TPB volunteers and partners. In addition, a rolling sustainability tour was conducted to showcase NCC’s green infrastructure and environmentally sound practices. Through these initiative, TPB demonstrated its unwavering commitment to environmental sustainability, community empowerment, and education. The successful execution of these activities underscores TPB’s role as a catalyst for sustainable tourism while paving the way for future endeavors that balance development with conservation. |
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| 4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. | |||
| Does the GOCC provide contact details via the company’s website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc. ) can use to voice their concerns and/or complaints for possible violation of their rights? |
Through the TPB website, stakeholders are given the channels to voice out their concerns and/or complaints: Stakeholder concerns and/or complaints can be sent in the form of letter, email, or phone call. |
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| 5. Performance-enhancing mechanisms for employee participation should be permitted to develop: | |||
| a. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? |
Yes. In 2025, the TPB implemented several technical seminars and health and safety programs such as health fora, sports activities, first aid and basic life support seminars, and the adoption of flexible work arrangements. |
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| b. Does the GOCC publish data relating to health, safety and welfare of its employees? |
Yes. In 2025, the TPB implemented several technical seminars and health and safety programs such as health fora, sports activities, first aid and basic life support seminars, and the adoption of flexible work arrangements. |
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| c. Does the GOCC have training and development programmes for its employees? |
The TPB PHRDD has an approved 2025 Training Plan and Work Program Calendar for the continuous learning and development of its employees in order to address competency gaps and health and wellness concerns. |
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| d. Does the GOCC publish data on training and development programmes for its employees? |
In 2025, the TPB PHRDD continued to enrich its programs to ensure opportunities for career growth and to attain improvement in the competencies of its employees. Its Plans and Programs focused not only on the technical growth of personnel but also on the overall well-being as anchored in the approved TPB Mental Health Program dubbed as H.U.G.S. (Help, Understand and Give Support). The TPB’s institutional activities including the Learning Over Lunch (LOL), team building activities, and year-end thanksgiving with elements of Corporate Social Responsibility (CSR) were also implemented. The Gender and Development (GAD) programs and activities were also carried out including Women’s Month and End-VAW. In terms of Knowledge management, employee relations and rewards and recognition activities, Townhall meetings, Employee Benefits Orientation, and PRAISE activities were also part of the annual plans and programs. |
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| 6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this. | |||
| a. Does the GOCC have procedures for complains by employees concerning illegal (including corruption) and unethical behavior? |
The TPB Whistleblowing Policy Guidelines are disclosed through the TPB website. The TPB established its Whistleblowing Policy to enable any concerned individual to report and provide information, anonymously if he/she wishes, and even testify on matters involving the actions or omissions of the Directors, Officers and Employees of TPB that are illegal, unethical, violate good governance principles, are against public policy and morals, promote unsound and unhealthy business practices, are grossly disadvantageous to TPB and/or the Government. Committee on Decorum and Investigation (CODI) Procedural Rules are also disclosed through the TPB website, ensuring transparency and accessibility to all stakeholders. These rules govern the handling of sexual harassment cases involving officials or employees, outlining the standards of conduct expected within the organization. They establish clear procedures for filing complaints, conducting investigations, and ensuring due process for all parties involved. The rules also define the roles and responsibilities of the CODI, including the protection of complainants against retaliation. The TPB Grievance Machinery Rules are also posted in the TPB Website.These rules provide a systematic and accessible process for addressing workplace concerns and disputes. It establishes policies and procedures for filing, evaluating, and resolving grievances, emphasizing fairness, confidentiality, and prompt action at the lowest possible level. The framework also defines key roles, responsibilities, and terms, including those of decision-makers and grievance officers involved in the process. Overall, the grievance machinery aims to foster a harmonious working environment, strengthen internal conflict resolution, and support employee morale and organizational effectiveness. |
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| b. Does the GOCC have procedures to protect an employee/person who reals illegal/unethical behavior from retaliation? |
As indicated in the Whistleblowing Policy, under 8. PROTECTION OF A WHISTLEBLOWER AGAINST RETALIATION: Retaliatory acts against whistleblowers who submit whistleblowing reports in good faith shall not be tolerated by TPB which shall extend all possible assistance to the whistleblower under the law and given the circumstances. Such retaliatory acts may include: |
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| II. Disclosure and Transparency | |||
| 7. Quality of Annual Report
Does the GOCC’s annual report disclose the following items: |
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| a. Corporate objectives |
To ensure that TPB achieves its Vision and implements programs, projects, and activities aligned with its Mission, the agency has prepared the CY 2025 Strategy Map, approved by the GCG during the Performance Target Conference on 20 March 2025. This Strategy Map serves as a guide for the specific strategic objectives the agency must embody. TPB’s strategic objectives are designed to be SMART—specific to the organization, timely in alignment with the Vision Statement, realistic in relation to the Mission Statement, and measurable and achievable through the strategic measures outlined in the Performance Scorecard. TPB 2026 Performance Scorecard |
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| b. Financial performance indicators | The TPB’s 2025 Performance Scorecard is composed of the following financial strategic measures under the Strategic Objective: Maintain Efficient, Accountable, and Transparent Financial Processes and Systems:
SM 8a: Obligations Subsidy Budget Utilization Rate – target of 90% The financial strategic measures form 20% of the total Performance Scorecard of the TPB. |
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| c. Non-financial performance indicators |
The non-financial strategic measures are reported in the Budget Accountability Reports (BAR 1) – Quarterly Physical Report, as uploaded in the Transparency Seal page under Budget and Financial Accountability Reports. Under Part G – Budget and Financial Accountability Reports of Transparency Seal The TPB’s 2025 Performance Scorecard also specifies the organization’s non-financial performance indicators which includes the following: Strategic Objective: Promote the Philippines as a Top of Mind Tourism Destination Strategic Objective: Intensify Stakeholder Awareness Strategic Objective: Improve on the Satisfaction of Customers and Stakeholders Strategic Objective: Maintain Efficient, Accountable and Transparent Administrative Processes and System Strategic Objective: Sustain a Culture of Organizational Engagement that Fosters Effective Performance, Lifelong Learning, and Growth |
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| d. Details of whistle-blowing policy |
The TPB’s Whistleblowing Policy Guidelines are posted on the TPB website. |
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| e. Biographical details (at least age, qualifications, date of first appointment, relevant experience, and any other directorships of listed companies) of directors / commissioners |
The biographical details of ex officio and appointive directors are posted on the TPB’s official website and reflected on page 2 of the TPB Consolidated Report for CY 2025. |
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| f. Training and / or continuing education programme attended by each director / commissioner |
Prior Years’ Trainings: Appointive Directors Eduardo F. Pelaez (Dir. Pelaez) and Vanessa L. Suatengco (Dir. Suatengco) attended the Corporate Governance Orientation Program for GOCCs held on 18 April 2018 and 21 February 2018, respectively. For FY 2019, Dirs. Pelaez and Suatengco participated in the Strategy for Directors on 16 May and 11 July, respectively. Dirs. Pelaez and Suatengco also participated in the Risk Management in the Age of COVID-19 Webinar on 14 May 2020, and the Pilipinas: Aspire, Rise, Sustain Webinar Series in 2021, both organized by the Institute of Corporate Directors. Former COO Maria Anthonette C. Velasco-Allones likewise attended the same ICD Seminar in 2021. COO Maria Margarita M. Nograles was scheduled to attend ICD’s Corporate Governance Orientation Program for Government-Owned and Controlled Corporations scheduled in December 2022 but it was cancelled while Dirs. Pelaez and Suatengco were not able to participate in any training. In the succeeding year, Dir. Pelaez and Dir. Suatengco attended the “”Corporate Governance Orientation Program for GOCCs”” on November 9 November until 10 November 2023 while COO Nograles attended the same seminar on September 7, 2023. For CY 2024, Dir. Pelaez, Dir. Suatengco and COO Nograles attended the Best Practices of Effective Boards held last September 3, 2024. In addition, COO Nograles and Dir. Pelaez participated in the Strategic Thinking for Board Directors and Leaders held on October 1, 2024; and Dir. Suatengco attended the Code of Conduct and Ethical Standards for Public Officials and Employees held on October 18, 2024. CY 2025 Trainings: Director Vanessa L. Suatengco attended the “Board’s Role in the Human Capital Strategy of a Company” conducted 26 September 2025. Director Eduardo F. Pelaez attended the “Governance of Internal Audit by the Board Committee” last 30 October 2025. He also attended the “Masterclass in Critical Thinking, Problem Solving and Decision Making” on November 13, 14, 21, and 28, 2025. Dir. Pelaez also attended the “AI Governance and Strategy for Corporate Leaders” held on 12 December 2025. COO Maria Margarita Montemayor Nograles attended the “Best Practices in Stakeholder Engagement” on 18 November 2025. Pages 23-26 of the TPB Consolidated Report for CY 2025
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| 8. Are the Annual Reports downloadable from the GOCC’s website? | The AFS is downloadable from the TPB website.
Annual Audit Report for the Tourism Promotions Board for FY 2024 |
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| 9. Corporate Governance Confirmation Statement | |||
| Does the Annual Report contain a statement confirming the company’s full compliance with the code of corporate governance and where there is non-compliance identify and explain reasons for each such issue? |
The TPB has complied with the government corporate standards provided under the Governance Commission for GOCCs (GCG) Memorandum Circular (MC) No. 2012-07 titled “Code of Corporate Governance for GOCCs” for the period beginning 01 July 2024 to 30 May 2025.
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| 10. Timely filing / release of annual financial reports | |||
| a. Are the audited annual financial report / statement released within 60 days upon receipt from COA? | Yes, the AFS 2024 was transmitted to management on June 03, 2025; and uploaded to the website on July 17, 2025. | ||
| b. Is the annual report released within 90 days from release of audited financial report? | Yes, the AFS 2024 was transmitted to management on June 03, 2025; and uploaded to the website on July 17, 2025.
Annual Audit Report for the Tourism Promotions Board for FY 2024
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| c. Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company? | The Statement of Management’s Responsiblity for Financial Statements was signed by the Tourism Promotions Chairperson, the TPB Chief Operating Officer, and the Manager of the Finance Department.
Statement of Management’s Responsibility for Financial Statements |
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| III. Board Responsibility | |||
| 11. | 11.a. Corporate Vision and Mission / Strategy
Has the Board of Directors reviewed the vision and mission / strategy in the last financial year? |
The TPB’s 2026 Performance Evaluation Scorecard, as endorsed by the Governance and Risk Committee, was approved by the Tourism Board during its regular meeting on 21 October 2025 through BR No. 520, series of 2025
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| 11.b Does the Board of Directors monitor / oversee the implementation of the corporate strategy? |
The Board monitors the implementation of the Strategy Map and Performance Scorecard during Board meetings on a quarterly basis.
Pages 5-11 of the TPB Consolidated Report for CY 2025Notice of 2025 Meeting Agenda
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| 12. Did the GOCC achieve 90% in the PES? | Yes. Based on internal monitoring, the TPB achieved a PES rating of 94.25% for CY 2024. However, this rating is still undergoing validation by the GCG and has not yet been officially published.FY 2024 PES Monitoring Report |
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| 13. Code of ethics or conduct | |||
| a. Are the details of the code of ethics or conduct disclosed? |
Yes. The TPB Board approved Code of Ethics is posted on the TPB’s official website.
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| b. Does the GOCC disclose that all Directors / Commissioners, senior management and employees are required to comply with the code? |
Yes. It is stated on the TPB Code of Ethics that it covers all TPB Board of Directors, officials, senior management, and employees.
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| c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? |
TPB PHRDD conducts orientation to all newly appointed and promoted TPB employees where the eight (8) norms of conduct was comprehensively discussed for awareness.
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| 14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?
Yes. The Remuneration and Nomination Committee Members are disclosed on the TPB Website.
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| 15. Did the Nomination and Compensation / Remuneration Committee meet at least twice during the year?
The Renumeration and Nomination Committee convened on 23 June 2025 and 17 September 2025 |
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| 16. If yes, is the report of the Nomination and Compensation / Remuneration Committee publicly disclosed?
The highlights of the Remuneration and Nomination Committee Meetings are reflected on the TPB Consolidated Committee Report, which is posted on the TPB Website. |
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| 17. Does the Board appoint an Audit Committee?
Yes. The Audit Committee Members are disclosed on the TPB Website.
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| 18. If yes, is the report of the Audit Committee publicly disclosed?
The highlights of the Audit Committee Meetings are reflected on the TPB Consolidated Committee Report, which is posted on the TPB Website. Pages 14-15 of the TPB Consolidated Report for CY 2025 |
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| 19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)?
Yes, Director Eduardo F. Pelaez has a background in Finance, and his CV may be viewed at the TPB website |
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| 20. Did the Audit Committee meet at least four times during the year?
In 2026, the Audit Committee convened on the following dates: – 25 March 2026 In 2025, the Audit Committee convened four times on the following dates: – 12 February 2025 Pages 14-15 and 22 of the TPB Consolidated Report for CY 2025 |
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| 21. Does the Board appoint a Risk Management Committee?
Yes. The Governance and Risk Committee Members are disclosed on the TPB Website.
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| 22. If yes, is the report on Risk Management Committee publicly disclosed?
In 2025, the Governance and Risk Committee was convened three (3) times on the following dates: The highlights of the aforesaid Governance and Risk Committee Meetings are reflected on the TPB Consolidated Report, which is posted on the TPB Website. |
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| 23. Does at least one member of the Risk Management Committee have a background in finance and investments?
Yes, Director Eduardo F. Pelaez has a background in Finance, and his CV may be viewed at the TPB website. |
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| 24. Board meetings and attendance | |||
| a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1) |
The 2025 Regular Board Meeting schedule was agreed upon during the 30 January 2025 Regular Board of Directors’ Meeting by virtue of Board Resolution No. 477, series of 2025 re: “Approval of the Calendar of 2025 Regular Board of Directors’ Meetings.” |
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| b. Does the Board of Directors meet at least monthly? |
Yes. Attendance of all Directors, as well as other TPB officers and personnel are listed and made part of every Minutes of the Regular (Monthly) Board of Directors’ Meeting. A summary of the attendance record forms part of the TPB Consolidated Report, as uploaded to the website. Pages 5-11 and 20-23 of the TPB Consolidated Report for CY 2025 |
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| c. Did the Board of Directors meet on at least 75% on their scheduled meetings? |
In 2025, the Tourism Board convened for twelve (12) regular meetings, and two (2) special meetings.
Actual Date – Rescheduled Date Pages 5-11 and 20-22 of the TPB Consolidated Report for CY 2025 |
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| d. Has each of the directors / commissioners attended at least 90% of all the board meetings held during the year? | No, the TIEZA, DFA, DTI and DOTr Representatives to the Tourism Board were unable to attend 90% of all 2025 BOD meetings. | ||
| e. Did the Board of Directors meet separately at least once during the year without the President / CEO present? |
In 2025, the Board of Directors convened without the presence of the TPB Chief Operating Officer who was on leave during the 27 May 2025 Regular Board of Directors’ Meeting. |
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| 25. Access to information | |||
| a. Does the GOCC have a policy that stipulates board papers for Board of Directors / Commissioners meetings be provided to the Board at least three (3) working days in advance of the board meeting? |
Board materials are recommended to be transmitted to the Directors 4 working days prior to regular meetings, as already discussed during the January 2024 Regular Meeting. |
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| b. Is the Board Secretary trained in legal, accountancy or company secretarial practices? |
The incumbent Board Secretary V, Atty. Jemimah Nissi M. Tiambeng is a lawyer. |
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| 26. Internal Audit | |||
| a. Does the company have a separate internal audit function? |
Yes, the Tourism Promotions Board has a separate internal audit function as evidenced by the Organizational Chart wherein the Internal Audit Office (IAO) is functionally and directly reporting to the Board Audit Committee. The IAO was created during the reorganization of TPB in pursuant to GCG Memorandum Order 2014-01 dated 07 April 2014. Page 16-17 of the GCG Memorandum Order 2014-01 dated 07 April 2014 |
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| b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee? |
As a GOCC, the Tourism Promotions Board strictly adheres to the 2025 Omnibus Rules on Appointments and Other HR Actions (ORAORAH) for all appointments and removals of internal audit positions. However, it’s important to note that the selection process for the position of Internal Auditor V / Head of the Internal Audit Office requires an interview, deliberation, and recommendation from the Board Audit Committee prior to the issuance of appointment pursuant to the CSC-approved TPB Merit and Selection Plan and the ISO Documented Procedure, specifically, the Recruitment, Selection, and Promotion for Permanent Personnel. |
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| 27. Risk Oversight | |||
| a. Does the company disclose the internal control procedures / risk management systems it has in place? |
As an ISO 9001:2015 certified organization, TPB conducts key internal control procedures as part of its risk management system, as follows: ISO 9001:2015 Trainings under the CPBD Department Internal Quality Audit (separate from those conducted by the Internal Audit Office) under the IQA system of TPB, involving personnel across the organization Management Review by TPB’s Management Committee Pre-Certification/Re-Certification Surveillance Audit by a third party Certification/Re-Certification Surveillance Audit by a third party Periodic review of Risk Registers and Risk Control Plans Practices outside of the above procedures are also discussed and consulted in Focus Group Discussions throughout the year.Performance monitoring is conducted by the PES Focal System of TPB, with monthly reports provided to the Management Committee (ManCom) and the Board of Directors (BoD) by the Corporate Planning and Business Development Department. 2025 Risk Related Process Activities: ISO Memo No. 2025 – 01 – Submission of TPB Initial Risk Assessment/ Risk Opportunity Register |
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| b. Does the Annual Report disclose that the Board of Directors / Commissioners has overseen a review of the company’s materials controls (including operational, financial and compliance controls ) and rick management systems? |
The TPB Board of Directors has overseen a review of the company’s material controls and risk management system through Management, Operations, and Compliance Audits conducted by the Internal Audit Office mention on this were included in TPB Annual Reports 2022 – 2024, with AR 2025 in production. The TPB Board of Directors has overseen a review of the company’s material controls and risk management system through Management, Operations, and Compliance Audits conducted by the Internal Audit Office mention on this were included in TPB Annual Reports 2022 – 2024, with AR 2025 still in production. |
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| c. Does the company disclose how key risks are managed? |
Reaffirming its unwavering commitment to operational excellence, the Tourism Promotions Board (TPB) has once again achieved ISO 9001:2015 recertification. This milestone underscores TPB’s steadfast adherence to globally recognized quality management standards, ensuring that its systems and processes consistently deliver efficiency, compliance, and service excellence. By securing this recertification, TPB reinforces its dedication to maintaining the highest benchmarks of organizational performance; where every process, service, and stakeholder engagement reflects a culture of quality, accountability, and continuous improvement. In addition, TPB established a Corporate Management and Risk Review Committee (CMRRC), tasked with determining the strategic issues, risks and opportunities, and consequences that affect the achievement of the Quality Objectives and strategic direction at least annually and as the need arises. On 05 October 2025, the CMRRC conducted its review of TPB’s FY 2025 Strategic Risk and Opportunities Assessment Matrix (Corporate Wide) and Risk Control and/or Opportunity Management Plan, which identifies associated risks and prescribes corresponding control measures to safeguard the effective promotion of the Philippines as a premier global destination. For transparency and accountability, a copy of the aforementioned document has been made available on the TPB website. |
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| d. Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC’s Internal controls / risk management systems? | As part of the risk management framework, audit findings are regularly reported by the Internal Audit Office (IAO) to the Tourism Board or Audit Committee. The Board reviews the findings and actionable items, providing comments and identifying relevant actions. These audit reports are then uploaded to the TPB corporate website. Mention of this is included in the Annual Reports 2022 – 2024 and 2025 being produced in 2026) | ||
| 28. Board Chairman Do different persons assume the roles of Chairman and CEO? Yes.The Chairman/Chairperson of the Tourism Board is Secretary Ma. Esperanza Christina Garcia Frasco, with Undersecretary Shereen Gail C. Yu-Paminutan and Undersecretary Verna Esmeralda C. Buensuceso as the Alternate Chairperson.The Chief Operating Officer of the Tourism Promotions Board is Maria Margarita Montemayor Nograles, who also serves as the Vice-Chairperson of the Board. |
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| 29. Board of Directors Development | |||
| a. Does the GOCC have orientation programmes for new Directors? | Starting 03 June 2024, the Tourism Board Orientation Program was approved through the issuance of Welcome Kits for New Directors appointed/assigned to the Tourism Board.
It contains relevant information, such as but not limited to laws, issuances, and the TPB directory, to assist the directors in the conduct of their duties and responsibilities as part of the governing board. |
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| E | b. Does the GOCC have a policy that encourages Directors / Commissioners to attend on-going or continuous professional education programmes? |
TPB allocated a budget of Php 25,610.00 for the participation of appointive directors to seminars and other continuous education programs. |
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| c. Did the Appointive Directors attend at least 1 training for the calendar year? |
For CY 2025, Director Vanessa L. Suatengco attended the “Board’s Role in the Human Capital Strategy of a Company” conducted 26 September 2025. Director Eduardo F. Pelaez attended the “Governance of Internal Audit by the Board Committee” last 30 October 2025. He also attended the “Masterclass in Critical Thinking, Problem Solving and Decision Making” on November 13, 14, 21, and 28, 2025. Dir. Pelaez also attended the “AI Governance and Strategy for Corporate Leaders” held on 12 December 2025. COO Maria Margarita Montemayor Nograles attended the “Best Practices in Stakeholder Engagement” on 18 November 2025. |
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| 30. Board Appraisal | |||
| a. Is an annual performance assessment conducted of the Board of Directors? | The Annual Performance Assessment was approved by the Board of Directors through Board Resolution No. 502 last 24 June 2025, and was administered to the Board of Directors on 9 December 2025. | ||
| b. Does the GOCC disclose the process followed in conducting the Board assessment? | The entire process involved in undertaking the Board Appraisal may be viewed in Annex A of Board Resolution No. 502, series of 2025. | ||
| c. Does the GOCC disclose the criteria used in the Board assessment? | The entire criteria that the Board Members used in their Board Appraisal may be viewed in Annex A of Board Resolution No. 502, series of 2025. | ||
| 31. Committee Appraisal
Is an annual performance assessment conducted of the Board of Directors Committee? |
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| BONUS | |||
| 1. Does the GOCC practice Global Reporting Index (GRI) on its annual reports? | No. TPB does not apply the GRI Standards to its Annual Report | ||
| Disclosure and Transparency | |||
| 2. Quality of Annual Report
Are the audited annual financial reports / statement released within 30 days upon the receipt from COA? |
Yes. Date of Receipt of AFS 2025: 03 June 2025 AFS uploaded to TPB Website: 17 June 2025
Yes. Date of Receipt of AFS: 11 June 2024 AFS uploaded to TPB Website: 13 June 2024 |
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| PENALTY | |||
| Responsibilities of the Board | |||
| 1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs? | None of the Appointive Directors sits in any other GOCC or Publicly-Listed Companies. Section 10 of the Revised TPB Code of Corporate Governance explicity prohibits the holding of multiple board seats, thus: SEC. 10. Multiple Board Seats. – The capacity of the appointive directors to serve shall not be compromised. As such, no appointive director may hold more than two (2) other Board seats in other GOCCs, its subsidiaries and/or affiliates | ||
| 2. Is there non-compliance with Good Governance Conditions? | None. The TPB has complied with the government corporate standards provided under the Governance Commission for GOCCs (GCG) Memorandum Circular (MC) No. 2012-07 for the period beginning 1 July 2023 to 30 May 2024.
CERTIFICATION – for the period beginning 1 July 2024 to 30 May 2025 CERTIFICATION –for the period beginning 1 July 2023 to 30 May 2024 CERTIFICATION – for the period beginning 1 July 2022 to 30 May 2023 |
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| LIST | WEBSITE LOCATION | ||
|---|---|---|---|
| I. Good Governance Conditions under GCG Memorandum Circular No. 2013-02 | |||
| A. Conditions Common to National Government Agencies and GOCCs | |||
| 1. Transparency Seal Certification | Transparency Seal | ||
| 2. PhilGEPS Posting Certification | Refer to transparency seal under “L. Certification of Compliance for Philgeps Posting | ||
| 3. Cash Advance Liquidation | |||
| 4. Citizen’s Charter | Charter | ||
| 5. Compliance on Government Quality Management System Standards (GQMSS) |
Please see the reference link and supporting documents column. Transparency Seal under Government Quality Management System Standards pursuant to Executive Order (EO) No. 605, s. 2007. (Section R).
|
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| 6. Statement of Assets, Liabilities and Net Worth (SALN) Submission and Compliance | 2024 Certificate of Compliance 2023 Certificate of Compliance 2022 Certificate of Compliance 2021 Certificate of Compliance 2020 TPB SALN Guidelines and Procedures TPB Review and Compliance Procedure In the Filing of SALN |
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| 2019 Certificate of Compliance | |||
| 2018 Certification of Compliance | |||
| 2017 Certification of Compliance | |||
| 2016 Certification of Compliance | |||
| 2015 Certification of Compliance | |||
| 2014 Certification Of Compliance | |||
| 2013 Certification Of Compliance | |||
| B. Conditions specific to GOCCs Covered by RA 10149 | |||
| 1. Satisfaction of all statutory liabilities, including the payment of all taxes due to the Government and declaration and payment of all dividends to the State as of the end of the applicable calendar year. | Refer to Transparency Seal “V. Certification of Compliance for Statutory Liabilities
Statutory Liabilities Certification |
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| 2. Submission and execution of concrete and time bound actions plans for addressing Notices of Disallowance (NDs) and Audit Observation Memoranda (AOMs) from the Commission on Audit | Refer to Transparency Seal “Q. COA Audit Observation Memorandum (AOM) & Time Bound Action Plan in Addressing AOM | ||
| Information on Board Committees and their activities | Consolidated Report for FY 2025- Board and Committee Meetings of the Tourism Board
2024 Summary of Board Attendance and 2024 Consolidated Committee Reports |
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| Code Of Corporate Governance | |||
| II. Government Corporate Standards under GCG Memorandum Circular No. 2012-07 | |||
| A. Creation of Board Committees | |||
| Complied | References: | ||
| 20 Nov. 2012
Board Resolution No. 12 |
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| 5 May 2016
Board Resolution No. 100 |
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| 29 Apr 2021
Board Resolution No. 301 |
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| 20 Dec 2023
Board Resolution No. 423 |
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| B. No Gift Policy refer to Transparency Seal “U. TPB No Gift Policy and Advisory on TPB’s Procurement Anti-Corruption” |
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| C. Directors’ and Officers’ Liability Insurance (DOLI) | |||
| D. Recognition of stakeholders | |||
| Complied | TPB revisited and affirmed its identified Stakeholder’s in 2023 during its Mid-year Strategic Planning for CY 2024. To view the list, please visit the TPB website:https://www.tpb.gov.ph/stakeholders |
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| E. Submission of updated Manual of Corporate Governance to the GCG | |||
| Complied | 11 June 2020
Transmittal Letter dated 5 June 2020 |
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| F. Maintenance of a website containing information on institutional matters, TPB Board and Officers, Financial and Operational Matters, Governance Matters, and such other information or report that the GCG may require | |||
| 1. Institutional Matters | |||
| a) For Chartered GOCC’s the latest version of its Charter; | |||
| Complied | 29 Nov 2022
Please visit the TPB website: |
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| b) For Non chartered GOCCs, the latest information sheet (GIS) and brief company background including date of incorporation, history, function and mandate; | |||
| Not Applicable | |||
| c) List of Subsidiaries and Affiliates; and | |||
| Not Applicable | |||
| d) Government Corporate Information Sheet (GCIS) as mandated by GCG MC 2012 01 |
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| GCIS 2024 GCIS 2023 GCIS 2022 GCIS 2020 GCIS 2019 |
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| 2. On the Board and Officers | |||
| a) Complete listings of the Directors and Officers refer to Transparency Seal “A. Agency’s Mandates and Functions No. 4 and 5 | |||
| Complied | Please visit the TPB website: https://www.tpb.gov.ph/transparency-seal/ https://www.tpb.gov.ph/corporate-governance-seal/ |
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| b) Complete compensation package | |||
| Complied | BOD Package 2025 BOD Package 2024 BOD Package 2023 BOD Package 2022 BOD Package 2016 BOD Package 2015 BOD Package 2014 BOD Package 2013 Compensation Package |
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| c) Information on Board Committees and their activities | |||
| Complied | Consolidated Report for FY 2025- Board and Committee Meetings of the Tourism BoardBOD Information | ||
| d) Attendance records of Directors in Board and Committee Meetings | |||
| Complied | BOD Attendance 2025 BOD Attendance 2024 BOD Attendance 2023 BOD Attendance 2022 BOD Attendance 2015 BOD Attendance 2014 BOD Attendance 2013 |
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| 3. Financial and Operational Matters | |||
| a) Latest annual Audited Financial and Performance Report within 30-days from receipt of such report; | |||
| Complied | June 20, 2023
Refer to Transparency Seal letter “D. Financial Reports I. Audited AFS |
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| b) Audited Financial Statements in the immediate past 3- years; | |||
| Complied | June 20, 2023 (for CY 2022) CYs 2020 and 2021 are posted in the website
refer to “Transparency Seal letter “D. Financial |
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| c) Quarterly, and Annual reports and Trial Balance; | |||
| Complied | Posted every 30th day after the end of the quarter
Refer to “transparency seal D. Financial Reports II. |
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| d) Current Corporate Operating Budget; | |||
| Complied | refer to Transparency Seal “F. Approved Budgets and Corresponding Targets” | ||
| e) Local and foreign borrowings; | |||
| N/A | – An appropriation from the National Government of not less than P500Million annually for at least 5 years – 70 % of 50% net income of the Duty Free Philippines accruing to the Department of Tourism – At least 25% of the 50% National Government share remitted by the Philippine Amusement and Gaming Corporation (PAGCOR) to the National Treasury – At least 25% of the National Government share remitted by the international airports and seaports to the National Treasury Special Conditions:– In NO CASE shall promotions and marketing activities receive less than 50% of the annual utilization of the Fund. – Not more than 10% of the Fund shall be used for all the other administrative and operating expenses.Special Contingency Fund – 10% of the allocation for promotions and marketing budget. This shall be used in the event of emergencies to provide the TPB with sufficient resources to undertake marketing and promotions activities that will encourage sustained tourism interest in the Philippines and that will address the adverse effects of these emergencies |
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| f) Government subsidies and net lending; | |||
| Complied | Government subsidies and net lending | ||
| g) All borrowings guaranteed by the Government; | |||
| N/A | |||
| h) Any material risk factors and measures taken to manage risk; and | |||
| N/A | |||
| i) Performance Evaluation System | |||
| Complied | Please visit the TPB website: https://www.tpb.gov.ph/corporate-governance-seal/Refer to item 7.a. Corporate Objectives |
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| 4. Governance Matters | |||
| a) Charter Statement/ Mission-Vision Statements; | |||
| Complied | refer to Transparency Seal “A. Agency’s Mandates and Functions” | ||
| b) Performance Scorecards and Strategy Maps | |||
| Complied | Posted on the website https://www.tpb.gov.ph/corporate-governance-seal/Refer to item 7.a. Corporate Objectives |
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| c) Organizational Chart; | |||
| Complied | https://www.tpb.gov.ph/about/organizational-chart/ | ||
| d) Manual of Corporate Governance; | |||
| Complied | https://www.tpb.gov.ph/wp-content/uploads/2025/12/Manual-Corporate-Governance_Board-Resolution-No.-253_Revised-TPB-Code-of-Corporate-Governance-1_Redacted.pdf | ||
| e) CSR Statement; and Balance Scorecard. | |||
| Complied | https://www.tpb.gov.ph/wpcontent/uploads/2020/04/TPBCORPORATE-SOCIALRESPONSIBILITY-STATEMENT-1-1.pdf
https://www.tpb.gov.ph/corporate-governance-seal/ Refer to item 7.a Corporate Objectives |
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| 5. Participants in the ICRS | |||
| Complied | Received an email of acknowledgment from GCG on 16 January 2023 (Subject: ICRS-GLMS Notification: Accomplished GOCC Profile) | ||
| 6. Such Other Information or Report that the GCG May Require | |||
| 1. Submission of Mandatory Reports | |||
| a) Performance scorecards (2022) | |||
| Complied | 02 May 2023
Submission of 2022 Full-Year Performance Scorecard Report: |
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| b) Implementation of the audit recommendation of COA | |||
| N/A | COA Annual Audit Report (AAR) for FY 2022 was received last June 8, 2023. For implementation this 2nd semester.
https://www.tpb.gov.ph/wp- content/uploads/2023/06/Annual- FS-2022.pdf |
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| c) Compliance with commitments on servicing loans to, and guaranteed by National Government | |||
| N/A | |||
| 2. Submission of other reportorial requirements | |||
| a) Common Form financial statements based on annual audited financial statements within 30-days from receipt of the report | |||
| Complied | refer to “Transparency Seal – D.Financial Reports, II.A | ||
| b) Dividend computation and payments in accordance with RA 7566, also known as the “Dividend Law” | |||
| Complied | Board Resolution No. 503 series 2025 Board Resolution No. 491 series 2025 Board Resolution No. 441 series 2024 Board Resolution No. 405 series 2023 |
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| c) Cash and investment balance | |||
| Complied | Submitted monthly, on or before 5th of the following month | ||
| d) For GFIs, actual and projected Statement of Cash surplus/ Deficit | |||
| N/A | |||
| e) Capital expenditure program; | |||
| N/A | |||
| f) Acquisition or disposition of assets; | |||
| refer to “Transparency Seal – E. Acquisition and Disposition of Assets” | |||
| g) Off Balance Sheet transactions; and | |||
| N/A | |||
| h) Reports for the annual corporate budget call such as but not limited to the following: | |||
| i) Physical and Financial Performance reports (the immediately preceding 3 years); and | |||
| N/A | |||
| ii) Sources and Uses of Funds (immediately preceding 3 years) and the proposal for the coming year | |||
| Sources and Uses of Funds | |||
| 3. TPB Whistleblowing Policy and Guidelines | |||
| refer to Transparency Seal “W – TPB Whistleblowing Policy and Guidelines | |||
| 4. TPB Freedom of Information Corporation Manual | |||
| TPB FOI Manual refer to Transparency Seal X. Freedom of Information |
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| Strategic Map and Performance Agreements | 2026 Performance Agreement | ||
| 2025 Performance Agreement | |||
| 2024 Performance Agreement | |||
| 2023 Performance Agreement | |||
| 2022 Performance Agreement | |||
| 2021 Performance Agreement | |||
| Recalibrated 2020 Performance Agreement | |||
| 2020 Performance Agreement | |||
| 2019 Performance Agreement | |||
| 2018 Performance Agreement | |||
| 2017 Performance Agreement | |||
| 2016 Performance Agreement | |||
| 2015 Performance Agreement | |||
| 2014 Performance Agreement | |||
| 2013-2014 Performance Agreement | |||
| Performance Monitoring Reports | 2024 Performance Monitoring Report | ||
| Revalidated 2023 Performance Report | |||
| 2023 Performance Monitoring Report | |||
| Revalidated 2022 Performance Monitoring Report | |||
| 2022 Performance Monitoring Report | |||
| 2021 Performance Monitoring Report | |||
| Revalidated 2020 Performance Monitoring Report | |||
| 2020 Performance Monitoring Report | |||
| 2019 Performance Monitoring Report | |||
| Revalidated 2018 Performance Monitoring Report | |||
| 2018 Performance Monitoring Report | |||
| 2017 Performance Monitoring Report | |||
| 2016 Performance Monitoring Report | |||
| 2015 Performance Monitoring Report | |||
| 2014 Performance Monitoring Report | |||
| 2013 Performance Monitoring Report | |||
