July 4, 2023 Pag-IBIG Fund has earned the Commission on Audit’s highest audit rating on the presentation of its financial statements for the 11th consecutive year, top officials announced on Monday (July 03).
State auditors, in a letter dated June 22, informed Pag-IBIG Fund that it has rendered an unmodified opinion on the fairness of the presentation of its financial statements for the years 2021 and 2022. In the same letter, COA upgraded its prior issued modified opinion on the agency’s books for the year 2021, after Pag-IBIG Fund enhanced its data migration system following the state auditors’ recommendations. These developments have enabled the agency to maintain its streak of garnering COA’s highest audit rating for the 11th straight year.
“This is truly a significant milestone in Pag-IBIG Fund’s history. Earning the highest opinion from COA for the 11th consecutive year is yet another proof that Pag-IBIG Fund has been, and continues to be, managed properly. This is a testament to how Pag-IBIG Fund upholds excellence and integrity in managing their funds, in the fulfillment of our mandates and in line with the directive of President Marcos of providing Filipinos with more stable and more prosperous lives,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.
COA rendered unqualified opinions on Pag-IBIG Fund’s financial statements from 2012 to 2017 and unmodified opinions for the years 2018 to 2022. Auditors use both unqualified and unmodified opinions, which are the highest opinions that COA can give to a government agency or corporation, to mean that the financial statements of a company or agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, emphasized the value of the state auditor’s findings citing that these fittingly complete the agency’s best performing year of 2022.
“The year 2022 stands out as our best performing year yet, as we posted our highest ever annual net income of P44.50 billion. We also posted record-highs in home loan takeout worth P117.85 billion which benefitted 105,212 members who now have new or better homes, membership savings collections amounting to P79.90 billion and loan payment collections worth P127.42 billion. We also extended P53.76 billion in short-term loans to aid a record-high 2,612,491 members with their financial needs. In the same year, we also launched service innovations such as the Virtual Pag-IBIG Mobile App and the Lingkod Pag-IBIG On Wheels, which now provide our members better access to our services and benefits.” Acosta said.
“With our 2022 performance capped by this unmodified opinion from COA, this shows that we have achieved our best performance ever while maintaining the highest standards of financial integrity. This is what our members and stakeholders can expect from us, that we shall remain transparent in our operations and serve them with excellence and integrity,” Acosta added.
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