Pag-IBIG earns record 7th straight highest opinion from COA

Pag-IBIG Fund has earned a 7th consecutive highest opinion from state auditors, setting yet another record in the fund’s 38-year history.

In June, the Commission on Audit (COA) transmitted a copy of the results of the audit of the accounts and transactions of Pag-IBIG Fund for the year 2018. State auditors gave Pag-IBIG Fund an unmodified opinion, which is the best opinion that a government agency or corporation can receive from COA.

“The auditor rendered an unmodified opinion on the fairness of the presentation of the financial statements of HDMF (Home Development Mutual Fund) for the years ended December 31, 2018 and 2017,” says director Ma. Lisa Inguillo, officer-in-charge of COA’s Social Security Services and Housing Cluster.

“For the seventh consecutive year, COA has granted on Pag-IBIG Fund its highest opinion on our financial statements. This milestone is yet another proof that Pag-IBIG Fund is working hard to serve our members while maintaining the integrity and sustainability of the Filipino workers’ fund which is in line with President Duterte’s directive for all government offices to maintain a corrupt-free operation in serving the people,” said Secretary Eduardo del Rosario, concurrent chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund board of trustees.

From 2012 to 2017, COA has rendered unqualified opinions on Pag-IBIG Fund’s financial statements and an unmodified opinion for the year 2018. Auditors use both the unqualified opinion and unmodified opinion 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 had a record-breaking year in 2018. We posted record-highs in net income amounting to P33.17 billion, housing loan takeout worth P75.3 billion which benefitted 90,375 members, short-term loans totaling P49.23 billion which aided 2.43 million members, and members’ savings collections of P40.27 billion. Achieving record feats and earning yet another highest recognition from COA truly makes 2018 our best year ever,” said Pag-IBIG Fund CEO Acmad Rizaldy Moti.