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The Pag-IBIG Fund received the highest audit rating from the Commission on Audit in the presentation of its financial statements for the 11th consecutive year, senior officials announced on Monday (July 03).
The state auditors, in a letter dated June 22, informed the Pag-IBIG Fund that it has given an irrevocable opinion on the propriety of presenting its financial statements for the years 2021 and 2022. In the same letter, the COA upgraded the first issued revised Opinion on the agency’s books for the year 2021, after the Pag-IBIG Fund improved its data migration system in accordance with the recommendation of the state auditors. These developments enabled the agency to continue its streak of earning the highest COA audit rating for the 11th consecutive year.
“This is truly a significant milestone in Pag-IBIG Fund’s history. Obtaining the highest opinion from the COA for the 11th consecutive year is another proof that the Pag-IBIG Fund has been, and continues to be, properly managed. This is a testament to how the Pag-IBIG Fund has increased the efficiency and integrity of managing their funds, in carrying out our mandates and in line with the directive of President Marcos to provide Filipinos with a stronger and more prosperous life,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11 members of the Pag-IBIG Fund Board of Trustees.
The COA gave unqualified opinions on the Pag-IBIG Fund’s financial statements from 2012 to 2017 and unmodified opinions for the years 2018 to 2022. The auditors use the unqualified and unmodified opinions, which are the highest opinions the 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.
On the other hand, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, emphasized the value of the findings of the state auditor citing that it is suitable to complete the best performing year of the agency in 2022.
“The year 2022 will be our best performing year yet, as we posted our highest annual net income of P44.50 billion. We also set record-highs in home loan takeout worth P117.85 billion that benefited 105,212 members who now have new or better homes, membership savings collections amounting to P79.90 billion and loan payment collections which is worth P127.42 billion. We also extended P53.76 billion in short-term loans to help 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 give our members better access to our services and benefits.” Acosta said.“With our 2022 performance limited by this unmodified opinion from the COA, it shows that we have achieved our best performance ever while maintaining the highest standards of financial integrity. This is the our members and stakeholders can expect from us, that we remain transparent in our operations and serve them with excellence and integrity,” Acosta added.
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