Pag-IBIG Fund earns 12th ‘Unmodified Opinion’ from COA

The Pag-IBIG Fund has received another ‘Unmodified Opinion’ from the Commission on Audit (COA) for the 12th consecutive year, top officials announced today, 16 July 2024.

In a letter dated 21 June 2024, state auditors informed the agency that it has rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s financial statements for 2023.

“This recognition from the COA, which Pag-IBIG Fund has earned for the 12th consecutive year, is a result of Pag-IBIG Fund’s commitment towards excellence and integrity in managing our members’ funds. We stay true to our mandate of providing secured savings and shelter financing in line with the directive of President Ferdinand Marcos, Jr. of providing means for Filipinos to achieve a better quality of life,” said Secretary Jose Rizalino L. Acuzar, head of the Department of Human Settlements and Urban Development and Chairman of the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund received COA’s ‘unqualified opinion’ from 2012 to 2017 and ‘unmodified opinions’ from 2018 to 2023. *Both unqualified and unmodified opinions indicate that the financial statement of a government agency or corporation is presented, in all material respects, in accordance with applicable financial reporting frameworks.*

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the state auditor’s findings as a reflection of the agency’s notable performance in 2023.

“Pag-IBIG Fund achieved several milestones in 2023. Our financial standing remains strong, as we concluded 2023 with a record-high net income before MP2 returns of P49.79 billion. Pag-IBIG Fund also surpassed its housing records by releasing a total of P126.04 billion in housing loan takeouts, the highest home loans released during a single year in its 43-year history. This helped 96,848 members acquire new or better homes. Membership savings collection also reached a record high, with membership savings collections amounting to P89.26 billion. *All these enabled Pag-IBIG Fund to declare P48.76 billion in dividends, which was distributed to its members as earnings on their savings for said year—highest in the history of Pag-IBIG Fund,” Acosta said.*

“Earning the ‘unmodified opinion’ for the 12th consecutive year further signifies how we were able to achieve our best performance while maintaining the highest standards of financial integrity. Our members and stakeholders can rest assured that we will remain their reliable partner and that we will continue to serve them with Tapat na Serbisyo, Mula sa Puso,” Acosta added.

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This article is brought to you by PAG-IBIG Fund.