Pag-IBIG Fund has earned a seventh consecutive highest opinion from state auditors, setting yet another record in the Fund’s 38-year history.
In June, the Commission on Audit 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,” read the letter of Director Ma. Lisa P. 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 Rodrigo Roa 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 P. Moti.
In the first three months of 2019, Pag-IBIG Fund disbursed a record-high P11.67 billion in multi-purpose loans, otherwise known as cash loans, to assist 571,681 members.
MPL disbursement for the first quarter of 2019 registered a 7-percent year-on-year growth and exceeded the P10.92 billion released in the same period last year by P 751 million.
The amount of cash loans and number of members assisted by the agency through its MPL program are both the highest for any January-March period.
“We are exerting all efforts to help Pag-IBIG members following the directive of President Rodrigo Roa Duterte to provide Filipinos with affordable loans so that they will not resort to loan sharks. In the first quarter of 2019, MPL disbursements helped 571,681 members with their immediate financial needs,” said Secretary Eduardo del Rosario, Chairperson of the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund Board of Trustees.
With Pag-IBIG Fund’s MPL program, qualified members can borrow up to 80 percent of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned. The loan is payable within 24 months and comes with a deferred first payment.
The MPL comes at an interest rate of 10.5 percent per annum.
A significant part of the income derived by Pag-IBIG Fund from the loan program is returned to its members in the form of dividends.
“While Pag-IBIG is known for our housing loan programs, our multi-purpose loan program serves as an affordable and readily-accessible source of cash loans. The MPL proceeds can be used for tuition fees, medical expenses, minor home improvement, capital for business, or even for vacation expenses,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti.
He added: “We understand that our members borrow through MPL because of an immediate need, so we made sure that we will be able to process their loan applications promptly.
“With the stabilization of our upgraded system last year, members are now able to receive their loan proceeds in an average of 1.7 working days.
“This faster processing time allowed us to serve more members, which is reflected in the 11 percent growth in the number of loan releases or an additional 57,865 members we have served from January to March this year against same period in 2018.”
In total, the Pag-IBIG Fund released P 12.05 billion in short term loans benefitting 593,269 members in the first quarter of this year.
This includes the amount disbursed through its MPL Program and the P 384.03 million in Calamity Loans it released to aid 21,588 members. (