Pag-IBIG Fund earns COA’s highest audit rating for 9th straight year
Pag-IBIG Fund has earned the Commission on Audit’s highest audit rating for the ninth consecutive year even amid the pandemic, top officials announced on Friday (Aug.06).
In a letter dated July 29, COA informed the agency that it has rendered an unmodified opinion – its highest rating – on the fairness of the presentation of Pag-IBIG Fund’s financial statements for the year 2020.
“We faced many challenges last year. However, we remained committed in managing the Filipino workers’ fund excellently. We implemented a number of loan payment reprieves and stimulus programs to help our members and stakeholders during the lockdown while ensuring that these did not affect our robust financial standing. Our ninth straight top rating from state auditors is a milestone for us as an organization and serves as proof that even amid the health emergency, we heed the call of President Duterte in ensuring that government offices like ours are run professionally and remain corruption-free,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and of the 11-member Pag-IBIG Fund Board of Trustees.
From 2012 to 2017, Pag-IBIG Fund earned COA’s unqualified opinion and from 2018 to 2020, it has gained its unmodified opinion. Auditors use both the unqualified opinion and unmodified opinion, which are the highest ratings that COA gives to a government agency or corporation, to mean that the financial statements of an agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that even while they rapidly responded to the needs of members, stakeholders, and their own personnel through numerous programs and interventions, the agency made sure that all requisite processes were strictly followed ensuring that all were above-board prior to implementation.
“In 2020, the economic slowdown may have dampened our performance, but it did not stop us from extending benefits to our members and stakeholders. It was an extraordinary year which necessitated extraordinary steps to help. Prior to the pandemic, we achieved record-highs year after year in terms of loans released, collections and net income. Last year, our record-high was the number of members we helped cope and recover from the effects of the pandemic. That is Lingkod Pag-IBIG service at work,” Moti said.
Subscribe to our business newsletter
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.