Business

Pag-IBIG Fund earns COA’s highest audit rating for the ninth year in a row

The Pag-IBIG Fund has served the Commission on the Audit’s highest audit rating for the ninth year in a row, even during the pandemic, top officials announced on Friday (August 06).

In a letter dated July 29, the COA informed the Agency that it had issued an unchanged opinion — its highest rating — on the fairness of the presentation of the Pag-IBIG Fund’s accounts for 2020.

“We faced many challenges last year. However, we remained committed to managing the Philippine Workers’ Fund excellently. We implemented a number of loan payments and incentive programs to help our members and stakeholders during the lockdown while ensuring that these did not affect our robust financial position. Our ninth top rating from state auditors is a milestone for us as an organization and serves as proof that even in the state of health we obey President Duterte’s call to ensure 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 Board of Directors of the Pag-IBIG Fund with 11 members.

From 2012 to 2017, Pag-IBIG Fund earned COA’s unqualified opinion, and from 2018 to 2020, it has obtained its unchanged opinion. Auditors use both the unqualified opinion and the unchanged opinion, which are the highest ratings that the COA gives to a government agency or company, to mean that the financial statements of an agency are presented in all material respects in accordance with the applicable financial reporting framework. .

Acmad Rizaldy P. Moti, CEO of the Pag-IBIG Foundation, added that although they responded quickly to the needs of members, stakeholders and their own staff through numerous programs and interventions, the Agency ensured that all necessary processes were closely followed to ensure that all was overboard before implementation.

“By 2020, the economic downturn may have dampened our performance, but it did not stop us from extending benefits to our members and stakeholders. It was an extraordinary year that 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 was our record high number of members, we helped cope and recover from the effects of the pandemic. It is Lingkod Pag-IBIG service at work, ”said Moti.

ADVT

Sign up for our company newsletter

Read Next

Do not miss the latest news and information.

Subscribe to INQUIRER PLUS to access The Philippine Daily Inquirer and other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4:00 and share articles on social media. Call 896 6000.

For feedback, complaints or inquiries, contact us.

Leave a Comment

Your email address will not be published. Required fields are marked *

*