THE Home Development Mutual Fund (Pag-IBIG) said it has secured the highest opinion from the Commission on Audit (CoA) for the seventh straight year.
In a statement, Pag-IBIG said state auditors gave it an unmodified opinion, considered the best opinion any government agency or corporation can receive from the CoA.
“The auditor rendered an unmodified opinion on the fairness of the presentation of the financial statements of HDMF for the years ended Dec. 31, 2018 and 2017,” CoA’s Social Security Services and Housing Cluster Officer-in-Charge Ma. Lisa P. Inguillo was quoted as saying in a June letter to Pag-IBIG.
Pag-IBIG said it secured the CoA’s unqualified opinions on its financial statements from 2012 to 2017, and an unmodified opinion for 2018.
It noted that CoA uses both unqualified opinion and modified opinion to mean that the financial statements presented are in accordance with applicable financial reporting frameworks in all material respects.
“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 members while maintaining the integrity and sustainability of the Filipino workers’ fund which is in line with President Rodrigo R. Duterte’s directive for all government offices to maintain a corrupt-free operation in serving the people,” Eduardo D. del Rosario, chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees, was quoted as saying.
Pag-IBIG reported a record net income of P33.17 billion in 2018, 9.6% up from P30.27 billion in 2017.
Housing loan takeout increased by 16% to P75.3 billion in 2018, benefiting 90,375 members. Short-term loans in 2018 rose 9% to P49.23 billion which benefited 2.43 million members. Members’ savings collections jumped 11% to P40.27 billion last year. — R.J.N.Ignacio