Pag-IBIG gets 7th highest CoA opinion
Credit to Author: The Manila Times| Date: Wed, 12 Jun 2019 16:25:52 +0000
STATE-RUN Home Development Mutual Fund (HDMF or Pag-IBIG Fund) has earned its seventh consecutive highest opinion from state auditors, setting yet another record in the Fund’s 38-year history.
In June, the Commission on Audit (CoA) transmitted a copy of the results of the audit of the accounts and transactions of Pag-IBIG Fund for 2018. It gave the Fund an unmodified opinion, which is the best opinion a government agency or corporation can receive from the commission.
“The Auditor rendered an unmodified opinion on the fairness of the presentation of the financial statements of [the] HDMF…for the years ended Dec. 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 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 D. del Rosario, concurrent chairman of the Housing and Urban Development Coordinating Council and Pag-IBIG Fund Board of Trustees.
From 2012 to 2017, CoA gave unqualified opinions on Pag-IBIG Fund’s financial statements and an unmodified opinion for 2018. Auditors use both the unqualified and unmodified opinions 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,” said Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti.
“Achieving record feats and earning yet another highest recognition from CoA truly makes 2018 our best year ever,” he added.
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