(UPDATES) FOR the 12th straight year, the Home Development Mutual Fund (HDMF) or the Pag-IBIG Fund earned another “unmodified opinion” from the Commission on Audit (CoA), the funding agency announced on Tuesday.
In a letter dated June 21, the CoA informed Pag-IBIG that it had rendered an unmodified opinion on the fairness of the presentation of the government agency in its financial statements for 2023.
Department of Human Settlements and Urban Development and Pag-IBIG Board of Trustees Chairman Jose Acuzar said the CoA’s recognition is the result of the fund’s “commitment towards excellence and integrity in managing our members’ funds.” “We stay true to our mandate of providing secured savings and shelter financing in line with the directive of President Ferdinand Marcos, Jr. of providing means for Filipinos to achieve a better quality of life,” Acuzar said.
Pag-IBIG Fund’s chief executive Marilene Acosta said the agency achieved milestones in 2023.
These included a record-high net income before its Modified Pag-IBIG II (MP2) returns of P49.79 billion and also surpassing its housing records by releasing a total of P126.04 billion in housing loan takeouts, the highest in the agency’s 43-year history.
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“This helped 96,848 members acquire new or better homes. Membership savings collection also reached a record high, with membership savings collections amounting to P89.26 billion,” Acosta said.
“Earning the ‘unmodified opinion’ for the 12th consecutive year further signifies how we were able to achieve our best performance while maintaining the highest standards of financial integrity. Our members and stakeholders can rest assured that we will remain their reliable partner,” she added.
From 2012 to 2017, the CoA gave the Pag-IBIG Fund an “unqualified opinion” and then from 2018 to 2024, an “unmodified opinion.” An unmodified opinion, also referred to as an unqualified opinion, is “issued when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework.”
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