MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG Fund, has received the highest evaluation granted by the Commission on Audit (COA) for its financial statements.
Pag-IBIG said it received an unmodified opinion or unqualified opinion from the state auditor for ensuring an accurate and fraud-free financial statement.
This is the highest evaluation to state agencies from COA and is an indication of strong internal controls, as well as accuracy and integrity of financial statements.
It also shows Pag-IBIG’s compliance with the International Public Sector Accounting Standards.
An unmodified opinion means that the financial statements of an agency are prepared, in all material respects, in accordance with the applicable financial reporting framework.
However, such an opinion does not necessarily mean that there were no misstatements found during the audit and that these could possibly have been corrected already by the agency.
This does not also entail that the audited agency fully complies with all the laws, rules and regulations, or that the uses of funds on the agency’s programs, projects and activities are economical, effective or efficient.
Pag-IBIG Fund CEO Marilene Acosta said the COA’s latest finding is a reflection of the agency’s performance in 2023.
Last year, Pag-IBIG’s financial standing stood strong with a record net income of P49.79 billion and a record home loan release of P126.04 billion, benefitting nearly 97,000 members.
Further, membership savings collection hits its highest level at P89.26 billion, allowing Pag-IBIG to declare a record P48.76 billion in dividends.
“Earning the unmodified opinion for the 12th consecutive year signifies how we were able to achieve our best performance while maintaining the highest standards of financial integrity,” Acosta said in a statement.
Based on the Constitution, COA conducts financial, compliance and performance audits among government agencies.