Pag-IBIG secures highest COA rating for financial statements

MANILA, Philippines — The Home Development Mutual Fund, commonly known as Pag-IBIG, has received the highest evaluation granted by the Commission on Audit (COA) for its financial statements.

In a statement, Pag-IBIG said it received an unmodified opinion or unqualified opinion from the state auditor for ensuring an accurate and fraud-free financial statement for the 13th consecutive time.

This is considered as 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.

This 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 CEO Marilene Acosta said the COA recognition reflects the agency’s performance and service delivery.

“This recognition reinforces our members’ trust, knowing that their savings are safe, protected and responsibly managed,” Acosta said.

Last year, Pag-IBIG exceeded the one-trillion-peso mark in total assets and posted a record net income of P66.78 billion. It also achieved all-time highs in its housing loan releases, cash loan disbursements and loan collections.

Based on the Philippine Constitution, COA conducts financial, compliance and performance audits among government agencies.