Pag-IBIG Fund has earned the Commission on Audit’s highest audit rating on the presentation of its financial statements for the 11th consecutive year, the agency said in a statement Monday.
State auditors, in a letter dated June 22, informed Pag-IBIG Fund it has rendered an unmodified opinion on the fairness of the presentation of its financial statements for the years 2021 and 2022. In the same letter, COA upgraded its prior issued modified opinion on the agency’s books for the year 2021, after Pag-IBIG Fund enhanced its data migration system following the state auditors’ recommendations. These developments have enabled the agency to maintain its streak of garnering COA’s highest audit rating for the 11th straight year.
COA rendered unqualified opinions on Pag-IBIG Fund’s financial statements from 2012 to 2017 and unmodified opinions for the years 2018 to 2022. Auditors use both unqualified and unmodified opinions, which are the highest opinions that COA can give to a government agency or corporation, 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 said the state auditor’s findings citing that these fittingly complete the agency’s best performing year of 2022 when it posted record levels of net income of P44.50 billion and home loan takeout P117.85 billion, membership savings collections amounting to P79.9 billion and loan payment collections worth P127.42 billion.
