THE Home Development Mutual Fund or Pag-IBIG was recognized by state auditors for its transparency in its financial statements, the fund reported earlier this month.
In a statement, Pag-IBIG said it recently received its fourth consecutive unqualified opinion, the best opinion a government agency can receive from the Commission on Audit (COA).
Pag-IBIG president and chief executive officer Darlene Marie Berberabe noted that the recognition shows the discipline of the state-owned agency.
“We in Pag-IBIG are elated to get the fourth consecutive unqualified opinion from COA. We are truly honored to receive another unqualified opinion for our financial statement for 2015,” Berberabe said. “This validates our pursuit of excellence and discipline in our operations.”
She added: “In the last few years, we have always strived to show our now 16.2 million members that their money is being managed professionally and with due regard for good governance.”
According to COA’s Guidelines on the Preparation, Submission, and Transmittal of the Annual Audit Report, an Unqualified Opinion is given when the auditor is satisfied in all material respects, such that: the financial statements have been prepared using acceptable accounting bases and policies, which have been consistently applied; the statements comply with statutory requirements and relevant regulations; the view presented by the financial statements is consistent with the auditor’s knowledge of the audited entity; and there is adequate disclosure of all material matters relevant to the financial statements.
Pag-IBIG’s latest Unqualified Opinion from COA is the fund’s sixth time to receive the highest opinion. In 2007 and 2008, it received back-to-back unqualified opinions, and then again for four consecutive years from 2012.