Wednesday, January 27, 2016

Pag-IBIG Fund held its State of the Fund Address (SOFA) to report on its accomplishments in 2015.

Atty. Chito M. Cruz giving report at the SOFA.

“Pag-IBIG Fund is the Filipino worker’s fund. Our responsibility is to promote savings and to invest in housing. I am glad that Pag-IBIG Fund, led by President and CEO Atty. Darlene Marie B. Berberabe, kept up with President Aquino’s mandate of Daang Matuwid, with their relentless pursuit of excellence and integrity,” said Atty. Chito M. Cruz, Pag-IBIG Chairman of the Board.

"In 2015, we launched the Loyalty Card Program which gives discounts and privileges from over 90 private sector partners such as up to 50% discount for selected medicines in Pfizer, discounts on LPG from Petron, discounts in educational institutions, and perks from Puregold. There are now over one million Loyalty Cardholders. In the last five years, Pag-IBIG doubled its home loan cap from P 3 million to P 6 million while cutting the interest rate, from 11.5% per annum to as low as 6.5 %, with special rate of 4.5% for minimum wage earners, and reduced its calamity loan by half to 5.95%. Our report focused on the increase in the number of members from the informal sector who previously did not have access to banks, are now proud homeowners because of Pag-IBIG's affordable loans. Now, kasambahays, drivers, security guards can own houses. We also nearly doubled our membership base from 8.7 million in 2010 to 15.9 million now, which means there are more members who contribute to the Fund. For better access to our services, we almost tripled our branch offices from 38 in 2010 to 112 now. All these bigger and better benefits are being enjoyed by our members without increasing the mandatory contribution of 100 pesos per month," Atty. Berberabe shared.

Pag-IBIG remains as one of the most financially sound state-owned corporations. In 2015, it earned a net income of P20.2 billion which is 27 percent higher than 2014. The agency is set to credit as much as P14.14 billion in dividends to members’ accounts, which is 17 percent higher than 2014. With the improvement of its collection platform, the Fund improved its performing loans ratio (PLR) from the lowest PLR of 72 percent to an unprecedented 89.35 percent net of allowance for impairment loss.

The Fund has also been recognized by various award-giving bodies and other government agencies. In 2015, Pag-IBIG was able to maintain its 100% passing rate in the Anti-Red Tape Act (ARTA) survey, after full round of survey, with 30 of its branches rated "Excellent." The Fund received the same ARTA passing rate in 2013 and 2014. The Fund also maintained its Pag-IBIG ISO 9001:2008 Certification, proof that its processes comply with international standards. The agency also received its third “Unqualified Opinion” from the Commission on Audit, a testament to the Fund’s good governance. The Association of Government Accountants of the Philippines (AGAP), Inc. conferred the Most Outstanding Accounting Office Award 2014 to Pag-IBIG while the Fund’s Integrity Pledge initiative has signed more than 250 stakeholders in last few months.

“Pag-IBIG Fund maintains its twin values of integrity and excellence. Honesty and transparency should be the 'better half' of professionalism and hard work. These values go hand-in-hand to provide a bigger, better and faster service to the public that we serve,” Atty. Berberabe said

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