Company: Pag-IBIG Fund, Makati City, Philippines
Company Description: Pag-IBIG Fund is the Philippine government financial agency established in the 1980s tasked to provide workers access to provident savings and affordable financing. It is currently spearheaded by its Chief Executive Officer, Ms. Marilene C. Acosta, CPA.
Nomination Category: Achievement Categories
Nomination Sub Category: Achievement in Finance
 Nomination Title: Pag-IBIG Fund’s Women Soldiers: Safeguarding the Funds of 16 million Filipino Workers
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 52 words used.
Pag-IBIG Fund's Annual Reports for the past 5 years which highlight its operational achievements and its recent audited financial statements way back to 2017 are hyperlinked below:
- Pag-IBIG Fund Annual Reports
- Briefly describe the nominated organization: history and past performance (up to 200 words):
Total 200 words used.
At Pag-IBIG Fund, providing an honest service from the heart is our priority.
Also known as the Home Development Mutual Fund, Pag-IBIG Fund is a Philippine government financial institution tasked to mobilize the savings of Filipino workers and provide an affordable financing scheme for members yearning for homeownership. Established in the 1980s, it is now the country’s single largest source of home loans, representing 40% of the home mortgage market.
Pag-IBIG Fund has the following operational milestones since 2012 to present:
- Grown a corporation with only PHP300 billion (USD5.12B) total assets to near P1 trillion (USD 17.06B)
- Increased a then-PHP21.9 billion (USD373M) in membership savings from 10.7 million members to PHP89.26B (USD1.52B) from 16 million members.
- Began earning an unmodified/unqualified opinion from the Philippines’ Commission on Audit in 2012, which means its financial performance and cash flows then ended in accordance with Philippine Financial Reporting Standards.
- Since then, it has consistently earned an unmodified/unqualified opinion for every financial year.
It has always strived to show its now more than 16 million members that their money is being managed professionally and with due regard for good governance. Financial statements below also further demonstrate its growth.
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the nominated achievements since July 1 of 2022, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions, provide them in the appropriate spaces below:
- Outline the organization's achievements since the beginning of last year that you wish to bring to the judges' attention (up to 250 words):
Total 248 words used.
Over the years, Pag-IBIG Fund has achieved several recognitions for its best practices in managing its members’ funds.
- Hall of Fame Awardee for Outstanding Accounting Office
Pag-IBIG Fund was recognized by the Association of Government Accountants of the Philippines as a Hall of Fame awardee for garnering three consecutive Outstanding Accounting Office awards for fiscal years 2014-2017 for the quality, timeliness and accuracy of its yearly financial reports.
- 2021 Most Trusted Government Corporation
Pag-IBIG Fund was also recognized as one of the most-trusted government-run corporation in the 2021 Philippine Trust Index, citing its ability to continuously serve its members while maintaining the highest standards of transparency and integrity.
- 12 Consecutive Unmodified/Unqualified Opinions from the Philippine Commission on Audit
Pag-IBIG Fund has also earned the highest audit rating for 12 consecutive years on the fairness of its financial statements for the year 2023. From 2012 to 2017, it earned COA’s unqualified opinion and from 2018 to 2023, it obtained unmodified opinions. Both unqualified and unmodified opinions are the highest ratings that COA gives to a government agency or corporation.
Pag-IBIG Fund closed 2023 with a record high ₱49.79 billion (USD850M) net income, while its savings collections reached ₱89.26 billion (USD1.52B), both the highest in the history of the Fund.
In mid-2024, Pag-IBIG Fund is nearing ₱1 trillion (USD17.08B) in its total assets, making the agency a trillion-peso corporation – a one-of-a-kind growth in Philippine government financial institutions.
Appendix B outlines the agency’s awards and recognitions.
- Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
Managing a trillion-peso-worth corporation is not easy. But for Pag-IBIG Fund, it has its WOMEN SOLDIERS to safeguard the Filipino workers’ Funds – its own Finance Group, composed of an all-women executive team.
With women forming 71% of the team (120 out of 169), the Female Executives leading Pag-IBIG Fund’s Finance Group have over 30 years of combined experience and have driven operational improvements and financial excellence within the agency (Appendix A).
Their leadership facilitated the Fund’s transition to Philippine Accounting Standards and Philippine Financial Reporting Standards, aligning with global standards to ensure full disclosure and transparency in financial reporting. They were instrumental in key operational reforms such as the implementation of the Budget Management System, which streamlined the budget process and reduced the time required for budget consolidation; and the development of a Risk-Based Interest Rate for End-User Housing Loans, improving the fund's service delivery by adapting loan rates to market conditions and member needs.
Under the strong leadership of these women in finance, and with the support of Pag-IBIG Fund Chief Executive Officer Marilene Acosta-who is also an accountant herself, the Fund secured Unmodified/Unqualified Audit Opinions from the Commission on Audit for 12 consecutive years. This is a feat that only a handful of government institutions achieve – a testament to how their collaborative efforts enhanced the agency’s ability to serve its members effectively, ensuring operational efficiency and adherence to stringent financial standards.
Pag-IBIG Fund’s transparent and accountable reporting reflects its commitment to deliver honest service from heart.
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