Year 2015 Press/Photo Release

"We do not see any problem with homeowners religiously paying their monthly obligation with Pag-IBIG. In fact, we highly encourage it," Acosta said.

The dialogue was conducted upon the directive of Atty. Chito Cruz, Pag-IBIG Fund Board of Trustees Chairman, to thresh out the issues raised by the XMHOAI.

Acosta, however, explained that Pag-IBIG has no legal authority to accept the payments of in-house buyers or those with housing loans not under the account of Pag-IBIG Fund. She clarified that some housing units in Xevera were acquired by the buyers directly from Globe Asiatique (GA).

It will be recalled that Pag-IBIG Fund filed a P6-billion syndicated estafa case against Delfin Lee and other officers of GA in 2010 following the discovery of bogus housing loan transactions. Double sale transactions by GA were also uncovered. The Pampanga RTC is now trying Delfin Lee for the estafa case. According to Pag-IBIG Fund President and Chief Executive Officer Atty. Darlene Marie Berberabe, some 150 double sale victims of GA who also asked for their day in court have already filed their own fraud charges against GA.

"We are doing our best to help the affected homebuyers get justice as we are both victims of GA here. They can approach us so we can work together to right the wrong GA committed,” Berberabe explained.

Meanwhile, Berberabe said that Pag-IBIG shares the same interest of maintaining the Xevera Mabalacat subdivision's cleanliness and peace and order.

"We are collaborating with the HOA to discuss and agree to the most fair and best way to pay for the upkeep," Berberabe added.

Pag-IBIG and XMHOAI agreed to conduct an inspection/verification of the Pag-IBIG owned units in Xevera on the first week of January 2016.

To assist defaulting Pag-IBIG borrowers in Xevera, Pag-IBIG also agreed to conduct counselling and on-site services who are interested to avail of the loan restructuring program of the Fund.

Pag-IBIG and the XMHOAI officers both welcomed the open line of communication and the positive attitude to look for a mutually acceptable resolution of the issues, while the legal cases are pending in court.

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Pag-IBIG Fund recently signed a contract with Admerex Solutions, Inc. (ASI), tapping the tele-collection services of the company for Pag-IBIG's Housing and Provident accounts. The ceremonial signing was led by Pag-IBIG President and CEO Atty. Darlene Marie B. Berberabe and ASI President and Managing Director Robert H. Dizon.

According to Berberabe, the objective of the partnership is to have an effective mechanism that will help remind Pag-IBIG members and their employers to settle their Pag-IBIG obligations on time, ensuring the member's uninterrupted enjoyment of Pag-IBIG benefits. Tele-collection firms' task is to prevent 31 to 90 days past due accounts from being tagged as non-performing loans.

“Pag-IBIG's strategy to tap the services of experts in collections has proven to be effective. From 72% – the lowest in the last ten years, the Fund was able to raise its performing loans ratio to 87%, net of allowance for impairment loss,” Berberabe said referring to Pag-IBIG's partnership with collection agencies that are handling the Fund's housing loan accounts considered in default.

"With Admerex expertise in tele-collection, we expect to get better collection figures and increase collection efficiency in the next few years, and at the same time, we will generate savings in our administrative and operational cost," Berberabe added.

Records show that the initial batch of provident accounts endorsed to ASI yielded a collection of 88% of the total amount to be collected.

Housing and Urban Coordinating Council (HUDCC) Chairman Atty. Chito M. Cruz is pleased with the results that he instructed Pag-IBIG to cascade its collection strategy to the other government shelter agencies to help them improve their collections.

Meanwhile, the ASI President and Managing Director thanked Pag-IBIG for the partnership, and commended the agency’s bids and awards committee.

“It is a great honor to be the service provider of Pag-IBIG Fund. We hope that the services we will be providing can help Pag-IBIG achieve its goals. From the bottom of my heart, I would like to commend your bids and awards committee. This is the first time we participated in a bidding and it was done professionally… I’m amazed about the level of professionalism of your group. It brings back the confidence of a citizen towards a government agency,” Dizon said.

Established in 2003, ASI is one of the largest 100% Filipino-owned Business Process Outsourcing (BPO) company and is the first tele-collection partner of Pag-IBIG. To date, Pag-IBIG Fund is ASI’s second largest partner. (end)

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“This is great news. This is a testament to Pag-IBIG’s observance of excellence and discipline in complying with stringent international rules on financial reporting. This entailed a lot of commitment and discipline, which is why I am proud of Pag-IBIG,” said Pag-IBIG Chairman Atty. Chito M. Cruz, who also heads the Housing and Urban Development Coordinating Council.

The awardees of the Most Outstanding Accounting Offices are chosen yearly by AGAP based on the recommendations from the Commission on Audit (COA). State auditors evaluate nominees based on the number of unqualified COA findings, and the accuracy and timeliness of submission of financial reports. COA Supervising Auditor Julia Moreno cited Pag-IBIG as one of the outstanding offices “because it consistently submitted financial reports on time and acted accordingly on audit recommendations as necessary. Audit opinion has been unqualified in CY 2012, 2013, [and 2014].”

“To be recognized by COA and AGAP is truly an honor. The credit belongs to our hardworking Finance team, which is headed by Deputy CEO Emma Linda B. Faria, who is the first recipient of FutureGov Magazine’s Government Chief Financial Officer of the Year, and Senior Vice President Florentino España Jr. To win the Most Outstanding Accounting Office award is proof of Pag-IBIG Fund’s steadfast commitment in pursuing the highest standard of quality and transparency in reporting its financial performance. We adopted the International Financial Reporting Standard earlier than other agencies, we were the first agency to implement joint conferences with COA, and we comply religiously with the Code of Corporate Governance for state-run companies. We do all these to safeguard the Fund which belongs to our 15.7 million members,” said Pag-IBIG President and CEO Atty. Darlene Marie B. Berberabe.

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Pag-IBIG Fund recently inaugurated its Lipa Branch, with President and CEO Atty. Darlene Marie B. Berberabe leading the ceremonies. The 390 sq.m. office is located at the 2nd floor of 3MJ Building, Barangay Marawoy, Lipa City. It is headed by Ms. Angelina N. Mojares and serves members and employers in Balete, Cuenca, Malvar, Mataas na Kahoy, Sto. Tomas, Talisay, Tanauan City, Padre Garcia, Rosario, San Juan, and the whole 6th district of Lipa City.

“We are not only expanding in Metro Manila, but also in key cities in the country so that we can bring our programs and services closer to more members. Our new Pag-IBIG Chairman of the Board of Trustees and of the Housing and Urban Development Coordinating Council (HUDCC), Atty. Chito M. Cruz, has shown support in this initiative. He was pleased that we have put importance on the time, comfort, and convenience of our 15.8 million members,” Atty. Berberabe said.

The Lipa branch features the new office look of Pag-IBIG Fund, with a more comfortable ambience, tasteful design, lighting, and furniture, and a good use of space in a professional office manned by professional staff. Atty. Berberabe added, “It’s like traveling to another country where the airport is the entry point. What we see or experience in the first direct contact gives us our first impression of the kind of experience that we can expect while in that country. Our clients say that the new lay-out depicts the spirit of good business and positive vibes."

Services offered by Pag-IBIG Lipa Branch include receiving of membership contribution from employers, individual payors, and self-employed members, as well as members’ savings under the Modified Pag-IBIG 2 Program. Member-borrowers can update their housing loan or short-term loan amortization payments and file their applications for membership, housing, multi-purpose (MPL), and calamity loans (CL). It also releases MPL and CL proceeds through Pag-IBIG Citi Prepaid Card or LANDBANK Cash Card, issues member’s identification (MID) / transaction card and members’ statement of accumulated value (MSAV), and facilitates transfer of members’ records and loan details.

To date, Pag-IBIG has eight branches in Southern Tagalog and serves 760,000 members in the area. (JRS/Faye)

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Recently, COA released a copy of its Annual Audit Report on Pag-IBIG Fund for 2014. In the report, COA rendered an Unqualified Opinion “on the fairness of the presentation of the financial statements of the Home Development Mutual Fund (Pag-IBIG Fund) as of December 31, 2014, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.”

An Unqualified Opinion is the best opinion that the agency can get. 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.

“We are truly honored to receive unqualified opinions from COA for three straight years. This is a first for Pag-IBIG! This entailed a lot of commitment and discipline on our part because we want to keep our members' confidence. As administrators of Filipino workers’ savings, we are committed to observing integrity and good governance, said Pag-IBIG President and CEO Atty. Darlene Marie B. Berberabe.

COA’s latest Unqualified Opinion for Pag-IBIG’s financial statement is the fifth Unqualified Opinion received by the state housing agency overall. In 2007 and 2008, it received back-to-back Unqualified Opinions, then for three consecutive years in 2012, 2013, and 2014.

“This is an accomplishment that we at Pag-IBIG are very proud of. Year after year, we strive to be an institution that our members can count on, an agency that they can trust, and a company that assures a better future for our 15.7 million members,” Berberabe said.

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She added, “Pag-IBIG’s other income increased by 29.11% or P0.62 billion from P2.13 billion in the covered period in 2014 to P2.75 billion for the same period this year.”

The Fund also exceeded its targets for July 2015, with the actual gross income higher by P1.16 billion or 6.43% than the target of P18.04 billion. Pag-IBIG’s other income was 43.23% higher than the target, up by P0.83 billion. Interest income from housing registered P11.01 billion, or 11.78% higher than the target of P9.85 billion due to collection of past due accounts and improved quality of portfolio.

Pag-IBIG Fund outsourced its collection through accredited collection agencies last January 2013 and its tele-collection services last January 2015. In the first seven months of 2015, the Fund converted 53% of its outsourced non-performing loans accounts into performing loans and collected P1.81 billion through its 19 accredited collection agencies. From January 2013 to July 2015, Pag-IBIG already converted 52% and collected a total of P7.92 billion. Tele-collection augmented the preliminary collection efforts of Pag-IBIG. (end)

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“We are honored that ADB has chosen Pag-IBIG Fund as one of the three government institutions in the Philippines to be visited by the delegates of the cross-regional forum on remittance,” said Pag-IBIG Fund President and Chief Executive Officer Atty. Darlene Marie Berberabe during her presentation of Pag-IBIG Fund Benefits for Migrant Workers before the delegates at the Pag-IBIG office in Justine Bldg., Makati City.

Atty. Berberabe presented to the ADB delegates Pag-IBIG’s programs for OFW members, including access to financial services like remittances and loans wherever they are in the world.

Atty. Berberabe informed the delegates that OFW membership with Pag-IBIG Fund continues to grow, reaching 3.9 million as of December 2014, and remitting a total of P1.7 billion Pag-IBIG membership contributions in the same year.

OFW members of the Fund represent 27 percent of the 14.8 million total Pag-IBIG membership level. They are one of the fastest growing sectors in terms of Pag-IBIG membership.

“In response to the growing Pag-IBIG membership of OFWs, we established an OFW Center at our Justine Bldg. Makati office that provides an integrated service for OFWs,” Atty. Berberabe added.

In partnership with the Philippine Overseas Employment Administration (POEA), Overseas Workers Welfare Administration (OWWA), and the Philippine Health Insurance Corporation (PhilHealth), the OFW Center offers services such as membership registration, remittance of member’s savings and loan payments, issuance of Overseas Employment Certificate, pre-departure orientation, investment center for modified Pag-IBIG 2, and acceptance and release of housing and short-term loans, among others.

“We recognize the sacrifices and efforts of our OFWs in order to give their families a better future. It is only right that we give them the best service,” Atty. Berberabe added.

The ADB delegates conducted a site visit for them to learn about public and private support activities for migrants and remittances.

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Pag-IBIG, according to Berberabe, endeavored to help member-borrowers maintain performing loan status of their accounts through the adoption of several strategies, including the utilization of email and text-blasts to remind borrowers of their payment due dates, outsourcing of courier services for delivery of monthly billing statement, and tele-collection, all of which are supported by the provision of more payment facilities where Pag-IBIG members can conveniently settle their payments.

Tele-collection proved to be the most effective method, with Pag-IBIG directly crediting the reduction of delinquent accounts to the service. The tele-collection service is outsourced by the Fund, handling housing loans accounts that are 31 to 90 days past due, with the objective of preventing these accounts from being tagged as non-performing loans.

Pag-IBIG also tapped the services of collection agencies (CAs) for non-performing loans or accounts that have not been paid for three consecutive months.

"The tele-collection service significantly reduced the number of accounts endorsed to collection agencies. From an average of 4,793 in 2014, endorsements to CAs have gone down to 2,572 on March of this year, or a reduction of almost 50%. This means that more member-borrowers are now paying on-time," Beberabe revealed.

Tele-collection was implemented by Pag-IBIG last January 2015.

Berberabe thanked the Pag-IBIG members for their positive reception of the reforms adopted by the Fund.

"The cooperation of Pag-IBIG members is very important to us. Paying on-time will not only ensure the eventual legal ownership of the member-borrowers to the properties subject of their loan, it will also help sustain the viability of the Fund to provide home financing to more and more Filipino families," Berberabe added.

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The Pag-IBIG Fund and the Bureau of Immigration (BI) have joined forces to promote Pag-IBIG programs by displaying and distributing co-branded information materials in airports across the country.

Earlier this year, Pag-IBIG and BI inked a Memorandum of Understanding to promote the Fund’s different benefits and programs for OFWs through the display and distribution of co-branded materials.

“By virtue of R.A. 9679, or the Charter of Pag-IBIG Fund, all Filipino workers, including OFWs, are mandated to register with Pag-IBIG. Vice President Jejomar C. Binay, who, at the time was also the Chairman of the Pag-IBIG Board of Trustees, directed us to find more ways to reach out to OFWs and inform them of the privileges of being a Pag-IBIG member. I would like to thank BI for this collaboration and for helping us to create awareness of our programs among our OFW-members through the strategic display of co-branded materials. It will be placed in selected airports where there is a high concentration of OFWs leaving the country. We hope that this understanding will be the start of a mutually beneficial partnership,” said Pag-IBIG President Atty. Darlene Marie Berberabe.

Commissioner Atty. Siegfred B. Mison, on the other hand, articulated his support for Pag-IBIG’s objectives. “Close to 70-80% travelling in our airports are Filipino overseas workers. And if they are not aware of what Pag-IBIG does, they will not be able to reap the many benefits of Pag-IBIG membership. We will help Pag-IBIG accomplish its objective of reaching OFWs by disseminating valuable information to them (OFWs),” he said.

Starting this June, a “light box ad” of the co-branded material is now visible in the arrival area of NAIA Terminal 3, while the distribution of the co-branded flyer is ongoing at NAIA Terminals 1, 2, and 3, Diosdado Macapagal International Airport (Clark), Mactan-Cebu International Airport, Iloilo International Airport, and Francisco Bangoy International Airport (Davao).

As of May 2015, Pag-IBIG Fund has 4.2 million OFW members worldwide. It has overseas service desks located in the UAE (Dubai and Abu Dhabi), Saudi Arabia (Jeddah, Riyadh, and Alkhobar), Bahrain, Oman, Qatar, London, Italy (Rome and Milan), Greece, Brunei, Hong Kong, Macau, South Korea, Kuwait, Singapore, Taiwan, Japan, and Malaysia. Just this June 12, Pag-IBIG opened its first U.S. office in New York City, with an office in Los Angeles to open soon.

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With the figures, Vice President Jejomar Binay, concurrently Chairman of the Pag-IBIG Fund Board of Trustees, said that the agency has once again demonstrated its solid and robust financial standing, benefitting more Pag-IBIG members.

The 2014 takeout level is 19% or a P6.6 billion increase from 2013’s disbursement of P34 billion. This increase is more than double the 9% or P3 billion average takeout growth since 2011.

“Pag-IBIG’s performance could have recorded a higher figure, as we have 12,172 housing units worth P10.8 billion that the Fund has already approved but we have not taken out yet. The reason is that there are pending documents, but from our side, we have completed all the process steps. This means that process-wise, we have approved a total loan of 51.4B in 2014." Binay said.

“In 2011, we started to implement reforms in the Fund. We strengthened our underwriting policies and removed program features that were prone to abuse. We also created a business development sector whose task is to provide proactive assistance to Pag-IBIG partners. We rationalized our interest rates, which resulted in lower costs to own a decent home. Now, we are reaping the fruits of those reforms,” Binay added.

In the fourth quarter of 2014 alone, Pag-IBIG disbursed P11.9 billion, the second highest loan disbursement in a three-month period throughout the history of the Fund’s housing loans operations. President and CEO Atty. Darlene Berberabe beams with pride in sharing the outstanding results of its home lending operations for 2014. She shared, "Our Home Lending business has been competently managed and led by my Deputy CEO Acmad Rizaldy Moti. We went through tough challenges, but focus and decisiveness have helped us implement the things that needed to be done."

Pag-IBIG Fund also recorded a collection of P32.0 billion from housing loan amortizations, P1.3 billion higher than the P30.7 billion collection target in 2014. Including collections from asset recovery, the total housing loan collections of the Fund amounted to P33.9 billion or P2 billion higher than the amount collected in 2013.

According to Berberabe, Pag-IBIG uses email and texts to remind member-borrowers of their monthly amortizations and, in partnership with payment centers like Bayad Center and SM, now makes payment easier as such can be done even during weekends at the borrower's convenience. The Fund also outsourced to courier services the monthly billing statements to ensure their on-time delivery. On top of the improved service, the outsourcing has also provided the Fund a 50% savings on billing statement production cost.

Berberabe added that one of best decisions made by Pag-IBIG was to tap the services of collection agencies to help the agency collect from delinquent accounts under a no cure, no pay arrangement. This initiative, she said, has generated for the Fund an additional P2.7 billion collection for the year 2014.

Pag-IBIG records show that the total amount collected since the Fund tapped the services of collection agencies in 2013 already reached P6.0 billion.This means additional money for the Fund to lend out to more members. The collection effort converted back to performing loans 88,202 or 47% of the 189,498 total delinquent accounts endorsed to the collection agencies.

“The innovative practices and hard work of Atty. Berberabe and its senior management, and the men and women of Pag-IBIG Fund made all these achievements possible. We are proud to say that the reforms instituted by the Fund, which adhere to the principles of excellence and good governance resulted in more Filipinos being able to provide decent and affordable homes for their families, as well as a sustainable Pag-IBIG Fund,” Binay said.

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Pag-IBIG Fund formally inaugurated its Binondo Branch to serve more members and employers in the city of Manila. Pag-IBIG President and Chief Executive Officer, Atty. Darlene Marie B. Berberabe, led the inaugural ceremony at the 3rd floor of the Lucky Chinatown City Place Square, Building B, located at Calle Felipe corner La Chambre Street near Binondo Church. The new Pag-IBIG office covers 297 barangays of Binondo, Tondo, and San Nicolas areas.

“Our Pag-IBIG Chairman of the Board of Trustees, Vice President Jejomar C. Binay, reminded us to put importance on clients’ time, comfort, and convenience of our 14.8 million-strong members. We have implemented reforms not only on our programs, but on our services and physical appearance of our branches as well. It is important for our members to feel the professionalism and integrity when transacting with us,” Atty. Berberabe said.

The new branch is one of two branches that now feature the new office look of Pag-IBIG Fund, with a more comfortable ambience, tasteful design, lighting and furniture, and a good use of space in a professional office manned by professional staff. “It’s like traveling to another country where the airport is the entry point. What we see or experience in the first direct contact gives us our first impression of the kind of experience that we can expect while in that country," Atty. Berberabe added.

The Pag-IBIG Binondo Branch is the first government office to open in Lucky Chinatown Mall, has a membership base of 98,418, and serves around 4,400 employers. Mr. Emmanuel Zosimo G. Orcine heads the 553 square meter office manned by eight other employees.

Services offered by Pag-IBIG Binondo Branch include receiving of membership contribution obligations from employers, individual payors, and self-employed members, as well as members’ savings under the Modified Pag-IBIG 2 Program. Member-borrowers can update their housing loan or short-term loan amortization payments and file their applications for membership, housing, multi-purpose (MPL), and calamity loans (CL). It also releases MPL and CL proceeds through Pag-IBIG Citi Prepaid Card or Land Bank Cash Card, issues member’s identification (MID)/transaction card and members’ statement of accumulated value (MSAV), and facilitates transfer of members’ records and loan details.

To date, Pag-IBIG has 76 branches nationwide, 18 of which are in Metro Manila. It hopes to have 117 branches by the end of this year.

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“We at Pag-IBIG have been working hard to blaze the trail for the professionalization of government service - to commit to excellent output in all our programs to ensure the best possible service to our members, and the year 2014 saw the just fruits of our labor coming into fruition. But more than the numbers confirming our robust financial standing, the validation through recognition by prestigious third party entities like IABC Philippines confirms that the rest of the Philippines commends the reforms we have been implementing and recognizes our humble contribution to nation-building,” said Atty. Darlene Marie B. Berberabe, Pag-IBIG Fund President and Chief Executive Officer.

Pag-IBIG Fund Needs Matching Program – Employee Village

The Employee Village is a collaboration between Pag-IBIG Fund, which provides housing finance to end-users at lower than market cost, Hanjin Heavy Industries and Construction Company Philippines, the employer which provided the land, along with the borrowers/end-users among its employee-beneficiaries, and Fiesta Communities, which developed the land and built the housing units.

It is Pag-IBIG’s pilot Needs Matching project, located in Castillejos, Zambales.

Pag-IBIG Fund OFW Center

The Pag-IBIG Fund OFW Center is a one-stop shop that provides an integrated delivery of services and benefits to our member overseas Filipino workers (OFW). It is located at the 6/F Justine Bldg., 317 Sen. Gil Puyat Ave., Makati City. In 2014, the Center served 120,000 OFW-members.

Services offered at the Center to OFW members include the following: Membership Registration, Collection of Members’ Savings and Loan Payments, Verification of Members’ Records, Issuance of Statement of Savings and Transaction Cards, Acceptance, Processing, and Release of Short-Term Loans (Multi-Purpose Loans or MPL and Calamity Loans or CL), Acceptance, Processing, and Release of Provident Benefit Claims, Acceptance and Initial Review of Housing Loan Applications, Home Matching for Prospective Housing Loan Borrowers, Investment Center for Special Savings or Investment Products, like the Modified Pag-IBIG 2 Program, and Issuance of Overseas Employment Certificate (OEC).

Pag-IBIG Fund and Quill Awards

“The prestigious Quill Awards, which were traditionally conferred on the best private sector companies for their innovative programs, have now been conferred on Pag-IBIG thrice. At the 12th Philippine Quill Awards in 2013, our “I Do. I Do. Araw ng Pag-IBIG” received an Award of Merit under the Communication Management Division, category Government Communications Program. Pag-IBIG was the lone and first awardee for the said category,” Atty. Berberabe added.

According to the IABC Philippines president Kane Errol Choa, the awardees represent the best of the field this year, which has once again risen in number compared to the previous year. There was a 59 percent increase in the number of Quill entries, showing that more organizations are taking communication more seriously as a business strategy.

The Philippine Quill Awards is organized by the IABC Philippines, the first chapter outside North America of the international IABC, a global network of around 15,500 business communicators in 80 countries. (End)

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Berberabe vehemently denied statements made by Senator Trillanes that Pag-IBIG Fund is involved in an anomaly that allegedly favors contractors whom he claimed were identified with the Vice President.

“In the strongest terms, I deny that Pag-IBIG Fund favors any stakeholder. On the contrary, we pride ourselves with having leveled the playing field when the new management and the new Board assumed office in 2010,” Atty. Berberabe stated.

“To say that we favor contractors in awarding housing projects is simply false because we do not award projects, nor do we deal with contrac-tors. It is unfortunate that an allegation which discredits the integrity of Pag-IBIG Fund is made, but the basis is not provided. When you do your work professionally, and regard principles of fairness and integrity with the highest standard, it is most disheartening to be dragged into an al-leged anomaly that has no basis,” Berberabe said.

The Pag-IBIG President regrets that Pag-IBIG Fund is being pulled into the political controversy.

“We have endeavored to institute reforms since 2010 to ensure that there will not be another Globe Asiatique. Even if such reforms were not popu-lar, we made them happen because we were focused on doing what is right for the Fund that is owned by our members.”

In 2010, Pag-IBIG Fund filed a syndicated estafa case against GA Presi-dent Delfin Lee and cohorts, which led to the prosecution of several GA officers and a Pag-IBIG employee.

According to Atty. Berberabe, after the GA issue, Pag-IBIG introduced re-forms that some developers initially found very stringent. These reforms involved the lifting of the authority previously granted to developers to approve home loans, and the strict implementation now of the proce-dure where the Fund personally validates the identity and capacity to pay of each of its housing loan borrowers, which initially slowed down the takeout process. She said that after they explained the changes in the

Pag-IBIG processes, the developers understood that the reforms were in-tended for the best interest of all Pag-IBIG Fund stakeholders, particularly its members.

“Since we implemented these reforms, we have significantly improved the integrity of our portfolio. We improved our underwriting thereby result-ing in better performing loans ratio. We also outsourced the collection of our non-performing loans. As a result, we converted almost 50% of our non-performing loans back to performing loans, a huge feat in the hous-ing industry,” Atty. Berberabe emphasized.

“Pag-IBIG’s performance and accomplishments in the last four years speak for themselves. In the third quarter of 2014, Pag-IBIG’s net in-come already reached P13.09 billion, comparable to the net income of the country’s biggest banks for the same period,” Atty. Berberabe stated.

“Pag-IBIG would not have been able to achieve and maintain its robust financial standing and credit P10.1 billion worth of dividends to its mem-bers in 2013, the highest in the Fund’s history, if the allegations of shady deals are true,” she added.

The COA, which is the principal agency that checks the integrity of the Fund’s processes and financials, has issued an “Unqualified Opinion” in both 2012 and 2013 for Pag-IBIG Fund. An Unqualified Opinion is the best finding that an auditor can issue. This is a testament to the fact that Pag-IBIG is not only focused on performing and exceeding targets in its housing and savings mandates, but also in good corporate housekeeping and thus good governance.

Atty. Berberabe also emphasized that Pag-IBIG enjoys the trust of devel-oper groups and maintains a good working relationship with them.

During the NCR Developers’ Forum held last October 2014, Paul Tanchi, Chairman of the Board of the Subdivision and Housing Developers Asso-ciation, Inc. (SHDA) described the leadership of Pag-IBIG as embodied by competence and character.

In the same event, Engr. Jefferson S. Bongat, Chairman of the Board of the Organization of Socialized Housing Developers of the Philippines (OS-HDP) also praised Pag-IBIG, comparing its professionalism and efficiency to that of a well run, top private company or bank.

“If we are favoring just a few, we will not earn the trust of our housing partners and Pag-IBIG members,” Atty. Berberabe said even as she wel-comed any investigation, which she is confident will clear Pag-IBIG Fund in the end.

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