
I. STAKEHOLDER RELATIONSHIPS | |
Questionnaire | Compliance |
1. Does the GOCC disclose a policy that: | |
a. Stipulates the existence and scope of its effort to address customer's welfare? | a. Yes. Under Section 2 of RA 9679, the Fund has a twin mandate which is: (1) to improve the quality of life of its members by developing and promoting an integrated nationwide, sound, and viable tax-exempt mutual provident savings system suitable to the needs of the employed and other earning groups; and (2) promoting home ownership through the extension of affordable housing loans. This translates into its Corporate Vision for every Filipino worker to save with the Fund and to have a decent shelter. It covers all employed Filipino workers and voluntary members that are mandatory members of the Fund under the Republic Act No. 9679, or the Home Development Mutual Fund Law of 2009. All programs of the Fund being offered to its members are covered by Circulars/ Guidelines, which are posted in the Fund’s official website for the member’s reference. The specific programs provide the eligibility criteria of the members to qualify in the availment of the housing loan, short term loan and savings program. Likewise, the Fund also issues the process guides, forms and list of requirements, Frequently Asked Questions (FAQs) during their visit to the branch to assist them in understanding better the programs and services of the Fund. These are aligned with the Fund’s mandate under its existing charter. Further, Pag-IBIG Fund has issued policies addressing customer welfare in accordance with relevant laws and regulations, as follows: 1. The Fund ensures that it provides member-focused quality service through the continuous enhancement of its provident savings and home financing system. The development and further improvement of the Fund services also aims to be responsive to the growing needs of its members and relevant interested parties. 2. Information and information systems, including about its employees and members, are among the most valuable assets of HDMF. Thus, these must be protected against unauthorized disclosure or modification, misuse, destruction or non-availability. Security of these information assets is essential to doing business and managing overall business risk. Aside from safeguarding its information assets, the Fund must also address the four (4) components of Information Security: Confidentiality, Integrity, Availability and Accountability. 3. It is also the duty of Pag-IBIG Fund to guide and assist requesting parties on their needed information, documents, records, and reports. A Task Force was also designated for the evaluation of each request to ensure protection of information pursuant to the Data Privacy Act of 2012. Quality Policy Information Security Policy People's Freedom of Information Manual |
b. Elaborates its efforts to interact with the communities in which they operate? | b. Yes. 1. In Section IX.1 of the HDMF Manual of Corporate Governance, the Fund recognizes the rights of its Stakeholders, namely: 1) Pag-IBIG Fund Members; 2) Employers, both Public and Private Sector; 3) Cooperatives, Unions, or other similar organizations; 4) All branches, subdivision, instrumentalities and agencies of the Government; 5) The Housing Industry; 6) Banks and Other Financial Institutions; 7) Officers and employees of the Fund; and, 8) The Filipino Workers. In accomplishing its mandate and ensuring the sustainability of its operations, the Fund shall seek the active cooperation of its Stakeholders. To establish good relations with the Fund’s stakeholders, it is important to understand the nature of their interest in the operations and programs of the Fund. Recognizing the vital role of its stakeholders, the Fund shall ensure that the stakeholders have access to relevant, sufficient, and reliable information on a timely and regular basis to be able to exercise their rights. Stakeholder shall have access to legal redress in the event that their rights are violated. Consisted with its Provident Character under Section 10 of Republic Act No. 9679, and pursuant to the constitutional mandate that public office is a public trust, the Fund, its Trustees, Officers, and Employees shall, at all times, uphold the policy of accountability and full disclosure. 2. Pag-IBIG Fund’s Corporate Social Responsibility exemplifies its commitment in upholding its twin mandates to generate savings through membership and to mobilize provident funds for housing purposes in achieving its objective of BUILDING A BRIGHTER FUTURE. The Fund adheres to be socially responsible, to act and to operate as good corporate citizens. The Fund seeks to improve the quality of life of its members through the administration of the funds in trust for them, which shall be used exclusively for their benefit such as entitlement to dividends from their savings, and providing access to short-term loans and housing loans. The Fund is committed in performing quality public service with diligence, transparency, and accountability. Aside from its main programs on savings and loans, the Fund looks for other ways to help our members, like its “I Do, I Do” Program, Pag-IBIG Loyalty Card Plus, as well as disaster rehabilitation programs. Pag-IBIG Fund assures the security of its personnel and clients, and treats them with full respect and without discrimination as to gender, religion, race or political affiliation. During the Coronavirus Disease 2019 (COVID-19) pandemic, Pag-IBIG Fund has established various measures and implemented programs that are responsive to the needs of its members. This is to grant additional reprieve to the member-borrowers and even employers to alleviate the adverse impact of the COVID-19 pandemic on their socioeconomic well-being. There are changes in the operations, and revisions in business rules and guidelines that were implemented to respond and adapt to the needs of our members and stakeholders. The Fund continuously conduct studies and surveys as part of its function under Section 13 (f) of RA 9679 for the proper administration and development of its programs and services. Consultation with stakeholders are also conducted especially for programs and policies that will affect them. This enables the Fund to analyze the identified issues, evaluate options, and plan for the implementation, monitoring, and evaluation of each program. All programs and services offered by the Fund are covered by guidelines, which provides all the necessary information, terms and conditions of the specific program/service being offered to its members. The guidelines are public documents that are accessible to all members. The Fund assists its members on their concerns/issues/queries on housing and provident programs of the Fund through Customer Service. The Fund also engages in social media platform (i.e. Facebook) to ensure that its members are aware of the latest products/services/promotions. The platform also allows the members to send/post their questions/complaints through the comment section or by simply submitting personal message to the Fund’s official page. To ensure that all its members are well informed of the latest and prevailing programs, the Fund is doing marketing of its products to its target stakeholders (developers, employers, LGUs, other government agencies) and providing them information and assistance on the said programs. The Fund also established its Employer Accreditation Program (EAP) to make the availment of its housing loan programs more accessible to the employed members with the help of their employers. The Fund also launched its Virtual Branch (Virtual Pag-IBIG) which assists member’s needs regardless of their location as long as they have internet access. Member may apply online using the said facility without the need to go to the branch. The launching of the virtual branch is timely and relevant to the mandate of the Fund to extend its programs and services to its members despite the pandemic that restricts members from coming to the branch due to quarantine protocols. All the necessary information on the Fund’s products and services are provided in the said Virtual Branch. HDMF Manual of Corporate Governance Corporate Social Responsibility. Pag-IBIG Fund: Building a Brighter Future 2022 Annual Report pp. 73-75 |
c. Ensure that its value chain is environmentally friendly or is consistent with promoting sustainable development? | c. Yes. In compliance with the Implementing Rules and Regulation of Republic Act No. 11285 (An Act Institutionalizing Energy Efficiency and Conservation, Enhancing the Efficient Use of Energy, and Granting Incentives to Energy Efficiency and Conservation Projects), and as part of the Fund’s energy conservation initiatives, Pag-IBIG Fund issued Special Order No. 2020-2515 designating Energy Efficiency and Conservation Officer (EECO) and Energy Efficiency and Conservation (EEC) Focal Persons for CHQ and Technical and Administrative Support (TAS) Offices whose duties and responsibilities include the preparation, formulation of the Energy Efficiency and Conservation Plan (EECP), regular monthly submission to DOE-EUMB of CHQ’s electricity and fuel consumption reports, implementation of information and awareness through the installation of posters on energy conservation, maintaining Enercon Monitoring Charts, maintaining energy measuring instruments and GPS tracking system, and implementation of a lighting replacement plan of Pag-IBIG Fund. In line with the Fund’s effort to mitigate the effects of climate change and maximize and utilize renewable energy resources, the Fund allows that availment of a Pag-IBIG housing loan for the acquisition/installation of solar panels as part of home improvement or as a component of the housing unit to be purchases, subject to the terms and conditions provided in the prevailing guidelines. |
2. Does the GOCC disclose the activities that it has undertaken to implement the above-mentioned policies? | |
a. Customer health and safety | a. Yes. The Fund issues news releases and social media posts to promote its customer-centric programs and activities. This includes information on policies and activities taken to ensure customer welfare against COVID-19, as well as benefits released to aid the members in coping with the pandemic. Moreover, in order to promote its customers'/borrowers' health and safety during the COVID-19 pandemic, the Fund on August 8 launched its Virtual Pag-IBIG Mobile App wherein Pag-IBIG members can now view their Pag-IBIG Savings and annual dividends, payments history, and loan balance and dues using their mobile phones. |
b. Interaction with the communities | b.Yes. In line with the Fund's effort to mitigate the effects of climate change and maximize and utilize renewable energy resources, the Fund allows that availment of a Pag-IBIG housing loan for the acquisition/installation of solar panels as part of home improvement or as a component of the housing unit to be purchased, subject to the terms and conditions provided in the prevailing guidelines. |
c. Environmentally-friendly value chain | c. Yes. Pag-IBIG Fund's Corporate Social Responsibility exemplifies its commitment in upholding its twin mandates to generate savings through membership and to mobilize provident funds for housing purposes in achieving its objectives of BUILDING A BRIGHTER FUTURE. The Fund adheres to be socially responsible, to act and to operate as good corporate citizens. The Fund seeks to improve the quality of life if its members through the administration of the funds in trust for them, which shall be used exclusively for their benefit such as entitlement to dividends from their savings, and providing access to short-term loans and housing loans. The Fund is committed in performing quality public service with diligence, transparency, and accountability. Aside from its main programs on savings and loans, the Fund looks for other ways to help our members, like its "I Do, I Do" Program, Pag-IBIG Loyalty Card Plus, as wel as disaster rehabilitation programs, Pag-IBIG Fund assures the security of its personnel and clients, and treats them with full respect and without discrimination as to gender, religion, race or political affiliation. |
3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section? | |
Yes. The Pag-IBIG Fund website has a CSR page which showcases its activities and efforts for corporate social responsibility. |
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4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights. | |
Does the GOCC provide contact details via the company’s website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc.) can use to voice their concerns and/or complaints for possible violation of their rights? | Yes. Pag-IBIG Fund operates a Contact Center and Hotline number (87-244-244), which provides assistance for member queries and complaints. Specific teams are assigned for specific programs (MID number, merging of records, follow-up of loans, and other frequently-accessed services) to provide specialized assistance for customer requirements. Pag-IBIG Fund also has a chat facility, found in all pages of the website, which provides assistance to specific member concerns: Short-Term Loan status of application, status of Member Savings, Member ID Number, Housing Loan update, Consolidation of Record, Loyalty Card application, Request for Claims, Cash Card Application, Virtual Pag-IBIG Registration, follow-up on Payment Postings, and Others. Pag-IBIG Fund adheres to the ARTA guidelines in the turn-around-time that a member's complaint or concern must be addressed depending on the nature or gravity of the concern. The Pag-IBIG Hotline is different from the Pag-IBIG Trunkline (84-223-000), which connects to all departments for operational concerns. |
5. Performance enhancing mechanisms for employee participation should be permitted to develop. | |
a. Does the GOCC explicitly mention the health, safety and welfare policy for its employees? | a. Yes. The Fund's Office Order No. 2020-00 prescribes the Guidelines on Alternative Work Arrangements, social distancing, and other measures for the management of COVID-19 in the workplace. |
b. Does the GOCC publish data relating to health, safety and welfare of its employees? | b. Yes. The Pag-IBIG Fund website provides quarterly report on the employees' access to health, safety, and wellness programs. An annual report on the employees' health and wellness is likewise reflected in Pag-IBIG Fund's Annual Report. |
c. Does the GOCC have training and development programmes for its employees? | c. Yes. The Fund provided training and development programs for its employees for year 2021. |
d. Does the GOCC publish data on training and development programs for its employees? | d. Yes. The Pag-IBIG Fund website provides quarterly report on the employees' access to training and development. A summary of the training, number of participants and training hours for health, safety, and wellness programs. An annual report on the employees' training program is likewise reflected in Pag-IBIG Fund's Annual Report. |
6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this. | |
a. Does the GOCC have procedures for complaints by employees concerning illegal (including corruption) and unethical behavior? | Yes. Pag-IBIG Fund updated its Whistleblowing Policy (WP) to provide the actual procedure for the handling of reports and protection of the whistleblower. A copy of the policy and the procedure is updated in the website. The Annual Report also detailed the WP and its procedures. |
b. Does the GOCC have procedures to protect an employee/person reveals illegal/unethical behavior from retaliation? | Yes. Pag-IBIG Fund's Whistleblowing Policy Section 6. (Protection of a Whistleblower against Retaliation) may be found in the corporate website and the Annual Report. |
II. DISCLOSURE AND TRANSPARENCY | |
Questionnaire | Compliance |
7. Quality of Annual Report Does the GOCC's annual report disclose the following items: |
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a. Corporate objectives |
Yes. The Fund's Corporate Objectives were identified in the "HDMF 2021 Charter Statement and Strategy Map" as well as the "Mission, Vision, Values, and Corporate Objective Statement." "To sustain membership growth and retention that would result to a P2 Billion annual increase in member’s savings collection until 2022, and provide affordable home financing to at least 382,530 earners through socialized and low-cost housing from 2018 until 2022." |
b. Financial performance indicators | The Pag-IBIG Fund's financial performance is disclosed through the following pages on the website: 1. Governance Page 43.3 On Financial and Operational Matters - Audited Financial Statements (2012 to 2020) - Unaudited 2021 Financial Statement - 2021 Quarterly Financial Statements 2021 Performance Scorecard and Strategy Map Includes details on the Fund's Financial KRAs and Strategic Objectives (SO) and Strategic Measures (SM) on the following items: Provide Affordable Home Financing, Increase in Asset Size, Ensure Financial Sustainability, Improve Asset Quality. The Annual Report also disclosed financial reports on income, assets, dividend rates and interest rates. |
c. Non-financial performance indicators | Yes, Pag-IBIG Fund's Annual Report, which is uploaded in the website provides details of the Fund's activities, performances, and accomplishments, including awards and recognition received, new partnerships, project completion, and others. The News portion of the website also reflects these info. The Awards Page of the website also shows the Fund's non-financial performance. 2021 Performance Scorecard and Strategy Map Includes details on the Fund's Financial KRAs and Strategic Objectives (SO) and Strategic Measures (SM) on the following items: Improve Access and Delivery of Products and Services to Enhance, Customer Satisfaction, Streamline Processing Time Practice Principles of Good Governance and Attain Performance Excellence, Continuously Develop Competent and Engaged Employees. |
d. Details of whistle-blowing policy | Yes. Based on the Fund's Whistleblowing Policy published in its website, the Whistleblowing reports (WR) must state the specific condition/s, action/s, and/or omission/s complained of, as well as the corresponding laws, rules or regulations allegedly violated. If possible, documentary and other evidence in support of the WRs should be attached. The WRs shall be submitted to the Vice President of the Legal and General Counsel Group (for face-to-face meetings) or via e-mail, mail or telefax in accordance with Section IV of the Whistleblowing Policy. All WRs will be evaluated and investigated by the LGCG through the Whistleblowing Committee and will be resolved in accordance with the procedure prescribed in the 2017 Rules on Administrative Cases in the Civil Service (2017 RACCS) or any subsequent amendments thereof or rules that may be issued thereafter replacing or repealing the same. |
e. Biographical details (at least age, qualifications, date Reportof first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners | A section in the website is allocated for the disclosure of the information of the Fund's Board of Trustees, Management Committee, and Senior Officers. Qualifications of the Board of Trustees, in particular, are itemized in the Officers of the Fund section on the website. The Annual Report, which is uploaded in the website, also features the profiles of the Pag-IBIG Fund Board. |
f. Training and/or continuing education programme attended by each director/commissioner | Included in the Officer's profile is a disclosure of their training and development programs and activities. For 2021, the Trustees and Officers were able to attend the trainings online via Zoom Meeting. The Annual Report, uploaded in the website, also features the trainings attended by the Pag-IBIG Fund Board. |
8. Are the Annual Reports downloadable from the GOCC's website? | The Pag-IBIG Fund 2021 Corporate Annual Report may be found and downloaded in the website through the following sections: Transparency Seal Page https://www.pagibigfund.gov.ph/transparencyseal.html Corporate Governance Page https://www.pagibigfund.gov.ph/corporategovernance.html Annual Reports Page https://www.pagibigfund.gov.ph/CorporateAnnualReport.html |
9. Corporate Governance Confirmation Statement | |
Does the Annual Report contain a statement confirming the company's full compliance with the code of corporate governance and where there is non-compliance, identity and explain reasons for each such issue? | Yes. The Fund’s Code of Conduct is cascaded to each Lingkod Pag-IBIG during on-boarding for new hires Employees are reminded of the ethical standards through regular emails dispatched by the Office of the CEO or the Human Resources Group.
A copy of the HDMF Manual of Corporate Governance is also uploaded in the Employee’s portal. Among the provisions in the HDMF MCG is adherence to the No Gift Policy and No Noon Break. In instances when a Lingkod Pag-IBIG is suspected or assumed to be in violation of the ethical standards, Pag-IBIG Fund formed a committee that will address such concerns. Adapting GCG's Whistleblowing Policy, Pag-IBIG Fund also implemented procedures that will allow witnesses to lodge complaints against illegal (including corruption). Whistle-blower reports may be sent to [email protected]. Reports submitted are treated with confidentiality. |
10. Timely filing/release of annual/financial reports | |
a. Are the audited annual financial report/statement released within 60 days upon receipt from COA? | Yes. 1. The Annual Audit Report containing the Audited Financial Statements, among others, was duly received by HDMF from COA on June 29, 2022. 2. The same was uploaded in HDMF's website on 04 July 2022. |
b. ls the annual report released within 90 days from release of audited financial report? | Yes, 1. The Audited Financial Statement COA was stamped received on 29 June 2022. 2. The Annual Report, together with the Audited Financial Statement, was republished on 03 August 2022, within 90 days from receipt of audited financial report from COA. Note: The Annual Report was initially released/published online 30 March 2022 (kindly refer to Pag-IBIG Fund submission of accomplished CGSR-A) This was to comply with GCG Memorandum Circular 2015-07 (Re-issued) 02 May 2021, which requires the GOCC to accomplish CGSR-A every 1st of April: "Section 5. SCHEDULE. - The CGS Questionnaire shall be divided into two parts and assessment thereof shall be conducted within separate assessment periods. The GOCC shall submit its accomplished CGSR-A every 1st of April xxx" (emphasis supplied). In turn, CGSR-A requires that the Annual report be already downloadable from the GOCC's website. In particular, Item II. 8 asks: "Are the Annual reports downloadable from the GOCC's website?" The Annual Report was initially uploaded without the audited financial report to meet the April 1 deadline. |
c. ls the true and fairness/fair representation of the annual financial statement/reports affirmed by the board of directors/commissioners and/or the relevant officers of the company? | Yes. The Statement of Management’s Responsibility for Financial Statements (FS) is likewise posted in HDMF's website as of July 4, 2022. It states that Management is responsible for: a.The preparation and fair presentation of the FS, including the schedules to be in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as Management determines as necessary to enable the preparation of FS that are fee from material misstatements, whether due to fraud or error. b. Assessing the HDMF’s ability to continue as going concern, disclosing as applicable, matters relating to going concern and using the going concern basis of accounting unless Government either intends to liquidate the HDMF or to cease operations, or has no realistic alternative to do so. Further, it states that the Board of Trustees (BOT) is responsible for overseeing the HDMF’s financial reporting process. The BOT likewise reviews and approves the FS, including the schedules attached therein, before such statements are issued to members, regulators and other users. |
III. RESPONSIBILITIES OF THE BOARD | |
Questionnaire | Compliance |
11. Corporate Vision/Mission | |
a. Has the Board of Directors reviewed the vision and mission/strategy in the last financial year? | Yes. The Pag-IBIG Board of Trustees has reviewed the Fund's vision and mission/strategy for 2021 during the deliberations on the 2020-03 Special Board Meeting held on September 25, 2020. |
b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy? | The Board of Trustees monitor/oversee the Implementation of the corporate strategy in compliance to the stipulations in the Manual of Corporate Governance, which states: "The Board shall perform (4.03) Monitoring and evaluation on a regular basis the implementation of corporate strategies and policies, business plans and operating budgets, aw well as Management's over-all performance to ensure optimum results" During the 2020-03 Special Board Meeting held on September 25, 2020, the Board approved the following: 1. Revised 2020 and 2021-2025 Corporate Plans and Targets 2. Revised 2020 Performance Evaluation System (PES) 3. 2021 PES requirements of GCG |
12. Did the GOCC achieve 90% in the PES? | Yes. Considering that the validation of HDMF's 2021 accomplishment by GCG is still ongoing and the final rating shall be issued by GCG thereafter, the Fund's compliance for this item pertains to the publication of its submitted accomplishment to GCG. |
13.Code of ethics or conduct | |
a. Are the details of the code of ethics or conduct disclosed? | Yes. The Code of Ethical Standards of Officers and Employees of the Fund covers all Trustees, Officers, and Employees, including those classified as probationary or casual employees and as far as practicable, to contractual employees regardless of any stipulation on the absence of employer-employee relationship with the Fund (e.g., Contract of Service). Violation of the Code shall be endorsed to the Office of the Chief Executive Officer in his capacity as the disciplining authority under RA 9679. Administrative proceedings for any violation of this Code are governed by the 2017 RACCS. |
b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code? | The Covergage of the Code of Ethics provides that : ""This code shall apply to all Trustees, Officers and Employees of Pag-IBIG Fund including those on leave and those classified as probationary or casual employees as far as practicable, to contractual employees regardless of any stipulation on the absence of an employer-employee relationship with the Fund (e.g. Contract of Service)" |
c. Does the company disclose how it implements and monitors compliance with the code of ethics or conduct? | Yes. The Pag-IBIG Fund Annual Report explicitly states the activities that the Fund undertakes to ensure that the Code of Corporate Governance is properly cascaded to the officers and employees. Aside from the on-boarding of new employees, the Fund's HR also dispatches regular emails and notices. A copy of the HDMF Manual of Corporate Governance is also uploaded in the Employee Portal. The Pag-IBIG Fund Officers and Employees also conduct the Integrity Pledge annually, renewing their vow for good governance and honest service. |
14. Does the Board appoint a Nomination and Compensation / Remuneration Committee? | Yes. The Board Governance Committee has the same function as the Nomination Compensation / Renumeration. Members: Trustee Mylah R. Roque – Chairperson CEO Acmad Rizaldy P. Moti– Vice Chairperson Trustee Cornelio P. Aldon – Member DTI Secretary Ramon M. Lopez - Member DOLE Secretary Silvestre H. Bello III - Member |
15. Did the Nomination and Compensation/Remuneration Committee meet at least twice during the year? | Yes. The Nomination Compensation/Remuneration Committee (also called the Board Governance Committee/BGC in the Pag-IBIG Board) met 17 times during the year. Pag-IBIG Fund's Annual Report provides details of the Committee's Meeting schedules and attendance. |
16. If yes, is the report of the Nomination and Compensation/Remuneration Committee publicly disclosed? | Yes. Under Section 43.2 (On the Board and Officers) of the Governance Page in the Pag-IBIG Corporate Website is a link the document detailing the activities and matters that the BGC endorsed to the full Board for discussion and resolution. |
17. Does the Board appoint an Audit Committee? | Yes. The Board appointed a Board Audit Committee (BAC). Members: Composition of the Board Audit Committee
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18. lf yes, is the report of the Audit Committee publicly disclosed? | Yes. Under Section 43.2 (On the Board and Officers) of the Goverance Page in the Pag-IBIG Corporate Website is a link the document detailing the activities and matters that the BAC endorsed to the full Board for discussion and resolution. |
19. Does at least one member of the Audit Committee have an audit, accounting or finance background (qualification or experience)? |
Yes. As of December 31, 2022, Board Audit Committee Chairman Trustee Pedrito G. Angeles graduated from Ateneo de Davao College with a Bachelor’s Degree in Banking and Finance, and pursued law for further studies in Ateneo de Davao Law School. His expertise includes commercial banking. Board Audit Committee Member Trustee Ma. Lorelei C. Fajardo completed a Bachelor’s Degree in Business Administration from Miriam College. She pursued further studies in the New York Institute of Finance, with a Certificate on Finance Management and Certificate on Options Market. She also completed a Certificate on 21st Century Management with the New York University in the USA. DOF Secretary Carlos G. Dominguez III graduated from the Ateneo de Manila University with a bachelor's degree in Economics, and pursued masters degree in Business Administration. DBM OIC Secretary Tina Rose Marie L. Canda earned her degree in Economics and graduation Cum Laude. |
20. Did the Audit Committee meet at least four times during the year? | Yes. The Board Audit Committee met 15 times for the FY 2021. |
21. Does the Board appoint a Risk Management Committee? | Yes. The Board appoints a Board Risk and Capital Committee composed of the following Trustees: Members: Trustee Cornelio P. Aldon – Chairperson Trustee Pedrito G. Angeles – Vice-Chairperson Department of Finance (DOF) Representative – Member Department of Budget and Management (DBM) Representative – Member Department of Labor and Employment (DOLE) Representative – Member |
22. If yes, is the report on Risk Management Committee publicly disclosed? | Yes. Under Section 43.2 (On the Board and Officers) of the Goverance Page in the Pag-IBIG Corporate Website is a link the document detailing the activities and matters that the BGC endorsed to the full Board for discussion and resolution. |
23. Does at least one member of the Risk Management Committee have a background in finance and investments? | Yes. Board Risk and Capital Management Committee Member Trustee Pedrito G. Angeles graduated from Ateneo de Davao College with a Bachelor's Degree in Banking and Finance, and pursued law for further studies in Ateneo de Davao Law School. His expertise includes commercial banking. DOF Secretary Carlos G. Dominguez III graduated from the Ateneo de Manila University with a bachelor's degree in Economics, and pursued masters degree in Business Administration. Board Risk and Capital Management Committee Member Trustee Pedrito G. Angeles graduated from Ateneo de Davao College with a Bachelor's Degree in Banking and Finance, and pursued law for further studies in Ateneo de Davao Law School. His expertise includes commercial banking. DBM OIC Secretary Tina Rose Marie L. Canda earned her degree in Economics and graduation Cum Laude. |
24. Board meetings and attendance | |
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1 ) | Yes. The Pag-IBIG Fund Board of Trustees approved during the 320th HDMF Regular Board Meeting a fixed HDMF Monthly Board Meeting to be held every 1st Thursday of the month. This schedule is reiterated at the beginning of the year to inform the Trustees for compliance and to block off proposed dates. During the 2020-09 Board Meeting held on 11 December 2020, the Schedule of Board Oversight Committee Meetings for 2021 was approved. |
b. Does the Board of Directors meet at least monthly? | Yes. Pursuant to GCG Memorandum Circular 2012-07 Section 8, Part 3, the Board meets for regular board meetings once a month. If needed, the Chairperson, or in his absence, the Vice Chairperson, may call for a Special Meeting at any time. For FY 2021, the Board of Trustees met a total of 14 times for FY 2021. |
c. Did the Board of Directors meet on at least 75% on their scheduled meetings? | Yes. The members of the Board recorded 14 out of 12 scheduled meeting or 116% compliance. |
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year? | Yes. Each Appointive Directors attended more than 90% of all the board meetings held during the year. DOLE, DOF, DTI and DBM failed to meet the minimum 90% required attendance in 2021. |
e. Did the Board of Directors meet separately at least once during the year without the President/CEO present? | While every member of the Board strived to be present in all the scheduled meetings. In compliance with the practice of good governance, the Board requested one executive session without the CEO as recorded during the 2021-11 Board Meeting dated December 17, 2021. |
25. Access to information | |
a. Does the GOCC have a policy that stipulates board papers for Board of Directors/Commissioners meetings be provided to the Board at least three (3) working days in advance of the board meeting? | Yes. The Office of the Board Secretary, who provides administrative and organizational support to the Board prepares the agenda and sends out notices and board materials for review, at least three (3) days before the scheduled meeting in compliance with the policy issued by the Chairman |
b. Is the Board Secretary trained in legal, accountancy or company secretarial Practices? | Yes. Atty. Emilio C. Pangilinan was a practicing lawyer prior to joining the Fund as its Corporate Secretary. |
26. Internal Audit | |
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1 ) | Yes. The Internal Audit Service has been part of the Fund’s organizational structure from the start. The IASG reports functionally to the Board of Trustees (BOT) through the Board Audit Committee (BAC) and administratively to the Chief Executive Officer (CEO). |
b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee? | Yes. The IASG Charter explicitly provides that the BOT through the BAC approves decisions regarding the appointment, transfer or reassignment of the VP IASG, subject to confirmation of the BOT, in accordance with Civil Service Commission rules and regulations. |
27. Risk Oversight | |
a. Does the company disclose the internal control procedures/risk management systems it has in place? | Yes. The Governance page of the Pag-IBIG Fund Corporate Website, Section 43.3 (On Financial and Operational Matters) Item H, provides a link to the disclosures of risk factors and measures taken to manage such risks. |
b. Does the Annual Report disclose that the Board of Directors/Commissioners has overseen a review of the company's material controls (including operational, financial and compliance controls) and risk management systems? | None |
c. Does the company disclose how key risks are managed? | Yes. Pag-IBIG Fund's Financial Statement disclosed the creation of the Risk Management Task Force, which "shall handle priority activities for the following functions: Design and deployment of the overall risk management framework to ensure that the Fund’s exposures to its various risk-taking activities are appropriately identified, measured, monitored, reported, and managed across the organization covering credit risk, liquidity risk, market risk, and operational risk - Monitoring of business unit’s adherence to framework and strategy - Compilation of data on risk across operating units and escalation of risk and control issues to ManCom/Board Risk and Capital Committee (BRCC) - Aggregated risk reporting - Recommendation on risk management decisions/mitigating activities to the business units, ManCom, BRCC and BOT Measures addressing each of the specific types of risks are also disclosed. |
d. Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC's internal controls/risk management systems? | |
28. Do different persons assume the roles of Chairman and CEO? | Yes. Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo D. del Rosario is the Pag-IBIG Fund Chairperson Mr. Acmad Rizaldy P. Moti is the Pag-IBIG Fund CEO. |
29. Board of Directors Development | |
a. Does the GOCC have orientation programmes for new Directors? | Yes. Yes. Newly-appointed Trustees are provided with an orientation of Pag-IBIG Fund's programs and orientations. On 16 January 2018, they attended the training on Corporate Governance Orientation Program for GOCCs facilitated by the Institute of Corporate Directors. |
b. Does the GOCC have a policy that encourages Directors/Commissioners to attend ongoing or continuous professional education programmes? | Yes. Under the Board Governance Committee (BGC) Charter, Section III. Responsibilities and Duties, Item C., it was stated that the BGC is tasked to: "c. Design an orientation program for the new Trustees and consult with them on their progress and a continuing education program for existing Trustees." For 2021, the Fund's Employee Career Management and Training Division sponsored the virtual Advanced Corporate Governance Program on November 17-18, 2021, conducted by the Institute of Corporate Directors. |
c. Did all Appointive Directors attend at least 1 training for the calendar year? | Yes, all Appointive Directors attended at minimum of 1 and a maximum of 3 training programs per year. |
30. Board Appraisal | |
a. Is an annual performance assessment conducted of the Board of Directors? | None conducted for 2021 |
b. Does the GOCC disclose the process followed in conducting the Board assessment? | None conducted for 2021 |
c. Does the GOCC disclose the criteria used in the Board assessment? | None conducted for 2021 |
31. Committee Appraisal | |
a. Is an annual performance assessment conducted of the Board of Directors Committees? | None conducted for 2021 |
BONUS | |
Questionnaire | Compliance |
STAKEHOLDER RELATIONSHIPS | |
1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports? | NO |
DISCLOSURE AND TRANSPARENCY | |
2. Quality of Annual Report
|
Yes. The Annual Audit Report containing the Audited Financial Statements, among others, was received from COA on June 29, 2022. The same was published in HDMF's website on July 4, 2022, 4 days after receipt from COA. |
PENALTY | |
Questionnaire | Compliance |
RESPONSIBILITIES OF THE BOARD | |
1. Are there members of the Board of Directors who hold more than five (5) positions in GOCCs and PLCs? | No. There is no member of the Board (Appointive Directors) holding more than five (5) positions in other GOCCs and PLCs. |
2. ls there non-compliance with Good Governance Conditions? | No. All Good Governance conditions stipulated under Sec 4.2 and 4.3 of GCG MC 2021-02 has been complied with by the Fund. |