2023 Corporate Governance Scorecard

2023 Governance Scorecard 2022 Governance Scorecard 2020 Governance Scorecard 2019 Governance Scorecard 2018 Governance Scorecard 2017 Governance Scorecard 2016 Governance Scorecard 2015 Governance Scorecard 2014 Governance Scorecard

2023 CORPORATE GOVERNANCE SCORECARD

I. STAKEHOLDER RELATIONSHIPS
II. DISCLOSURE AND TRANSPARENCY
III. RESPONSIBILITIES OF THE BOARD
BONUS
PENALTY

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. 1. Yes. In Section IX, 1 of the HDMF Manual of Corporate Governance, the Fund recognizes 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, subdivisions, 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. Under Section 2 of RA 9678, 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 decent shelter. Further, as outlined in Pag-IBIG Fund CSR Statement, the Fund's policy focuses on member welfare through exclusive fund administration, including dividends and loans, while ensuring transparent, accountable public service, and compliance with laws and regulations, which are posted in the Fund's official website for the member's reference." Quality Policy Information Security Policy People's Freedom of Information Manual
b. Elaborates its efforts to interact with the communities in which they operate?	1. Yes. The HDMF Manual of Corporate Governance emphasizes the importance of building strong relationships and transparent communication with the communities surrounding the Fund's operations. Section IX, 3, regarding communication with stakeholders, highlights the Fund's commitment to accountability and full disclosure, aligned with its Provident Character as outlined in Section 10 of R.A. 9679 and the constitutional mandate for public office as a public trust. Recognizing the crucial role of stakeholders, the Fund ensures 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. Consistent with its Provident Character under Section 10 of Republic Act No. 9879, and pursuant to the constitutional mandate that public office 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 (CSR) 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. In the pursuit of its vision, Pag-IBIG Fund is governed by its core values of Professionalism, Integrity, Excellence and Service in accordance with the prescribed ethical standards for public officials and employees. 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 Regulations 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 an Energy Efficiency and Conservation Officer (EECO) and Energy Efficiency and Conservation (EEC) Focal Persons for CHQ and Technical and Administrative Support (TAS) Offices. Their duties and responsibilities include the preparation and 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, maintenance of Enercon Monitoring Charts, maintenance of energy measuring instruments and GPS tracking system, and implementation of a lighting replacement plan for Pag-IBIG Fund. In line with the Fund's efforts to mitigate the effects of climate change and maximize the utilization of renewable energy resources, the Fund allows the availment of Pag-IBIG housing loans 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.
2. Does the GOCC disclose the activities that it has undertaken to implement the above-mentioned policies?
a. Customer health and safety	a. Yes. To ensure the safety and well-being of its members, Pag-IBIG mandates full vaccination for all its personnel. Flu vaccinations were rolled out during July 3-7. These proactive measures not only safeguard the health of employees but also enhance safety protocols during transactions, ensuring a secure environment for both employees and members alike. Additionally, on July 31, 2023, the Fund conducted its first-ever simultaneous bloodletting activity in partnership with Dugong Alay, Dugtong Buhay, Inc., Tondo General Hospital, and Our Lady of Lourdes Hospital. This initiative engaged 319 donors who passed the screening and were able to donate blood, contributing to potentially saving lives. This event underscored the Fund's commitment to community welfare and health.
b. Interaction with the communities	b.Yes. 1. On August 2, 2023, the Lingkod Pag-IBIG on Wheels, a mobile extension of Pag-IBIG services, deployed its resources to assist members affected by Typhoons Egay and Falcon. This innovative service brings Pag-IBIG closer to its members, especially during emergencies, by providing on-the-go access to various Pag-IBIG services. The mobile branches serve as a quick-response unit, ensuring that essential services are delivered promptly to calamity-stricken areas. 2. Additionally, on July 31, 2023, the Fund conducted its first-ever simultaneous bloodletting activity in partnership with Dugong Alay, Dugtong Buhay, Inc., Tondo General Hospital, and Our Lady of Lourdes Hospital. This initiative engaged 319 donors who passed the screening and were able to donate blood, contributing to potentially saving lives. This event underscored the Fund's commitment to community welfare and health.
c. Environmentally-friendly value chain	c. Yes. 1. The Pag-IBIG Fund received the Energy Efficiency Excellence Award (EEE) Y2023 under the Government Category for the GOCCs from the Department of Energy (DOE)- Energy Utilization Management Bureau (EUMB) last December 19, 2023. The Fund is recognized based on three categories; office policy, best practices for electricity conservation and best practices for fuel conservation. 2. Tree Planting CSR Activity in Bucari Pine Forest in Iloilo. Pag-IBIG Fund recognizes the importance of environmental sustainability and the preservation of natural resources. As part of its corporate social responsibility initiatives, the Pag-IBIG Fund organized a tree planting activity at the Bucari Pine Forest in Iloilo last December 1, 2023, on the third day of its Administrative Conference (AdminCon) 2023.
3. Does the GOCC have a separate corporate social responsibility (CSR) report/section or sustainability report/section?
	Yes. Health is one of the social basic needs and its access remains limited among the unserved and underserved. Pag-IBIG Fund partnered with Dugong Alay, Dugtong Buhay, Inc. to conduct blood donation drives among Pag-IBIG employees and stakeholders in an effort to augment this need. A blood-letting activity was held on 31 July 2023, which yielded 319 donors of life-saving and life-giving blood.
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 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 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 Records, Loyalty 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 meber's complaint or concern must be addresed 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. Pag-IBIG Fund's HR Bulletin No. 2023-042 outlines the updated protocols on Minimum Public Health Standards relevant to the Fund's workplace, following the announcement of the lifting of the Public Health Emergency through Proclamation No. 297.
b. Does the GOCC publish data relating to health, safety and welfare of its employees?	b. Yes. The Pag-IBIG Fund website provides report on the employees' access to health, safety, and wellness programs.
c. Does the GOCC have training and development programmes for its employees?	c. Yes. The Fund provided trainings and development programs for its employees for year 2023 on : Customer Service, Leadership Competency Program, Functional Competency Program and Continuing Development Program among others.
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 acccess to training and development.. A summary of the training, number of participants and training hours for health , safety and wellness programs.
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 featured the WP and providing the link to the complete file. It states: Handling of Whistleblowing Reports: Filing for administrative expedency, all Whistleblowing Reports must be submitted to the LGCG through any reporting channels identified in item IV of this policy. Investigation by the LGCG- All whistleblowing reports will be eveluated and investigated by the LGCG through the Whistleblowing Commitee, which reserves the right to disregard reports that are vague, ambiguous, patenly without merit, or are simply made with malicious intent to tarnish the name and reputation of the person/s complained of. The Whistleblowing Commitee shall be composed of: 1. Vice President of the LGCG (Ex-Officio Chairman); 2. The Vice President of the Human Resource Services Group (Member); 3. The Vice President of the Management Services Group (Member). In case the one complained of is a member of the Whistleblowing Committee, the Chief Executive Officers shall designate any of the Vice Presidents. Pag-IBIG Fund Employee Whistleblowing Policy
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. It states: VI. Protection of a Whistleblower Against Retaliation - Retaliatory acts agains Whistleblowers who submit Whistleblowing Reports in good faith shall not be tolerated by the Fund. Pag-IBIG Fund shall extend possible assistance or protection to the Whistleblower to the extent allowed by law and deemed proper under the circumstances of each case. Such retaliatory acts may include: (a.) Discrimination or harassment in the workplace; (b.) Demotion; (c.) Reduction in Salary or benefits; (d.) Termination of contract; (e.) Evident bias in performance evaluation; or (f.) Any acts or threats that adversley affect the rights and interests of the Whistleblower. All complaints against the Whistleblower arising from his WR will be taken cognizance by the Chief Executive Officer, and shall be endorsed the same to the Legal and General Counsel Group (LGCG) for appropriate action. Pag-IBIG Fund Employee Whistleblowing Policy

II. DISCLOSURE AND TRANSPARENCY
Questionnaire	Compliance
7. Quality of Annual Report Does the GOCC's annual report disclose the following items:
a. Corporate objectives	Yes. Pag-IBIG Fund is guided by it's twin mandates of providing affordable shelter financing and secured savings facility for its members. Its 5-year plan and corporate objectives are aligned with this mandates. Pag-IBIG Fund has likewise uploaded a copy of its Operational Vision/Corporate Objectives together with its Strategy Map as submitted to the GCG.
b. Financial performance indicators	The Pag-IBIG Fund's financial performance is disclosed through the following pages on the website: 1. Governance Page A. Section 43.3 On Financial and Operational Matters B. Section 43.4 On Governance Matters The Pag-IBIG Fund 2023 Performance Scorecard and Strategy Map includes detalls on the Fund's Financial Key Result Areas (KRAs), and Strategic Objectives (SO) and Strategic Measures (SM) on the the following items: - Provide Affordable Home Financing - Increase in Asset Size - Ensure Financial Sustainability - Improve Asset Quality - Maximize Budget Utilization 2. Pag-IBIG Fund News provides members with updates on the financial status of the Fund, including the result of the COA Audit
c. Non-financial performance indicators	The Pag-IBIG Fund website discloses the non-financial performance indicators such as the Fund's activities, performances and accomplishments, including awards and recognition, new partnerships, project completion, among others. Pag-IBIG Fund provides information on its performance through its annual accomplishment report, which is uploaded in the Transparency page of the corporate website. Pag-IBIG also announces third-party recognition of its excellent performance through news releases and its Awards page.
d. Details of whistle-blowing policy	The Pag-IBIG Fund website discloses the details of the Fund's Whistleblowing Policy, under the Transparency Seal page, Section XI. Whistleblowing Policy. The Fund's Whistleblowing Policy includes details on the following: 1. Policy Statement 2. Purpose 3. Scope and Coverage 4. Form of Whistleblower Reports 5. Confidentiality 6. Protection of a Whistleblower Against Retaliation 7. Untrue Allegations 8. Handling of Whistleblowing Reports 9. Action on Whistleblowing Reports The Pag-IBIG Fund Annual Report also discloses details of the Pag-IBIG Fund Whistleblowing Policy under the Governance Report section.
e. Biographical details (at least age, qualifications, date Reportof first appointment, relevant experience, and any other directorships of listed companies) of directors/commissioners	The Fund discloses the biographical details of the Board of Trustees through the Pag-IBIG Fund website. The 2023 Corporate Annual Report also discloses the biographical details of the Board of Trustees.
f. Training and/or continuing education programme attended by each director/commissioner	The Pag-IBIG Fund supports the growth and continuing education of its officers. They undergo trainings and seminars to keep them abreast of the latest governance standards.
8. Are the Annual Reports downloadable from the GOCC's website?	Pag-IBIG Fund has made available online all of its Annual Reports from 2009 to 2023. The Pag-IBIG Fund Annual Report 2023 may be downloaded from the website in pdf format
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?	N/A
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. Pag-IBIG Fund received the clearance from COA to post the Audited Financial Statements on 11 July 2024, and was uploaded in the corporate website on 15 July 2024.
b. ls the annual report released within 90 days from release of audited financial report?	Yes, The Pag-IBIG Fund 2023 Audited Financial Statement (AFS) was received on 21 June 2024, and was given clearance by COA to be posted publicly on 11 July 2024. The updated Corporate Annual Report (which added the section on AFS) was uploaded on the website on 30 July 2024, 40 calendar days after receipt of AFS and 19 days upon receipt of posting clearance from COA.
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. Included in Pag-IBIG Fund's Annual Audit Report is the Statement of Management's Responsibility for Financial Statements, which states that: Management is responsible for the preparation and fair representation of the financial statements, including the schedules attached herein, for the years ended December 31, 2023 and 2022, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error.

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. Yes. Every year the Board reviews the Mission, Vision and Strategy Map of the Fund as part of compliance to GCG for the submission of its Performance Evaluation System. The Fund's Strategy Map was approved in its 2023-08 Regular Board meeting held last November 9, 2023.
b. Does the Board of Directors monitor/oversee the implementation of the corporate strategy?	Yes. 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, as as Management's over-all performance to ensure optimum results" During the 2022-06 Board Meeting held on November 28, 2022, the Board approved the following through Board Resolution No. 3567, Series of 2022: 1. 2023-2027 Corporate Plans and Targets 2. Performance Evaluation System (PES Requirements of GCG 3. Corporate Performance Metrics (CPM) for 2023 & Onwards
12. Did the GOCC achieve 90% in the PES?	Yes. Pag-IBIG Fund achieved a total rating of 96.82% based on the submitted YE 2023 report to GCG The GCG-validated performance scorecard is not yet available.
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 for 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 2017 RACCS.
b. Does the GOCC disclose that all Directors/Commissioners, senior management and employees are required to comply with the code?	The Code of Conduct and Ethical Standards of Officers and Employees of the Home Development Mutual Fund (HDMF) specified in the Coverage section 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 Code of Conduct and Ethical Standards of Officers and Employees of the Home Development Mutual Fund (HDMF) specified in the Effectivity and Dissemination section that: This Code of Conduct and Ethical Standards for Officers and Employees of the Home Development Mutual Fund shall take effect immediately upon the approval thereof by the Board of Trustees of Pag-IBIG Fund. The Human Resource Department shall ensure that the Code shall be available for all officers and employees of the Fund through the issuance and circulation of Office Memorandum and through the Fund’s portal or intranet.
14. Does the Board appoint a Nomination and Compensation / Remuneration Committee?	Yes. The Board appoints a Nomination Compensation / Remuneration Committee. Further, the Board Governance Committee has the same function as the Nomination Compensation / Remuneration Committee.
15. Did the Nomination and Compensation/Remuneration Committee meet at least twice during the year?	Yes. The Board Governance Committee met 18 times for the FY 2023, including Joint Committee meetings with the Board Risk and Capital Committee (BRCC), Board Audit Committee (BAC), and Board Investment Committee (BIC).
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 Fund corporate website, is a link to 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).
18. lf yes, is the report of the Audit Committee publicly disclosed?	Yes. Under Section 43.2 (On the Board and Officers) of the Governance Page in the Pag-IBIG Fund corporate website, is a link to 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. Board Audit Committee Chairman Trustee Gregorio A. Montenegro graduated from The Wharton School of the University of Pennsyvania with a Bachelor in Arts degree in Business Administration, major in Finance. He shared his knowledge on business and financial management by writing his first book, "Low-Risk Penny Stocks: Secrets for Beginniers", which is currently sold in Amazon. He is currently a candidate for the Master of Science in Marketing program from Johns Hopkins University.
20. Did the Audit Committee meet at least four times during the year?	Yes. The BAC met 14 times in 2023, including Joint Committee Meetings with BGC, BRCC, and BIC.
21. Does the Board appoint a Risk Management Committee?	Yes. The Board appointed a Board Risk and Capital Committee (BRCC)
22. If yes, is the report on Risk Management Committee publicly disclosed?	Yes. Under Section 43.2 (On the Board and Officers) of the Governance Page in the Pag-IBIG Fund corporate website, is a link to the document detailing the activities and matters that the BRCC 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 Committee Vice-Chairman Trustee Gregorio A. Montenegro graduated from The Wharton School of the University of Pennsylvania with a Bachelor in Arts degree in Business Administration, major in Finance. He shared his knowledge on business and financial management by writing his first book, "Low-Risk Penny Stocks: Secrets for Beginners", which is currently sold in Amazon.
24. Board meetings and attendance
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1 )	Yes. The schedule of the Board Meeting and Board Oversight Committee Meetings were approved on the first quarter of the year, 2023-01 Regular Board meeting dated February 16, 2023.
b. Does the Board of Directors meet at least monthly?	The Board of Trustees met a total of 12 times for FY 2023.
c. Did the Board of Directors meet on at least 75% on their scheduled meetings?	Yes. The HDMF Board of Trustees met 100% of their scheduled meetings to perform its duties and responsibilities. The Trustees' attendance record as well as the Board meetings held in 2023 are disclosed in the Corporate Governance Page of the Pag-IBIG website.
d. Has each of the directors/commissioners attended at least 90% of all the board meetings held during the year?	Yes. All Appointive Directors, including the CEO, has a perfect attendance in the board meetings for CY 2023.
e. Did the Board of Directors meet separately at least once during the year without the President/CEO present?	Yes. 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 2023-03 Special Board meeting, dated December 19, 2023.
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 Corporate 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. The Pag-IBIG Corporate Secretary is trained in legal, accountancy or company secretarial practices.
26. Internal Audit
a. Are the Board of Directors meetings scheduled at the beginning of the year? (end of Q1 )	Yes. The Internal Audit Services Group (IASG) 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 Fund's charter, R.A. 9679, provides a specific mechanism for the appointment and removal of Pag-IBIG Fund personnel. Section 17 of R.A. 9679 provides among others that the Chief Executive Officer, subject to the approval of the Board in case of approval of managerial positions and above, and the confirmation of the Board in below that of manager level, shall appoint the personnel of the Fund, remove, suspend or otherwise discipline them for cause and prescribe their duties and qualifications, in accordance with existing civil service laws, rules and regulations, to the end that only competent personnel may be employed. Rule IV, Section 7 of the Implementing Rules and Regulations likewise provide that the Chief Executive Officer, subject to the approval of the Board in case of approval of appointments to managerial positions and above, and the confirmation of the Board in appointments to below that of manager level, shall appoint the personnel of the Fund, remove, suspend or otherwise discipline them for cause, and prescribe their duties and qualifications, in accordance with existing civil service laws, rules and regulations, to the end that only competent personnel may be employed.
27. Risk Oversight
a. Does the company disclose the internal control procedures/risk management systems it has in place?	Yes. The Fund does not yet have a risk management information system although several risk management report tools are being used for risk-based decision-making.
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?	Yes. The Pag-IBIG Fund Board of Trustees convenes regularly, at least once a month, to formulate policies, rules and regulations to carry out effectively the functions of the Fund. Furthermore, the Pag-IBIG Board of Trustees, facilitated by its various committees such as the Board Audit Committee, Board Investment Committee, Board Risk and Capital Committee, and Board Governance Committee, oversees the review of the Fund’s significant controls, including operational, financial, and compliance controls, as well as its risk management systems. The findings of these assessments are then presented to the Board for thorough evaluation, ensuring the adequacy of internal controls and risk management systems to uphold proper implementation of policies, regulations, and requirements.
c. Does the company disclose how key risks are managed?	Yes. The Pag-IBIG Fund Board of Trustees convenes regularly, at least once a month, to formulate policies, rules and regulations to carry out effectively the functions of the Fund. Furthermore, the Pag-IBIG Board of Trustees, facilitated by its various committees such as the Board Audit Committee, Board Investment Committee, Board Risk and Capital Committee, and Board Governance Committee, oversees the review of the Fund’s significant controls, including operational, financial, and compliance controls, as well as its risk management systems. The findings of these assessments are then presented to the Board for thorough evaluation, ensuring the adequacy of internal controls and risk management systems to uphold proper implementation of policies, regulations, and requirements
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?	The 2022 Annual Report, which is found in the website, states that the Board Risk and Capital Committee, in close coordination with the Board Audit Committee, conducted a regular monthly meeting discussing the internal controls and risk management systems of the Fund, such as the Financial Risk Highlights, among others. The reports were then presented to and were noted by the Board of Trustees.
28. Do different persons assume the roles of Chairman and CEO?	Yes. Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino L. Acuzar is the Pag-IBIG Fund Chairperson. Hon. Marilene C.Acosta is the Pag-IBIG Fund CEO.
29. Board of Directors Development
a. Does the GOCC have orientation programmes for new Directors?	Yes.Newly-appointed Trustees are provided with an orientation of Pag-IBIG Fund's programs and orientations. HDMF's HR - Training has a yearly training program which includes CG Orientation Program and continuing education for the Board of Trustees. Trustee Gregorio A. Montenegro completed the course for Corporate Governance Orientation Program conducted by Institute of Corporate Directors on March 8, 2023.
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."" HDMF HR - Training has a yearly training program which inlucdes CG Orientation Program and continuing education for the Board of Trustees.
c. Did all Appointive Directors attend at least 1 training for the calendar year?	Yes, all Appointive Directors attended aat least 1 training for the calendar year.
30. Board Appraisal
a. Is an annual performance assessment conducted of the Board of Directors?	None conducted for 2022
b. Does the GOCC disclose the process followed in conducting the Board assessment?	None conducted for 2022
c. Does the GOCC disclose the criteria used in the Board assessment?	None conducted for 2022
31. Committee Appraisal
a. Is an annual performance assessment conducted of the Board of Directors Committees?	None conducted for 2022

BONUS
Questionnaire	Compliance
STAKEHOLDER RELATIONSHIPS
1. Does the GOCC practice Global Reporting lndex (GRl) on its annual reports?	N/A
DISCLOSURE AND TRANSPARENCY
2. Quality of Annual Report Are the audited annual financial report/statement released within 30 days upon the receipt from COA?	Yes. Pag-IBIG Fund received the clearance from COA to post the Audited Financial Statements on 28 June 2023, and was uploaded in the corporate website on 30 June 2023.

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. The Fund has recently received the 2022 PES on August 22, 2023. The Fund is complying with the good governance condition under GCG MC 2023-01. Meanwhile, all the items below were all updated in the Transparency Seal and Corporate Governance page in the Pag-IBIG Fund website. Transparency Seal page: - I. The agency’s mandates and functions, names of officials with their position and designation, contact and other information (i.e. ISO Certificate) - IV. Major Program Targets and Accomplishments (i.e. Quarterly Accomplishment Report on PES and annual validated Performance Scorecard) - XII. Citizen's Charter Corporate Governance - 43.3. On Financial and Operational Matters i.e. Quarterly Accomplishment Report on PES and annual validated Performance Scorecard) - 43.4. On Governance Matters (i.e. Performance Scorecard and Strategy Map, CSR Statement)