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2018 Annual Report

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2018 Annual Report About the Cover Table of Contents CORPORATE PROFILE 1 As we celebrate another year of groundbreaking achievements, we honor the Pag-IBIG Fund members. MESSAGES 3 Their trust and patronage propelled Pag-IBIG Fund into another best OPERATIONAL HIGHLIGHTS 9 year ever, hence the cover’s theme: “Tiwala at Tangkilik ng Miyembro, Matatag na Pondo.” AWARDS AND RECOGNITIONS 36 The heroic teacher, the humble janitor, the everyday office workers, PAG-IBIG FUND OFFICERS 42 and the tireless construction worker - all grace our cover as ordinary Filipino workers representing the members of Pag-IBIG Fund. AT A GLANCE 55 The arrow at the end of the golden thread signifies Pag-IBIG Fund’s FINANCIAL STATEMENTS 57 continued growth and upward trajectory. GOVERNANCE REPORT 117 The drawing from the Filipino workers to the arrow is made in one PROFILE OF THE BOARD 127 continuous golden line. This is to depict that even as it expands its business, Pag-IBIG Fund remains an organization that seeks sustainable DIRECTORY 139 growth, always guided by the welfare of its members as the primordial consideration. The unbroken line is also a representation that Pag-IBIG Fund management and staff is unwavering in its dedication to provide exceptional service to its members -- the true owners of the Fund. Corporate Objective Introduction 2017 To sustain membership growth and retention that would result to an average Pag-IBIG Fund’s accomplishments are built on the trust and support of its year-on-year growth of 5% in members’ savings collection until 2020, and members and stakeholders. Dahil sa patuloy na pagtitiwala at pagtatangkilik ng provide affordable home financing to low-income earners, capturing 88% of LTS mga miyembro ng Pag-IBIG Fund, lubos na nakapaghatid serbisyo at lalong tumatag from socialized housing and low-cost housing segments by 2020. ang Pondo ng manggagawang Pilipino. The Fund remains a major player in President Rodrigo Roa Duterte’s call for 2018 government to provide social benefits to more Filipinos. Pag-IBIG Fund dedicates To sustain membership growth and retention that would result to a P2 billion itself to the continued delivery of its twin mandates of providing an effective annual increase in members’ savings collection until 2022, and provide affordable savings mechanism and access to affordable housing finance to its members – home financing to at least 440,138 low-income earners through socialized and the Filipino workers. low-cost housing, capturing 34% of the National Shelter Program Direct Housing Assistance Target from 2018 until 2022. Interwoven in Pag-IBIG Fund’s 2018 Corporate Annual Report are the words and lines embodied in the Panata ng Lingkod Pag-IBIG. These are the guiding tenets of true public service that drive Pag-IBIG Fund to achieve more and make each 2019 year better than the year that was. To sustain membership growth and retention that would result to a P2 billion annual increase in members’ savings collection until 2022, and provide affordable The milestones achieved by Pag-IBIG Fund in this report bespeak of its integrity home financing to at least 440,138 low-income earners through socialized and and sincere resolve to be the country’s most responsive savings and home low-cost housing, capturing 34% of the National Shelter Program Direct Housing financing institution, all while delivering its unique brand of service – Tapat na Assistance Target from 2018 until 2022. serbisyo, Mula sa puso. Vision Mission For every Filipino worker to save To generate more savings from with Pag-IBIG Fund and to have more Filipino workers, to administer decent shelter. a sustainable Fund with integrity, sound financial principles, and with social responsibility, and to provide accessible funds for housing of every member. 1 2 Message from the President of the Philippines My warmest greetings to Pag-IBIG Fund as it publishes its 2018 Corporate Annual Report. The year 2018 was a banner year for Pag-IBIG Fund as it released P75 billion worth of housing loans to benefit over 90,000 members and their families. It is noteworthy that over 21,000 of these members are minimum-wage and low-income earners who availed of the Fund’s Affordable Housing Program. These gains were made possible by your commitment to provide our fellow Filipinos with support for their housing needs, specifically by maintaining low interest rates on housing loan programs and administering a sound savings program for stakeholders. May you further uplift the lives of our countrymen by ensuring that your projects and services meet their housing needs. It is my hope that Pag-IBIG Fund will never waver in fulfilling its mandate to secure better homes for every Filipino Family. It is through your tireless pursuit — of helping Filipino workers to have decent shelter they can call their own — that we Filipinos are brought closer to the brighter future that we justly deserve. Congratulations and mabuhay kayong lahat! RODRIGO ROA DUTERTE President Republic of the Philippines 3 4 alp Message from the Chairman of the Board Allow me to extend my congratulations to Pag-IBIG Fund for its record-high achievements in 2018. It is my great pride and honor that I work as a modest servant among the diligent men and women of Pag-IBIG Fund. Pag-IBIG Fund prides itself on being a government institution that serves and takes care of its members. And in 2018, we further strengthened the Lingkod Pag-IBIG brand of service - the brand of service that distinguishes Pag-IBIG Fund from all the rest. A brand of service that provides tapat na serbisyo, mula sa puso. In 2018, Pag-IBIG Fund breached significant milestones in members’ savings, home loans and cash loans in its 38-year history. Members’ Savings tallied at Php40.27 billion - the first time that the members‘ savings collections reached the Php40 billion mark. Pag-IBIG Fund released its highest ever amount of housing loan takeout at Php75.31 billion - also the first time that it surpassed the Php70 billion mark. The Fund also released short- term loans amounting to Php49.23 billion, including multi-purpose loans worth Php46.96 billion, which is the highest ever cash loans disbursed in the Fund’s history. Pag-IBIG Fund remains as a major player in President Rodrigo Roa Duterte’s call for government to provide social benefits to more Filipinos - especially to low-income earners and those below the poverty line. Pag-IBIG Fund is a vital arm in the implementation of the BALAI Filipino (Building Adequate, Livable, Affordable, and Inclusive Filipino Communities) program of the Housing and Urban Development Coordinating Council. In 2018, Pag-IBIG Fund released Php8.36 billion for socialized housing, which benefited more than 21,000 borrowers mostly from the underserved sector. These accomplishments demonstrate the corporate values of Pag-IBIG Fund - professionalism, integrity, excellence and service. EDUARDO D. DEL ROSARIO Chairperson Pag-IBIG Fund Board of Trustees & Housing and Urban Development Coordinating Council 5 6 Message from the Chief Executive Officer The last 12 months have been both formidable and fulfilling for us here in Pag-IBIG Fund. As 2018 drew to a close, we achieved our second consecutive milestone year following the measures for the Fund’s twin mandates. In terms of the first mandate to generate savings -- for the first time ever, Members’ Savings amounted to more than P40 billion. The Fund declared dividends in the amount of P28.23 Billion, which was credited directly to each member’s account and which shall count as an addition to their Savings with the Fund. On the second mandate to provide affordable home financing – our home loan releases (HL) reached over P75 billion, which is the highest on record. It took 36 years for our HL releases to breach P50 billion – what we considered as the glass ceiling back in 2016. In 2017, HL releases breached P60 billion. And in 2018, we broke the P70-billion barrier. Thus for the past three years, Pag-IBIG Fund’s home loan releases have been growing at a rate of P10 billion annually, while we continue to offer the lowest home loan interest rates in the market since 2017! These accomplishments bring pride to our organization. But what fulfills us is the knowledge that behind the record-breaking numbers, there are members who were helped by our programs. More than 90,000 families now enjoy the comforts of having their own homes through Pag-IBIG Fund’s Housing Loan Program. More than 2,000,000 members were able to address their urgent and often unexpected financial needs through our Short-Term Loan Program, through which we disbursed nearly P50 billion, another all-time high. As you breeze through the pages of our 2018 Annual Report, you will see that the Fund was able to achieve one “best year ever” after another thanks to our members – dahil sa kanilang pagtiwala at pagtangkilik sa mga programa, mas tumatag ang Pondo. With members at the core of our business, we have adopted the Lingkod Pag-IBIG brand of service: Tapat na serbisyo, Mula sa puso. Numerical accomplishments will be forgotten but the quality of service that our members receive will be remembered, and this will shape the future performance of Pag-IBIG Fund. Inside, you will learn what Lingkod Pag-IBIG is all about and understand that beyond the numbers, our members’ welfare always comes first. Our hope is to convey this successfully to you, our members and the true owners of Pag-IBIG Fund, through whatever channel you course your transaction with us. Ang inyong Lingkod Pag-IBIG, ACMAD RIZALDY P. MOTI Chief Executive Officer Pag-IBIG Fund 7 8 Tiwala Operational Highlights ng mga Miyembro 9 10 All-time High Members’ Savings Members collectively saved P40.27 billion, an 11% increase from the P36.27 billion savings in 2017 and the highest in its history.
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