Post by EXPRESIDENT on Jun 8, 2011 6:36:50 GMT 8
Pag-IBIG declares P7.882 B dividends
Vice President Jejomar C. Binay, concurrent Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and of the Board of Trustees of the Home Development Mutual Fund (Pag-IBIG Fund) announced that the country’s provident fund for Filipino workers recently approved and declared P7.882 billion as dividends for the year 2010, benefiting its 9 million members worldwide.
“The amount comprises 71% of the net income of the Pag-IBIG Fund in 2010," VP Binay said. The dividends were declared after taking into consideration adjustments due to the adoption of policies based on new accounting standards particularly on risk adjustments for major balance sheet accounts. This is also in compliance with capital adequacy policies so that the Fund’s capital covers its major risk exposures and thus ensures its sustainability.
The Board in its November 2010 meeting approved the Fund’s Risk Governance Structure and the reconstitution of the Board Oversight Committees to include a Board Risk and Capital Committee. This Committee, among others, oversees the development of policies covering current and projected capital levels as they relate to applicable regulatory requirements and economic capital.
Atty. Darlene Marie B. Berberabe, Pag-IBIG Fund CEO, added that under the Implementing Rules and Regulations of R.A. 9679 or the HDMF Law of 2009, the Board of Trustees is mandated to set aside annually an amount, which in no case shall be less than 70 percent of the agency’s annual net income to be paid in the form of dividends to members and proportionately credited to their Total Accumulated Value or savings with Pag-IBIG Fund. All dividends are tax-free.
"Despite the challenges it has faced in the past, Pag-IBIG Fund has remained and continues to be one of the most profitable financial institution in the country today, whether government or private," Atty. Berberabe said. "Through the tested professionalism and dedication of its officers and employees, Pag-IBIG Fund closed the year 2010 with gross revenues amounting to P22.4 billion and P278 billion in assets, up by 11.16% from its P250 billion level in 2009. The Pag-IBIG Fund is well on its way to hitting the P300 billion-mark asset level."
"Pag-IBIG Fund's performance last year has further solidified its status as one of the country's premier GOCC or GFI, fully deserving its 'A' classification," the Pag-IBIG CEO added. A recent Malacanang issuance called for a classification of government owned and controlled corporations (GOCCs) and government financial institutions (GFIs) on the basis of assets and revenues. GOCCs with more than P100 billion in assets and more than P10 billion in annual revenues receive the highest classification of A. On the other hand, GOCCs with less than P1 billion in assets and less than P100 million in revenues receive the lowest classification of E.
“Revenues generated by Pag-IBIG directly benefit it's members, the Filipino worker, as every additional income of the Fund leads to more dividends and greater savings for its members at the end of the year,” Atty. Berberabe added. "I wish to assure all our members that the Pag-IBIG Fund shall remain steadfast in making their hard-earned savings safe and growing."
Vice President Jejomar C. Binay, concurrent Chairperson of the Housing and Urban Development Coordinating Council (HUDCC) and of the Board of Trustees of the Home Development Mutual Fund (Pag-IBIG Fund) announced that the country’s provident fund for Filipino workers recently approved and declared P7.882 billion as dividends for the year 2010, benefiting its 9 million members worldwide.
“The amount comprises 71% of the net income of the Pag-IBIG Fund in 2010," VP Binay said. The dividends were declared after taking into consideration adjustments due to the adoption of policies based on new accounting standards particularly on risk adjustments for major balance sheet accounts. This is also in compliance with capital adequacy policies so that the Fund’s capital covers its major risk exposures and thus ensures its sustainability.
The Board in its November 2010 meeting approved the Fund’s Risk Governance Structure and the reconstitution of the Board Oversight Committees to include a Board Risk and Capital Committee. This Committee, among others, oversees the development of policies covering current and projected capital levels as they relate to applicable regulatory requirements and economic capital.
Atty. Darlene Marie B. Berberabe, Pag-IBIG Fund CEO, added that under the Implementing Rules and Regulations of R.A. 9679 or the HDMF Law of 2009, the Board of Trustees is mandated to set aside annually an amount, which in no case shall be less than 70 percent of the agency’s annual net income to be paid in the form of dividends to members and proportionately credited to their Total Accumulated Value or savings with Pag-IBIG Fund. All dividends are tax-free.
"Despite the challenges it has faced in the past, Pag-IBIG Fund has remained and continues to be one of the most profitable financial institution in the country today, whether government or private," Atty. Berberabe said. "Through the tested professionalism and dedication of its officers and employees, Pag-IBIG Fund closed the year 2010 with gross revenues amounting to P22.4 billion and P278 billion in assets, up by 11.16% from its P250 billion level in 2009. The Pag-IBIG Fund is well on its way to hitting the P300 billion-mark asset level."
"Pag-IBIG Fund's performance last year has further solidified its status as one of the country's premier GOCC or GFI, fully deserving its 'A' classification," the Pag-IBIG CEO added. A recent Malacanang issuance called for a classification of government owned and controlled corporations (GOCCs) and government financial institutions (GFIs) on the basis of assets and revenues. GOCCs with more than P100 billion in assets and more than P10 billion in annual revenues receive the highest classification of A. On the other hand, GOCCs with less than P1 billion in assets and less than P100 million in revenues receive the lowest classification of E.
“Revenues generated by Pag-IBIG directly benefit it's members, the Filipino worker, as every additional income of the Fund leads to more dividends and greater savings for its members at the end of the year,” Atty. Berberabe added. "I wish to assure all our members that the Pag-IBIG Fund shall remain steadfast in making their hard-earned savings safe and growing."