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
2017
To sustain membership growth and retention that would result to an average
year-on-year growth of 5% in members’ savings collection until 2020, and
provide affordable home financing to low-income earners, capturing 88% of LTS
from socialized housing and low-cost housing segments by 2020.
Introduction
Pag-IBIG Fund’s accomplishments are built on the trust and support of its
members and stakeholders. Dahil sa patuloy na pagtitiwala at pagtatangkilik ng
mga miyembro ng Pag-IBIG Fund, lubos na nakapaghatid serbisyo at lalong tumatag
ang Pondo ng manggagawang Pilipino.

2018
To sustain membership growth and retention that would result to a P2 billion
annual increase in members’ savings collection until 2022, and provide affordable
home financing to at least 440,138 low-income earners through socialized and
low-cost housing, capturing 34% of the National Shelter Program Direct Housing
Assistance Target from 2018 until 2022.
2019
To sustain membership growth and retention that would result to a P2 billion
annual increase in members’ savings collection until 2022, and provide affordable
home financing to at least 440,138 low-income earners through socialized and
low-cost housing, capturing 34% of the National Shelter Program Direct Housing
Assistance Target from 2018 until 2022.
The Fund remains a major player in President Rodrigo Roa Duterte’s call for
government to provide social benefits to more Filipinos. Pag-IBIG Fund dedicates
itself to the continued delivery of its twin mandates of providing an effective
savings mechanism and access to affordable housing finance to its members –
the Filipino workers.
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
year better than the year that was.
The milestones achieved by Pag-IBIG Fund in this report bespeak of its integrity
and sincere resolve to be the country’s most responsive savings and home
financing institution, all while delivering its unique brand of service – Tapat na
serbisyo, Mula sa puso.

Vision
For every Filipino worker to save
with Pag-IBIG Fund and to have
decent shelter.
Mission
To generate more savings from
more Filipino workers, to administer
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 home loan 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
 Operational Highlights Tiwala
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. The
double-digit increase amounted to almost
P4 billion, the highest amount increase in
the Fund’s history and a testament of the
members’ increasing trust and confidence in
Pag-IBIG Fund’s Savings Programs.

Growing
Membership
Pag-IBIG Fund’s membership continued
to grow as the number of active members
reached 14.04 million – an increase of nearly
half a million compared to the 13.58 million
active members in 2017.
Figure 1. Members’ Savings 2017 vs 2018
Pag-IBIG Fund’s membership consisted of
10.54 million workers from the private sector,
2.12 million from the government sector, 1.06
million Overseas Filipino Workers (OFWs), and
more than 300,000 belonging to other working
groups, including self-employed workers and
voluntary members. All of whom now have
access to the many benefits that a Pag-IBIG
Fund member may enjoy.

11 12

Phenomenal Growth
of the Modified Pag-IBIG 2
(MP2) Savings
The Pag-IBIG Fund MP2 Savings Program achieved
unprecedented gains with members collectively saving a
record-high P4.47 billion in 2018. This is a phenomenal 242%
increase compared to P1.304 billion collectively saved by
members in the MP2 Savings in 2017.
Figure 2. MP2 Savings 2017 vs 2018
13
The growing popularity and credibility
of the MP2 Savings Program has
enabled Pag-IBIG Fund to further
promote a savings culture amongst
Filipino workers, all towards providing
them a more safe and secure future.
In 2018, MP2 guidelines were
amended to allow retirees and
pensioners who were previous Pag-
IBIG Fund members to save in the
program. Dividend payout options
were also offered under the new
rules where members may choose
between an annual dividend payout
or a lump sum payout of compounded
dividends when one’s MP2 Savings
reaches its 5-year maturity.
14
 Sustained Double-digit
Growth in
Housing Loan Takeout
Pag-IBIG Fund set a new record in its housing loan program
as it breached the P70-billion mark, registering P75.31 billion
in housing loan take-out, an increase of 16% compared to
the P65.13 billion take-out in 2017. This is the third year that
Pag-IBIG Fund posted double-digit growth in its home lending
program signifying the increasing trust of Filipino workers in
tapping Pag-IBIG Fund as their prime home loan facility.

Tangkilik
The said amount funded the home acquisition of 90,375 Filipino
workers, a 12% increase from the 80,964 home loan borrowers
in 2018.

Including proceeds pending for release, or those home loan

sa Programa applications that have already been approved but are still
awaiting complete submission of post-approval requirements,
the total home loan applications approved by Pag-IBIG Fund
in 2018 amounted to P95.02 billion, for the benefit of 108,102
members and their families.

Figure 3. Housing Loan Takeout 2012 to 2018

15 16

Reliable Affordable
Housing Loan Program for
Low-Income Earners
Pag-IBIG Fund’s home loan program caters not just to formally-
employed workers but also those belonging to the informal sector.
Pag-IBIG Fund’s Affordable Housing Loan Program provided a
total of P8.36 billion funding to 21,389 low-income earners for the
purchase of socialized housing units. The said amount is 24% of
the total housing loan amount released by Pag-IBIG Fund in 2018,
such that 1 in every 4 housing loan borrower are workers receiving
minimum wages.
Innovative
Countryside Housing Initiative
(CHI)
Under the BALAI Filipino (Building Adequate, Livable, Affordable, and
Inclusive) Communities Program, Pag-IBIG Fund responded to the
government’s call to provide housing opportunities for low-income
earners, especially those in the provinces or in rural areas. Through
partnerships with employers, organizations, or local government units,
CHI allows these entities to have a stake and contribution in uplifting
the lives of these workers who are usually unserved or underserved.

The Pag-IBIG Affordable Housing Loan Program maintained its 3%

per annum interest rate – the lowest interest rate for housing in the
market, which makes the monthly amortizations more affordable
for low-income workers. The subsidized rate has been in place since
May 2017.

17 18
 Dependable
Short-term Loans
Pag-IBIG Fund disbursed a total of P49.23 billion pesos worth
of cash loans in 2018, which is 5% more than the P46.76 billion
released in 2017. Almost 2.43 million members benefited from the
release, 13% more than the 2.15 million borrowers from the
previous year.
Multi Purpose Loans (MPL) took up the bulk of the approved loan
applications, where the Fund released P46.96 billion – the highest
MPL disbursed by the Fund in its history, supplementing the
financial needs of 2.27 million members.
Calamity victims also benefited from Pag-IBIG Fund cash loans
through the Calamity Loan Program. Intended to assist members
affected by calamities, Pag-IBIG Fund released a total of P2.28
million to aid some 160,000 affected members.
19
Pag-IBIG Fund went through challenging times in
2018 when it decided to upgrade its core systems
with the goal of further improving its services by
implementing a centralized database, which will
allow easy access to members’ profiles, faster
loan processing, and consolidated membership
accounts. The adjustment and stabilization of the
new system caused a temporary slowdown in the
processing of loans at the beginning of the year.
Once the system stabilized, the members reaped
the benefits of a more efficient service. From
the standard processing time of two weeks, loan
applications with complete supporting documents
were processed in just two days. This paved the
way for Pag-IBIG Fund to process the highest-ever
amount of MPLs in its 38-year history.
Figure 4. Short-term Loans 2017 vs 2018
20
 Efficient Collection Systems

While Pag-IBIG Fund’s home loans continued its surge, the quality
of its home loan portfolio remained high.

Pag-IBIG Fund collected an all-time high P55.73 billion in home

loan payments, a P4.68 billion, or a 9% increase from its home loan
collections of P51.05 billion in 2017.

As a result, Performing Loans Ratio or PLR reached 90.26% by end

of 2018, also an all-time high. This means that 9 out of 10 housing
loan borrowers have updated payments on their housing loans,
this despite having a significant part of its portfolio belonging to
minimum-wage and low-income workers whom most financial

Matatag
institutions consider as high-risk.

Pag-IBIG Fund was also able to collect P53.21 billion in Short Term
Loan Collections, 4% higher than total cash loan payments of
P51.22 billion collected in 2017.

na Pondo All these are attributable to the Fund’s efficient collection system
geared towards member accountability and program sustainability.

Figure 5. Figure 6.
Home Loan Payments Performing Loans Ratio
2017 vs 2018 2017 vs 2018

21 22

The True Winners:
Our Members
With Pag-IBIG Fund’s record-breaking performance and robust
financial standing, members did not only benefit from sustainable
and reliable programs, but also received better-than-market returns
on their Pag-IBIG Fund Savings.
The Fund declared its highest-ever dividend payout amounting to
P28.23 billion, almost a one billion peso, or a 3% increase from the
2017 dividend payout of P27.29 billion. This resulted in dividend
rates of 6.91% for the Pag-IBIG Fund Regular Savings and 7.41% for
MP2 Savings.
23
Strong Financial Management
Pag-IBIG Fund further strengthened its financial standing with its
better-than-expected performances in its programs and efficient fund
management.
Net income reached an all-time high as Pag-IBIG Fund posted P33.17
billion in net income, a 10% increase from 2017 net income of P30.27
billion. Pag-IBIG Fund thus sustained a double-digit growth in net
income over the last 5 years.
Pag-IBIG Fund reached the half-trillion peso mark in total assets as it
breached the P500-billion mark with P533.72 billion in total assets by
end of 2018 – a 9% increase from the P488.74 billion posted in 2017.
In 2017, the Top 10 Government Corporations based on Gross and Net
Incomes were published in leading newspapers. Pag-IBIG Fund’s profit
margin ratio during that year was at 56%. In 2018, the Fund’s profit
ratio margin ratio increased to 63% - the highest amongst government
owned and controlled corporations – further validating its financial
strength and stability.
Figure 7. Net Income 2012 to 2018
24
 Increase in Branches
Tapat na Serbisyo, and Service Desks

Mula sa Puso
Pag-IBIG Fund established additional branches in 2018. From 124
branches in 2017, nine more branches were opened, bringing the
number to 133. Overseas workers continue to be served by 23
service desks in various countries where OFWs have the greatest
concentration.

25 26
 Growing Membership Abroad
Pag-IBIG Fund’s membership continues to expand, even overseas. By end
of 2018, Pag-IBIG Fund had 1.06 million Overseas Filipino Workers (OFW)
as active members, a 10% growth from the 959,075 active OFW members
the year before.

Member savings from Filipino workers abroad also increased by 29% in

2018, with total savings amounting to P2.70 billion compared to P36.27 Figure 8. Overseas Filipino Workers 2017 vs 2018
billion in 2017.

27 28
 Extending
Membership Coverage
to the Informal Sector
Faithful to its mandate of providing universal membership coverage
to provide more Filipino workers access to social benefits, Pag-IBIG
Fund established its Other Working Groups (OWG) Task Force to
help those from this sector receive the same Pag-IBIG Fund benefits
that those in the formally employed sector enjoy.
Other working groups, are usually referred to as informal economy
workers, or as defined by the International Labor Organization
as “independent, self-employed, small-scale producers and
distributors of goods and services.” Ambulant vendors, transport
sector workers, and microentrepreneurs are just some of the
workers identified under this sector whose irregularity of income
and the absence of a structured and standard employment
framework make them the most vulnerable and unserved segment
of the workforce.
In 2017, about 77,864 members from OWGs were registered as Pag-
IBIG Fund members. By end of 2018, Pag-IBIG Fund added 119,990
workers or an increase of 154%. In total, Pag-IBIG Fund was able to
provide nearly 200,000 members from OWGs, most of whom are
market vendors and transport sector workers, access to Pag-IBIG
Fund membership and its benefits.
29
Enhanced Core Systems
Pag-IBIG Fund centralized its database and upgraded its core
systems to enable members to file and process their applications
for benefits at any branch, making filing of applications more
convenient and faster.
True to its promise, loan processing under the new core systems
has become faster and more efficient. Members may now File
Anywhere and Process Anywhere their loan applications in any
of the 133 Pag-IBG Fund branches. Processing times for Short
Term Loans were also reduced to just two days, providing
members with easier and more convenient access to funds for
their immediate needs.
The new systems also laid the foundation for the implementation
of the Pag-IBIG Fund’s enhanced online services, which would
afford members even greater convenience and better access to
benefits and services.
30

Online Services
Pag-IBIG Fund offers the convenience of transacting online
for selected services, though its E- Services subsite (http://
pagibigfundservices.com).
Through its E-Services channel, both employers and
workers, including kasambahays, with online access can
now register their membership with the Fund.
Housing loan borrowers can have the convenience of
applying online, access their billing statements, and verify
their payments.
Online payment for housing loan amortization and
member savings may also be conducted by members with
Visa or Mastercard-issued credit cards.
31
Accessible and Efficient
Payment Channels
In pursuance of Republic Act 8792 or the E-commerce Act of 2000, Pag-
IBIG Fund implemented the Electronic Payment and Collection Facility
(EPCF), which offered a more convenient and accessible payment
facility for employers with at least ten employees. The Fund established
partnership with accredited banks, over-the-counter payment
collection service providers, and accredited finance management
mobile apps. Pag-IBIG Fund also accredited overseas payment centers
for the convenience of overseas workers in remitting their savings and
loan amortizations.
Likewise, in response to the call for government agencies to adhere to
the Ease of Doing Business (EODB), Pag-IBIG Fund also implemented
the Electronic Submission of Remittance Schedule (eSRS) to provide
business-owners with less than ten employees a more secure, more
efficient, and more convenient method of remitting their employees’
savings and loan amortizations. With the facility, business owners
may now submit their remittance schedules online and remit their
company’s Pag-IBIG Fund dues through Bayad Center.
Such facilities not only made payments easier and more secure, but
also made posting and recording of transactions faster and more
accurate.
Under the EPCF, Pag-IBIG Fund has engaged more than 300 accredited
banks and payment channel partners worldwide. On the other hand,
the ESRS completed the roll-out of its systems on October 2018.
32

I DO, I DO!
Araw ng Pag-IBIG
Nearly 1,500 couples exchanged vows at the annual Pag-
IBIG Fund-sponsored I Do, I Do Araw ng Pag-IBIG mass
wedding on February 14, 2018. The wedding rites were
held simultaneously in 16 locations nationwide. The
yearly event has already enabled 20,297 couples since
it was launched in 2012. This multi-awarded program is
part of Pag-IBIG Fund’s corporate social responsibility as
it continues to support members from the low-income
sector legalize their unions.
33
Loyalty Card
The Pag-IBIG Loyalty Card continues to provide
its more than 5 million cardholders unmatched
discounts and rewards from its growing number
of partner-establishments.
As of 2018, Loyalty Cardholders have enjoyed
discounts and peso points worth Php152 million
on purchases and services from its partner-
establishments.
74 more establishments led by McDonald’s
(Golden Arches Development Corporation) signed
up as Loyalty Card Partners. This brought to 300
the number of partner-establishments – ranging
from groceries, schools, hospitals, prescription
medicine providers, restaurants, hotels and other
establishments frequented by Pag-IBIG Fund
members – who provide discounts and rewards
to our cardholders.
34
 Lingkod Pag-IBIG:
Tapat na Serbisyo,
Mula sa Puso.
Pag-IBIG Fund established its brand of service with the
Lingkod Pag-IBIG campaign.

Internally, it is an understanding and agreement amongst

employees on the standard and quality of service that
each will provide to the Pag-IBIG Fund stakeholders. To the
public it serves, Lingkod Pag-IBIG is every Pag-IBIG Fund

Awards and Recognitions

employee’s commitment towards excellent and dedicated
service in response to the trust, confidence, and support
that the Pag-IBIG Fund members extend to the Fund.

Through time, Lingkod Pag-IBIG has ceased to be a mere

campaign to raise and establish Pag- IBIG Fund’s standards
of good public service. Lingkod Pag-IBIG has become the
employees themselves, embodying the culture of excellent
service, professionalism, and integrity.

35 36
 Mga Parangal at Pagkilala sa Pag-IBIG Fund
• Most Outstanding Accounting Office Award,
Association of Government Accountants of
the Philippines (AGAP)
For the 4th consecutive year, Pag-IBIG Fund
was again given the Most Outstanding
Accounting Office Award by AGAP “for having
exemplarily met the criteria of Accuracy,
Timeliness, Reliability, and Compliance to
Accounting Rules and Regulations set by the
Committee on Awards.”
37
• Award of Excellence – Pag-IBIG Fund’s Animated
Explainer Video, 16th Philippine Quill Awards
The International Association of Business Communicators
Philippines gave an Award of Excellence to Pag-IBIG
Fund’s animated explainer video, which discussed
General Information about the Fund’s programs.
• Award of Merit - Pag-IBIG Fund’s Dagdag Ipon
Raffle Promo, 16th Philippine Quill Awards
The International Association of Business Communicators
Philippines also gave an an Award of Merit to Pag-IBIG
Fund’s Dagdag Ipon Raffle Promo Part 1.
• Merit Award, Association of Developing
Financial Institutions in Asia and the
Pacific (ADFIAP)
For its Risk Management Program, Pag-IBIG
Fund received a merit award from ADFIAP.
The program allows the Management
Committee to look into how they should
govern the agency and identify and
mitigate risks, while ensuring compliance
to existing standards. It also made Pag-IBIG
Fund officers and employees aware of their
roles in mitigating risks in the agency.
• Gold Award, 10th PANAta Awards,
the Philippine Association of National
Advertisers (PANA)
At its 10th PANAtaAwards, PANA gave Pag-
IBIG Fund a Gold Award for its Loyalty Card
Program. PANAta Awards gives recognition
to institutions for their effective
communication materials, particularly
those that reflect excellent marketing and
brand-strengthening practices.
38
 • Unqualified/Unmodified Opinion, • ISO 9001:2015 Certification
7 consecutive year (2012 to 2018),
th

Commission on Audit (COA) Pag-IBIG Fund obtained ISO 9001:2015

Certification for its Housing Loan Process
Considered to be the most significant (Policy Development and Provision
recognition and a testament to Pag-IBIG of Services for Housing Loan – Loan
Fund’s financial strength was the 7th Application up to Release for Developer
consecutive Unqualified Opinion from the Assisted – Window 1).
Commission on Audit (COA). From 2012 to
2018, COA has issued unqualified opinion
on Pag-IBIG Fund’s fair and accurate
presentation of its financial statements.

39 40
 Pag-IBIG Fund Officers

41 42
 Board of Trustees
Sec. Silvestre H. Bello III Acmad Rizaldy P. Moti Sec. Eduardo D. Del Rosario Ma. Lorelei C. Fajardo Mylah R. Roque
Member, Ex-Officio Chief Executive Officer Chairman Government Employees’ Representative Private Employers’ Representative
Department of Labor and Housing and Urban Development
Employment Coordinating Council & Pag-IBIG
Fund Board of Trustees

Sec. Benjamin E. Diokno
Member, Ex-Officio
Department of Budget and
Management
Sec. Carlos G. Dominguez III Pedrito G. Angeles Crisostomo G. Gotladera Atty. Cornelio P. Aldon
Sec. Ramon M. Lopez Private Employees’ Representative Private Employees’ Representative Private Employers’ Representative
Member, Ex-Officio Vice Chairman, Ex-Officio
Department of Trade and Industry Department of Finance

43 44
 Management Committee
Sitting from left:

Acmad Rizaldy P. Moti

Chief Executive Officer

Marilene C. Acosta
Deputy Chief Executive Officer
Home Lending Operations Cluster

Alexander Hilario G. Aguilar

Deputy Chief Executive Officer
Member Services Operations Cluster

Standing from left:

Atty. Marcial C. Pimentel, Jr.

Vice President
Legal & General Counsel Group and
Head of Compliance

Atty. Robert John S. Cosico

OIC Deputy Chief Executive Officer
Support Services Cluster and
Chief Legal Counsel

45 46
 Senior
Vice Presidents
Sitting from left: Standing from left:

Benjamin R. Felix, Jr. Reynaldo M. Malaya

Officer-in-Charge Officer-in-Charge
Loans Operations Sector Financial Services Sector

Francis T. Santos Amado Isabelo I. Dizon III

Information Technology Services Sector Member Services Operations Sector and
concurrent VP for International Operations Group

Fermin A. Sta. Teresa Jr. Voltaire M. dela Rosa

Business Development Sector Administrative Services Sector

47 48
 Vice Presidents Engr. Chito L. Enciso
Acquired Assets Management Group
Rosana A. Fernandez
Risk Management Task Force

Elenita A. Atienza Florencio B. Cortez *

Loans Remediation Group Information Systems Group

Atty. Marie Antoniette D. Diaz Yolanda L. Espinas

Home Lending Operations - Internal Audit Services Group
Visayas/Mindanao Group

Lilia M. Anguluan Delia L. Bernardo

Members Services Operations - Facilities Management and
Luzon Group General Services Group

*as Officer-in-Charge

49 50
Atty. Karin-Lei N. Franco-Garcia Trinidad L. Ligeralde
Public Relations and Loans Management Group
Information Services Group

Reynaldo M. Malaya Atty. Emilio C. Pangilinan

Fund Management Group Office of the Corporate Secretary

Erlinda M. Francisco Atty. Digna P. Magpantay

Member Services Operations-NCR Management Services Group
South West Group

Teresa M. Manabat Atty. Marcial C. Pimentel, Jr.

Computer Operations Legal & General Counsel and
and Support Services Group Head of Compliance

51 52
 Engr. Elmer Gabriel D. Tugade Olivia V. Zerrudo
Loans Origination Group Technical Administrative
Support Group

Arlene R. Reyes* Mary Margaret N. Sanchez

Corporate Sales Group Members Services Operations -
NCR North East Group

Rio R. Teves Yolanda C. Villatura

Members Services Operations - Finance Group
Visayas/Mindanao

Atty. Joseph P. Quiboloy Delia D. Robles

Home Lending Operations - Human Resource Services Group
Luzon Group

*as Officer-in-Charge

53 54
 At a Glance

55 56
 Financial Highlights

I. Comparative Financial Position

Particulars 2018 2017 Increase/(Decrease)
Assets 532,875.134 488,744.520 44,130.613
Liabilities 56,049.425 58,115.869 2,066.444
Net worth
Members’ equity 408,836.369 361,436.073 47,400.296
Other comprehensive income
(loss) (12,401.577) (5,333.274) 7,068.302
Retained earnings 80,390.916 74,525.853 5,865.063
Total net worth 476,825.708 430,628.651 46,197.057

Financial Statements II. Comparative Results of Operations

Particulars 2018 2017 Increase/(Decrease)
Income** 52,822.290 54,019.515 1,197.225
Expenses
Lending cost 13,586.618 18,328.932 (4,742.31)
Fund
administration cost 5,900.504 5,304.268 596.236
Other expenses 163.187 118.202 44.985
Total expenses 19,650.309 23,751.402 (4,101.093)
Net income 33,171.981 30,268.113 2,903.868
Other
comprehensive
income (loss) (7,068.302) (4,034.731) (3,033.571)
Total comprehensive
income 26,103.679 26,233.382 129.703
** Figures are presented in gross amounts in compliance with COA Circular No. 2017-004
(guidelines on the preparation of financial statements and other financial reports).

57 58
 Executive Summary

59 60
 Executive Summary

61 62
 STATEMENT OF COMPREHENSIVE INCOME

63 64
 STATEMENT OF CHANGES IN EQUITY

65 66
67 68
69 70
71 72
73 74
75 76
77 78
79 80
81 82
83 84
85 86
87 88
89 90
91 92
93 94
95 96
97 98
99 100
101 102
103 104
105 106
107 108
109 110
111 112
113 114
115 116
 GOVERNING POLICIES
Republic Act No. 10149 (Government-Owned and Controlled Corporation Governance Act)
stipulates that GOCCs are considered as significant tools for economic development, and must
therefore be held accountable to the fiscal and financial growth of the agency, for the benefit of
its stakeholders.

The “HDMF (Pag-IBIG Fund) Manual of Corporate Governance” was developed, adopted, and fully
complied with by the Pag-IBIG Fund and its employees to ensure that assigned mandates are
carried out in a “transparent, responsible, and accountable manner”. Lingkod Pag-IBIG are also
expected to display professionalism and effectiveness, competent to carry out their function, and
with full accountability to its members.

The “Code of Conduct and Ethical Standards of Officers and Employees of the Home Development
Mutual Fund (Pag-IBIG Fund)” is likewise established “to promote high standards of ethics among
officers and employees of the Fund who shall at all times be accountable to the people for their
actions and/or omissions while in government service.”

Governance Report The “Pag-IBIG Fund Information Security Policy” provides guidelines to protect information from
unauthorized disclosure, modification, misuse, destruction, or non-availability. The policy is part
of Pag-IBIG Fund’s efforts to establish and sustain the trust between Pag-IBIG Fund, as well as to
comply with relevant regulations to protect the Fund’s reputation.

Aside from the Pag-IBIG Fund Information Security Policy, Pag-IBIG Fund also adheres to RA
10173 or Data Privacy Act of 2012 by issuing the “Pag-IBIG Fund Privacy Policy”, which provides
guidelines for the “collection, use, storage, disclosure, and disposal of the personal data”, which
the Fund collects and receives from its members through various information channels of the
Fund.

The Pag-IBIG Fund Quality Policy, meanwhile, provides for the Fund’s commitment to “provide
member-focused quality service, through enhancement of the provident savings and home
financing system”. This is being carried out through: (1) pursuance of improved standards to
promote the Fund’s efficiency and effectiveness, (2) provide services that are responsive to
the needs of its members, (3) promote a productive and learning work environment for the
development of the employees’ growth and expertise, fostering teamwork and wellness, and, (4)
upholding transparency and accountability.

Pag-IBIG Fund also complies with Section 43 of Memorandum Circular 2012-07 issued by the
Governance Commission for GOCCs by providing a subsite in the Pag-IBIG Fund website, which
discusses all provisions and requirements to ensure adherence to established good corporate
governance practices.

These employee-driven and member-focused guidelines are fully encapsulated in the Lingkod
Pag-IBIG mantra: Tapat na Serbisyo, Mula sa Puso.

117 118
 THE Pag-IBIG FUND LEADERSHIP
The Pag-IBIG Fund Board of Trustees (Board) is deemed as primarily Board, develops management and succession planning, recommends the Pag-
responsible for the governance of the Fund, and in providing its corporate IBIG Fund’s corporate governance principles, and monitors compliance with
leadership, particularly in establishing the Fund’s vision, mission, strategic applicable laws, rules, and regulations.
objectives, policies and procedures, and corporate values and standards. The
Board is not expected to be involved in Pag-IBIG Fund’s daily operations but The Board Committees convenes at least once a month to discuss proposed
sets the direction of the Fund’s plans and targets, and evaluates the Fund’s policies and issues, which after thorough review and assessment, shall be
performance relative to these. reported to the full Board for approval. The full Board approves the proposed
policies after identified conditions have been reviewed, and found adequate
Republic Act No. 9679 or the Home Development Mutual Fund (Pag-IBIG and satisfactory.
Fund Law of 2009) identifies the composition of the Board, which includes ex-
officio members from select government agencies identified in the Pag-IBIG
Fund’s charter, the Fund’s Chief Executive Officer (CEO), and five (5) appointive
members: two (2) as representatives of the private sector employers, two BOARD COMMITTEES
(2) as representatives of private sector employees, and one (1) representing
government employees. AND MEMBERSHIP
The ex-officio trustees may designate their alternates, preferably their next-in- Board Audit Committee (BAC)
rank, whose acts and decisions shall be deemed as representative of their own
actions and choices. Chairperson - Trustee Pedrito G. Angeles
Vice Chairperson - Trustee Myla R. Roque
The appointive trustees shall have one (1) year term of office, unless removed
with cause pursuant to guidelines identified in the charter and other applicable Committee Members
laws. Trustee Ma. Lorelei C. Fajardo
DBM Representative
The Pag-IBIG Fund CEO is an appointee of the President of the Philippines, and DTI Representative
shall lead and manage the Fund’s day-to-day operations.

Board Investment Committee (BIC)

BOARD COMMITTEES Chairperson - Trustee Ma. Lorelei C. Fajardo

Vice Chairperson - Trustee Cornelio P. Aldon
To properly govern Pag-IBIG Fund, Board committees were established to
facilitate policy-making and discussions in the areas of governance, internal Committee Members
audit, ¬financial and investment management, and risk management. Trustee Crisostomo G. Gotladera
DOF Representative
The Board Audit Committee assists in the supervision of Pag-IBIG Fund’s DOLE Representative
fi¬nancial reporting, internal control, and risk management process, and
evaluates the performance of the Internal Audit.
Board Risk and Capital Committee (BRCC)
The Board Investment Committee manages the investment selection and
activities of the Management Committee and assists in the development of Chairperson - Trustee Cornelio P. Aldon
Pag-IBIG Fund’s investment plans. Vice Chairperson - Trustee Crisostomo G. Gotladera

The Board Risk and Capital Committee provides oversight of Pag-IBIG Fund’s Committee Members
capital and risk management, including management of credit risks, market Trustee Pedrito G. Angeles
risks, liquidity risks, and operational risks. Trustee Myla R. Roque
DOF Representative
The Board Governance Committee assesses the Board’s overall performance,
provides eligibility guidelines, and conducts nomination process to the

119 120
 Board Governance Committee (BGC)
BOARD MEETING ATTENDANCE
Chairperson - Trustee Myla R. Roque -
Vice Chairperson - CEO Acmad Rizaldy P. Moti

Committee Members
Trustee Pedrito G. Angeles
Trustee Ma. Lorelei C. Fajardo
Trustee Crisostomo G. Gotladera
Trustee Cornelio P. Aldon
DBM Representative
DTI Representative
DOLE Representative

MANAGEMENT COMMITTEE
The Management Committee (ManCom) are senior officers of Pag-IBIG Fund BOARD PERFORMANCE
who help the CEO carry out the directives of the Board and manage the
Fund’s day-to-day operations. APPRAISAL
The Deputy CEOs (DCEOs) are next-in-rank to the CEO and oversee Pag-IBIG The GCG conducts an annual evaluation of the Board’s performance, in
Fund’s major operations cluster: Home Lending Operations, Member Services keeping with the guidelines of the Performance Evaluation for Directors
Operations, and Support Services Operations. (PED).

The Chief Legal Counsel provides the Senior Management with corporate The result of the Performance Appraisal shall be the basis of the GCG to
strategic initiatives and legal advices. He also oversees Pag-IBIG Fund’s legal include the appointive officers in the shortlist of nominations of Board
functions and operations. officers for the following term.

Performance Evaluation for Directors (PED)

(1) the GOCC’s performance (60%)
BOARD MEETINGS (2) Director Performance Review (25%)
a. Self-Appraisal Rating (5%)
Pursuant to GCG Memorandum Circular 2012-07 Section 8, Part 3, the Board b. Peer Appraisal Rating (10%)
meets for regular board meetings once a month. If needed, the Chairman, or c. Chairman’s Appraisal Rating (10%)
in his absence, the Vice Chairman, may call for a Special Meeting at any time. (3) Director Attendance Score (15%).

The Pag-IBIG Fund Board of Trustees approved during the 320th HDMF The Appointive Offi¬cer must have at least 85% rating to be eligible for
Board Meeting a fixed HDMF Monthly Board Meeting to be held every 1st nomination for the next term.
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.
TRAINING AND CONTINUING
During the 2018-10 Board Governance Meeting held on 17 October 2018, the
Schedule of Board Committee Meetings for 2019 has been approved. EDUCATION
The Office of the Board Secretary, who provides administrative and Pag-IBIG Fund allocates a budget for the continuing education of its Trustees
organizational support to the Board prepares the agenda, and sends out to further equip and enable them in providing sound decisions for the Fund
notices and board materials for review, at least seven (7) days before the operations.
scheduled meeting.

121 122
 On 16 January 2018, the members of the Board attended the Corporate
Governance Orientation Program for GOCCs as organized by the Institute of
Corporate Directors. The orientation was held at the EDSA Shangri-La Hotel in
Mandaluyong City.
PROTECTING THE FUND,
All members of the Board also attended the Training on Equity Investment
conducted by the Asian Institute of Management on 25 September 2018, also PROTECTING THE MEMBERS
at the EDSA Shangri-La Hotel in Mandaluyong City.
Establishing Risk Management Policies

COMPLIANCE AND As a government ¬financial institution (GFI) mandated to provide,

TRANSPARENCY manage, and invest the provident savings of its members, Pag-IBIG Fund
set in place, a Risk Management Plan to ensure that the investment and
fi¬nancial management activities undertaken by the Fund will not expose
Pag-IBIG Fund adheres with compliance rules and regulations established
the members’ savings to threats of loss and risks against security and
through pertinent laws, and issued by the GCG and other regulating bodies. The
sustainability.
Fund’s Compliance Officer promotes the implementation of said compliance
rules, addresses infringements, if any, and reports to Management, if necessary.
The Revised Risk Governance Structure was approved to expand the Risk
Management Team wherein each Risk Sub-Committee member shall
Grievance machinery
designate a representative to the Enterprise Risk Management Working
Group with the following functions:
Pag-IBIG Fund has a Grievance Machinery, a venue to lodge complaint by
employees against officers or co-employees. It is intended to simplify, speed
1. Monitor business units’ adherence to framework and strategy;
up, and install an effective, expeditious, fair, equitable, and just grievance
2. Compile risks across operating units;
machinery to create an atmosphere conducive to good employee-supervisor
3. Monitor and evaluate exposures or breaches with respect to limits
relationship and boost employee’s morale.
and targets; and
4. Aggregate risks and escalate recommendations to Risk and Capital
Management Committee and Board Risk Capital Committee, through
Whistleblowing Policy
the Risk Management Task Force.
Pag-IBIG Fund has also implemented a Whistle-Blowing Policy, which allows
To further firm up the Risk Governance Structure, the creation of a
the reporting of suspected or actual act of theft/fraud, violation of ethical
Compliance Unit or the constitution of the Compliance Risk Committee
standard, and/or misconduct of any officers or employees.
and its Enterprise Risk Management Working Group was undertaken for
the construct of independent assessment of compliance with relevant
Whistleblowers are encouraged to report, with evidence as much as possible,
laws, rules, and regulations, and with internal policies. Likewise, this Unit
any claim of irregularity that breaches Pag-IBIG Fund’s standards on good
or Risk Sub-Committee is responsible for the determination of areas that
governance, public policy, and code of conduct for civil servants.
may potentially result in risk of loss due to inadequate or failed internal
processes, systems, and people.
Whistleblower reports remain confidential, with the whistleblower offered
protection from possible retaliation.
One of the policies approved by the Board is the creation of a Business
Continuity Management Policy (BCMP). This emerged as the Fund
The Pag-IBIG Fund website provides a copy of the policy. Whistleblowers may
necessitated to have a common framework to manage business continuity;
report any suspected irregularity through the following:
to proactively improve resiliency efforts when faced with disruptions to
key value streams; to enable the Fund to resume critical operations swiftly
Mailing address:
to minimize operational, financial, legal, reputational, and other materials
Office of the Chief Legal Counsel
risks arising from disruption; and to help mitigate systematic risks, as well
41/F, Petron Megaplaza
as maintain public trust and confidence in the Fund.
358 Sen. Gil Puyat Avenue
Makati City

Email: compliance.office@pagibigfund.gov.ph
Phone no.: (02) 822-4280

123 124
 DEVELOPMENT AND GROWTH HRSG strived to provided wellness programs for the employees, at least once every quarter.

FOR THE LINGKOD Pag-IBIG

By the end of December 2018, there are more than 9,000 Pag-IBIG
Fund employees, or Lingkod Pag-IBIG carrying out the Pag-IBIG Fund
mandate in the service of the Filipino workers.

As the main vehicle in the delivery of public and social service, Pag-
IBIG Fund ensures the health, safety, and welfare of every Lingkod
Pag-IBIG.
HRSG also provided training programs for the development of the employees.
The HDMF Manual of Corporate Governance provides that Fund
Officers and employees are entitled to reasonable and competitive
compensation, security of tenure, an environment that is conducive for
work, a company culture that is inclusive and fosters the employee’s
holistic growth, and development within the organization.

To carry out this policy, the Pag-IBIG Fund Human Resources Services
Group (HRSG) ensures that programs and activities are implemented
that will promote the development of the Lingkod Pag-IBIG’s well-
being.

The HRSG spearheaded the release of the HR Bulletin, which provides

the employees with timely advisory regarding health, safety, benefits,
and wellness activities for the employees. Important information
regarding prevailing illnesses are published to warn and prepare
employees of the things they must do for prevention and cure, should
they be infected.

125 126
 SEC. EDUARDO D. DEL ROSARIO
Chairman, Housing and Urban Development Coordinating Council

Retired Major General Eduardo D. del Rosario, Filipino, 61 years old, was appointed as Chairman
of the Housing and Urban Development Coordinating Council (HUDCC) on 12 July 2017. As HUDCC
Chairperson, Sec. del Rosario becomes de facto ex-officio Chairman of the Pag-IBIG Board.

Sec. del Rosario served the military for almost 37 years, until his compulsory retirement in
November 2012. During his military career, he has served as General Officer-in-Charge of the
Southern Luzon Command and as Commander of the 2nd Infantry Division of the Philippine
Army, among others. He also headed “Task Force Kalihim” in August 2012, which spearheaded
the search and retrieval operations for the remains of the late DILG Secretary Jesse Robredo from
a plane wreckage in the Province of Masbate. He received the Bakas Parangal ng Kabayanihan for

Board Profile accomplishing this mission.

After his retirement from the military, Sec. del Rosario was appointed as the Administrator of the
Office of Civil Defense, while concurrently serving as the Executive Director of the National Disaster
Risk Reduction and Management Council (NDRRMC) from February 2013 to May 2014. On 30 June
2016, Sec. del Rosario was appointed as Undersecretary for Civil, Veterans and Retiree Affairs of
the Department of National Defense—a position he held until his appointment to HUDCC.

Aside from his role as housing czar, Sec. del Rosario also heads Task Force Bangon Marawi,
mandated to oversee the rebuilding and rehabilitation of Marawi City after it was attacked by the
terrorists under the Maute group.

Sec. del Rosario took up Bachelor of Science in Mechanical Engineering in Adamson University
before joining the Philippine Military Academy. He was a member of the 1980 Class Mapitagan,
graduating with a bachelor’s degree in Military Science.

Sec. del Rosario completed his graduate studies with a master’s degree in Public Administration
from the Philippine Christian University in 2012, and a master’s in Business Administration from
the Ateneo Graduate School of Business in 1994.

127 128
 SEC. CARLOS DOMINGUEZ III
Vice Chairman, Department of Finance
Finance chief and economist Carlos Dominguez III, Filipino, 73 years old, was appointed as
Secretary of the Department of Finance (DoF), and de facto Vice Chairman of the Pag-IBIG Board
of Trustees on 30 June 2016.
Sec. Dominguez has over 40 years of experience in both the government and the private sector. He
began his career in government service in 1986 when he assumed the leadership of the Ministry
of Natural Resources, and then with the Department of Agriculture in 1987. He left government
service in 1989 and held top executive posts and chairmanship in the private sector, most notably
as Chairman and President of Philippine Airlines (1993 - 1995), and the Philippine Tobacco Flue-
Curing and Redrying Corporation (1992 - 2016). His family also owns the prestigious Marco Polo
Hotel in Davao City.
He returned to public service in 2016 as Finance Secretary to support his childhood friend and
classmate President Rodrigo Roa Duterte.
Sec. Dominguez graduated in Ateneo de Manila University with a Bachelor’s Degree in Economics
(1965), and a Master’s Degree in Business Administration (1969). In 1982, he completed the
Executive Management Program offered by Stanford University’s Graduate School of Business.
129
ACMAD RIZALDY P. MOTI
Chief Executive Officer, Pag-IBIG Fund
Chief Executive Officer Acmad Rizaldy P. Moti, Filipino, 44 years old, was appointed as head of
Pag-IBIG Fund on 17 May 2017.
After graduating from college in 1995, CEO Moti began his career as a faculty member of the
University of the Philippines. In November 1998, he started his career as a banker with Asia
United Bank (AUB), leaving a couple of years after to launch the web development start-up agency,
25by8, where he manned its daily operations. He went back to AUB in 2006, and then became the
Vice President for Chinatrust (Philippines) Commercial Bank Corporation, where he managed the
Software Development and Maintenance Group.
In 2008, he joined Pag-IBIG Fund as the Senior Vice President for the Information Technology
Services Sector. He was then tasked to lead the Fund’s Home Lending Operations Cluster in 2011.
Under his mettle, Pag-IBIG Fund registered its highest housing loan take out and improved its
performing loans ratio. He took over the Fund’s full operation as officer-in-charge in March 2017
until he was eventually appointed by President Rodrigo Roa Duterte on 26 May 2017.
CEO Moti is a Computer Science degree holder from the University of the Philippines, obtaining
a bachelor’s degree in 1995 and has completed all academic requirements towards a master’s
degree in 2000.
130
 SEC. BENJAMIN DIOKNO
Department of Budget & Management
Sec. Benjamin E. Diokno, Filipino, 70 years old, was appointed as Secretary of the Department of
Budget and Management (DBM) on 30 June 2016.
Professor Diokno is an academic and an educator. He is Professor Emeritus of the University of the
Philippines (Diliman), having taught graduate and undergraduate courses on Public Economics,
Microeconomics, Development Economics, and Special Topics (including Public Enterprise
Investment and Pricing Policies, and Public Sector Reforms), from June 1974 to March 2013.
An economist, a financial analyst, and a public servant, this is Sec. Diokno’s third time to lead the
budget department. From 1986 to 1991, he served as Undersecretary for Budget Operations,
under President Corazon Aquino’s term, providing technical assistance to several major reforms
such as the 1986 Tax Reform Program and the 1991 Local Government Code. During President
Joseph Ejercito-Estrada’s term from 1998 to 2001, he was appointed as DBM Secretary where he
introduced several reforms towards transparency and improved government service delivery.
In between his terms as budget secretary, Sec. Diokno also served as the Fiscal Adviser for the
Senate, providing economic advice on fiscal affairs.
Sec. Diokno also held board positions in different institutions: as Chairman of the Board for Local
Water Utilities Administration (1990 - 1991); as member of the Board for Philippine National Oil
Company (December 1998 - March 1991), and eventually serving as its Chairman and CEO (April
to August 1991); as Independent Director for Asia United Bank (2012 - 2016), while concurrently
serving as Chairman of the Board for the Pamantasan ng Lungsod ng Maynila (2014 - 2016).
SEC. SILVESTRE BELLO III
Department of Labor and Employment
Sec. Silvestre H. Bello III, Filipino, 74 years old, was appointed as Secretary of the Department of
Labor and Employment on 30 June 2016.
A seasoned lawyer, Sec. Bello served the Department of Justice, initially as Undersecretary from
1986 to 1991, and eventually as Justice Secretary until 1992. He was again appointed as Justice
Secretary in 1998. Sec. Bello also served as the Solicitor General from 1996 to 1998. Sec. Bello is
also a distinguished associate of several law firms.
As a public servant, Sec. Bello has served the government under four administrations in various
capacities. He was the Chairman of the GRP Negotiating Panel for Peace Talks (2001 - 2004),
served as CEO of the PNOC- Development & Management Corp. (2004 - 2005), CEO of the
Philippine Reclamation Authority (2006), Presidential Adviser for New Government Centers (2007
- 2008), and Cabinet Secretary (2008 - 2010), acting as Oversight Officer for Indigenous People
and Cabinet Officer for Regional Development for Region II. Sec. Bello also served in the 16th
Congress (2013 - 2016) as representative for the 1BAP Party List.
Sec. Bello finished his BA Political Science degree from Manuel L. Quezon University in 1961, and
took his Bachelor of Laws in 1970 from the Ateneo de Manila University where he graduated with
distinction.

Prior to his appointment as Budget Management Secretary, Professor Diokno is a political and
economic commentator, maintaining a weekly editorial/opinion column for Business World,
Malaya Business Insight, and The Daily Tribune.

Dr. Diokno graduated with a Bachelor of Arts in Public Administration from the University of
the Philippines (UP) in 1968. He also completed two graduate programs in UP: Master of Public
Administration in 1970 and MA Economics in 1974. In 1972, he also completed, with Very High
Distinction, a Certificate on Development Economics, a course that was provided by the University
of the Philippines and University of Wisconsin on a joint program. In 1976, he attended John
Hopkins University in Maryland USA, and completed MA Political Economy, his third graduate
program. Dr. Diokno earned his doctorate degree in Economics from the Sycrause University in
New York, USA in 1981.

131 132
 SEC. RAMON LOPEZ Trustee CORNELIO P. ALDON
Department of Trade and Industry
Private Employers’ Representative
Sec. Ramon M. Lopez, Filipino, 59 years old, was appointed as the Secretary for the Department
Atty. Cornelio P. Aldon, Filipino, 65 years old, was appointed as Pag-IBIG Fund Trustee in 04
of Trade and Industry on 30 June 2016.
October 2017 as private sector employer representative.
Sec. Lopez began his career as a public servant working in the Presidential Management Staff
Trustee Aldon started as a Paralegal Staff in Pefianco and Associates Law Office in 1975. In 1976,
Office (1981), the Department of Trade and Industry (1982 - 1989), and the National Economic
he held his first government post, working in the Ministry of Local Government and Community
Development Authority (1989 - 1993).
Development until 1978. After which he spent a year in the Interim Batasan Pambansa (IBP).
After passing law school, he worked in the Metro Manila Commission providing legal service
In 1994, Sec. Lopez established his career in the business sector, working for more than two
through various positions until 1995. In 1998, he became Legal Counsel to MMC, which has been
decades as top executive of RFM Corporation until his appointment as DTI secretary in 2016.
reorganized to become the Metro Manila Development Authority. From 2002 to 2004, he served
as member of the board of the APO Production Unit, Inc.
While engaged with his private sector commitments, Sec. Lopez also launched GoNegosyo -- an
advocacy group promoting trade and entrepreneurship to small and micro business owners,
A practicing lawyer specializing in trial work and litigation, Trustee Aldon was a managing partner
PWDs, out-of-school youth, and other marginalized sectors -- where he held the position of
and co-founder of Aldon, Puhawan & Associates from 1984 to 1995. In 1995, he established the
Executive Director for the past 11 years.
Aldon Law Office, which he manages until present.
Sec. Lopez graduated in 1981 with a BA Economics degree from the University of the Philippines,
Trustee Aldon spent the first three (3) years of his collegiate life in Ste. Peter’s Seminary (1971-
and completed the graduate program for Development Economics at Williams College in
1973) taking up Bachelor of Arts but was curtailed with his detention during Martial Law. After he
Massachusetts, USA in 1988.
was released, he spent one (1) semester in the University of San Carlos (1974), before completing
his bachelor’s degree in Arts, majoring in English and History. In 1980, he completed his Bachelor
of Laws degree from the University of the Philippines.

Trustee Aldon attended trainings on Corporate Governance Orientation Program for GOCCs held
on 16 January 2018.

133 134
 Trustee PEDRITO G. ANGELES
Private Employees’ Representative
Trustee Pedrito G. Angeles, Filipino, 70 years old, was appointed as Pag-IBIG Fund Trustee on 02
June 2017 as Private Employees’ Representative.
Trustee Angeles is an accomplished operations and banking executive, beginning his career in
branch operations with the Rizal Commercial Banking Corporation in Davao from 1971 to 1990.
He then spent the next twenty-five (25) years with United Coconut Planters Bank, retiring from
the bank in 2005 as Vice President and Area Head.
In 2006, he was appointed by the court as Rehabilitation Receiver for the troubled Apo View
Hotel, a position he held until 2015. Trustee Angeles also managed the Rural Bank of Montevista
in Tagum City (2013 - 2014) and the Rural Bank of Lebak in Sultan Kudarat (2016 - 2017), applying
the expertise he gained in the banking industry. He is currently involved with the Silangan Multi-
Purpose Cooperative in Davao City, where he was elected Chairman of the Elections Committee.
Trustee 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.
Trustee Angeles attended trainings on Corporate Governance Orientation Program for GOCCs
held on 16 January 2018.
135
Trustee MA. LORELEI C. FAJARDO
Government Employees’ Representative
Trustee Ma. Lorelei C. Fajardo, Filipino, 48 years old, was appointed as Pag-IBIG Fund Trustee on
27 June 2017 as Government Employees’ Representative.
Trustee Fajardo began her career as a Marketing Assistant for Asian Bank, but having been raised
in a family of public servants, she soon heeded the call for public office. She served as Chief of Staff
to Congressman Pacifico M. Fajardo from 1995 to 2000. In 2001, she was elected as the Mayor of
Palayan City, Nueva Ecija, where she was also elected as the National Treasurer for the League
of City Mayors in the Philippines. After her term as mayor, she worked as Assistant Secretary to
the Office of the Presidential Chief of Staff. In 2007, former President Gloria Macapagal-Arroyo
appointed Trustee Fajardo as Deputy Presidential Spokesperson, and concurrently as Presidential
Assistant for Central Luzon. In 2013, she became a host and producer of the radio program Smiley
Pinoy. At the same time, she has been tapped to become the Outreach Specialist of Development
Alternatives, Inc., which is one of USAID’s implementing partner in facilitating public investment
projects.
Trustee Fajardo completed a bachelor’s degree in Business Administration from Miriam College
in 1993. In 1994, Trustee Fajardo pursued further studies in the New York Institute of Finance,
with a Certificate on Finance Management and Certificate on Options Market. In the same year,
she also completed a Certificate on 21st Century Management with the New York University in
the USA. Trustee Fajardo was also a candidate for the Graduate Program on National Defense
provided by the National Defense College.
136
 Trustee CRISOSTOMO G. GOTLADERA
Private Employees’ Representative
Trustee Crisostomo G. Gotladera, Filipino, 67 years old, was appointed as Pag-IBIG Fund Board of
Trustee, representing Private Employees’ Representative on 27 December 2017.
Trustee Gotladera started his career as a hotelier, managing Loyola Arms Hotel (1989 - 1990), and
Hyatt Hotels (1990 - 1998) both located in Illinois, USA. He became the Provincial Administrator
for Sorsogon from 1998 to 2000. After which, he went back to the USA and worked as a Real
Estate Broker. He has been engaged in various ventures, putting up an ice plant business and
working as top executives for several corporations in Sorsogon. In 2013, he ventured into politics
and won as Councilor in the Municipality of Bulan. Trustee Gotladera is currently the National
Sales Director of Agrimen, Inc.
Trustee Gotladera holds a Bachelor of Science degree, major in Psychology, graduating from the
Ateneo De Manila University in 1972. In 1997, he signed up for a graduate program on Local
Government Management from Bicol University where he was credited with masteral units.
Trustee Gotladera is a licensed real estate broker, receiving his board licensure from the State of
Illinois Board of Realtors in 1985.
Trustee Gotladera attended trainings on Corporate Governance Orientation Program for GOCCs
held on 16 January 2018.
137
Trustee MYLAH R. ROQUE
Private Employers’ Representative
Trustee Mylah R. Roque, Filipino, 49 years old, was appointed to the Pag-IBIG Board of Trustees
on 19 September 2017.
Trustee Roque is currently the managing director of Biancham Trading and Holdings Inc. since
2015. She worked at RPN9 as a broadcast journalist from 1995 to 2001 and at the Senate of the
Philippines from 1991 to 1995.
The National Museum exhibited her photographs of Marawi after the siege from September to
November 2018.
A published writer, Trustee Roque co-authored “Bittersweet Stories of Farm Workers in the
Philippines”, a book that examines agrarian reform cases in four provinces (Negros Occidental,
Negros Oriental, Bukidnon, and Davao Oriental), focusing on the best and the worst experience
of farmers on CARP. She also contributed to the book “The Right to Vote: Filipinos with Disabilities
and the 2013 Elections“, which tells the stories of people with disabilities (PWDs) in exercising
their right to vote during the 2013 elections. Both publications were published in 2013.
She graduated with a bachelor’s degree in Communication Arts from the University of the
Philippines, where she also completed the academic requirements for the Art History graduate
program.
138
 I. Executive Offices
Internal Audit Services Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Operations Audit Department
Manager - Gloria A. Bautista
Financial Audit Department
Manager - Nelin P. Paraiso International Operations Group
Legal and General Counsel Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Corporate Business and Legal Advisory
Department OFW Technical and Administrative Services
Manager - Atty. Deborah R. Capili
Legal Department
Manager - Atty. Jose Roberto F. Po
Pag-IBIG Fund Offices
Management Services Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Corporate Planning Department
Manager - Ronnald S. Guevarra
Management Systems Department
Manager - Wennie B. Jaudian
Research and Development Department
Manager - Anella Marie L. Allena
Public Relations and Information Services
Group
Member Relations Department
(JELP Bldg., 409 Shaw Boulevard, Mandaluyong
City)
Manager - Jerrilyn L. Pilar
Public and Media Affairs Department
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Manager - Florencio Pedro O. Galang, Jr.
139
II. Member Services Cluster
Member Services Operations Sector
Other Working Group Project Team
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Manager - Domingo C. Jacinto, Jr.
(317 Justine Building, Sen. Gil J. Puyat Avenue,
Makati City)
OFW Center Operations Department
Manager - Juanito Angelito A. Jareño
Department
Manager - Rosette Ramona T. Ignacio
Member Services Operations- NCR North
East Group
Member Services Branch Operations-NCR
North
(795 Anchor Center, EDSA, Quezon City)
Officer-In-Charge - Fernando C. De Paz
Member Services Branch Operations-NCR East
(611 Westar Building, Shaw Boulevard, Pasig
City)
Officer-In-Charge - Perlacita A. Roldan
Member Services Operations- NCR South
West Group
Makati Central Business District-NCR South
(317 Justine Building, Sen. Gil J. Puyat, Makati
City)
Manager- Yolanda A. Febre
Outside Makati Central Business District-NCR
South
(317 Justine Building, Sen. Gil J. Puyat Ave.,
Makati City)
Manager - Vincent N. Nery
140
 Member Services Operations-NCR West
(Roxas Strip Building, Libertad cor. Roxas
Boulevard, Pasay City)
Manager - Sylvia A. Vista
Technical and Administrative Support-Cavite
(Olma Building, Emilio Aguinaldo Highway,
Imus, Cavite)
Manager - Jannet P. Cayabyab
NCR Technical and Administrative Support
Group
Technical and Administrative Support-NCR
North
(145 Union Square Condominium, 15th Ave.,
Cubao, Quezon City)
Manager - Josephine M. Rodriguez-Santiago
Technical and Administrative Support-NCR
East
(145 Union Square Condominium, 15th Ave.,
Cubao, Quezon City)
Manager - Christian C. Chua
Technical and Administrative Support-NCR
South
(317 Justine Building, Sen. Gil J. Puyat Ave.,
Makati City)
Manager - Helen M. Paner
Technical and Administrative Support-NCR
West
(317 Justine Building, Sen. Gil J. Puyat Ave.
Makati City)
Manager - Melba Flor M. Badilla
Technical and Administrative Support-Imus
(Olma Building, Emilio Aguinaldo Highway,
Imus, Cavite)
Officer-In-Charge - Mary Ann C. Orias (Gaisano Grand City Mall, Araneta St.,
Member Services Operations- Luzon
Group Northern Mindanao Area
Central Luzon I Area
(Suburbia Commercial Center, Maimpis, City
of San Fernando, Pampanga)
Area Head - Imelda Nimfa A. De Guzman
141
Central Luzon II Area
(Suburbia Commercial Center, Maimpis, City
of San Fernando, Pampanga)
Area Head - Florentino D. Yumul
Ilocos Region Area
(Pag-IBIG Fund Building, Government Center,
San Fernando City, La Union)
Area Head - Mary Jocelyn N. Retuya
Cagayan Valley Area
(Editha Tuddao Building, Balzain Road,
Tuguegarao City, Cagayan)
Area Head - Elvis C. Salonga
Southern Tagalog Area
(High Rise Business Center, Brgy. Halang,
Calamba City, Laguna)
Area Head - Maria Elsa C. Naga
Bicol Region Area
[Bldg. 1 ALDP Plaza Mall, Roxas Ave. (Diversion
Road), Naga City]
Area Head - Ma. Luisa P. Barcebal
Member Services Operations-Visayas-
Mindanao Group
South-Central Visayas Area
(WT Corporate Tower, Mindano Ave.
cor. Archbishop St., Cebu Business Park, Cebu
City)
Area Head - Jovelita V. Custodio
North-Central and Eastern Visayas Area
(WT Corporate Tower, Mindano Ave. cor.
Archbishop St., Cebu Business Park, Cebu City)
Area Head - Sulpicio C. Villegas
Western Visayas Area
Singcang, Bacolod City)
Area Head - Ronnie S. Abelo
(Pag-IBIG Fund Building, J.R. Borja-Mortola St.,
Cogon, Cagayan de Oro City)
Area Head - Ferdinand F. Saniel
Western Mindanao Area
(Pag-IBIG Fund Building, San Jose Road,
Baliwasan, Zamboanga City)
Area Head - Mary Joanne I. Reyes
Southern Mindanao Area
(Pryce Tower Building, JP Laurel St., Davao
City)
Area Head - Elizabeth V. Tinagan
South-Western Mindanao Area
(EJ Yomom Building, Santiago Boulevard,
General Santos City)
Area Head - Manolito O. Olegario
III. Home Lending Operations Cluster
Home Lending Operations – Luzon Group
San Fernando Housing Business Center
(Suburbia Commercial Center, Maimpis, City
of San Fernando, Pampanga)
Business Development Department
Officer-In-Charge - Brenda T. Cao
Loans Origination Department
Manager - Philip S. Keith
Loans Management and Recovery Department
Manager - Josephine S. Reyes
La Union Housing Business Center
(Pag-IBIG Fund Building, Government Center,
Sevilla, San Fernando City, La Union)
Head - Lydia T. De Castro
Tuguegarao Housing Business Center
(Editha Tudda Building, Balzain Road,
Tuguegarao City, Cagayan)
Head - Engr. Danilo P. Catolos
Calamba Housing Business Center
(High Rise Business Center Building, Brgy.
Halang, Calamba City, Laguna)
Business Development Department
Head - Engr. Sigfred T. Briones
Loans Origination Department
Manager - Jerome V. Badiong
Loans Management and Recovery Department
Manager - Noli O. Martirez
Naga Housing Business Center
(Bldg.1 ALDP Plaza Mall, Roxas Ave., Naga City)
Head - Theody Jean D. Amador
Home Lending Operations - Visayas-
Mindanao Group
Cebu Housing Business Center
(WT Corporate Tower, Mindanao Ave. cor.
Archbishop St., Cebu Business Park, Cebu City)
Loans Origination Department
Manager - Paulino C. Talacay
Loans Management and Recovery Department
Manager - Anthony L. Maglunsod
Bacolod Housing Business Center
(Gaisano Grand City Mall, Araneta St.,
Singcang, Bacolod City)
Manager - Wilmer B. Lirazan
Cagayan De Oro Housing Business Center
(Pag-IBIG Fund Building, J.R. Borja-Mortola St.,
Cogon, Cagayan de Oro City)
Manager - Reynaldo P. Cue
Zamboanga Housing Business Center
(Pag-IBIG Fund Building, San Jose Road,
Baliwasan, Zamboanga City)
Head - Eric Ignacio F. Matutino
Davao Housing Business Center
(Pryce Tower, JP Laurel St., Davao City)
Business Development Department
Manager - Cesar C. Bazan
Loans Origination Department
Manager - Engr. Noli D. Armada
Loans Management and Recovery Department
Manager - Cesar Virgilio A. Labuguen
142
Loans Operations Sector
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Housing Operations Support Unit
Head - Napoleon V. Ala II
Property Valuation Department
Manager - Engr. Maria Imelda E. Pabros (409 JELP Business Solutions Building, Shaw
Loans Origination Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Servicing Department
Manager - Mary Annette R. Samano
Foreclosure Department
Manager- Merlyn P. Medina
Business Development Sector
Corporate Sales Group
Boulevard, Mandaluyong City)
Institutional Housing Department
Manager - Nanette Gerarda T. Abilay
Acquired Assets Management Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Administrative Services Sector
Human Resource Services Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Human Resource Development
Department Department
Manager - Atty. Ryan R. Espinosa
Human Resource Management Department
Manager - Maria Joyce N. Mercado-Rojas
Facilities Management and General
Services Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Information Systems Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Information Systems Development
Manager - Robert E. Pilapil
Information Systems Quality Assurance
Department
Manager - Lilia Flor S. Ambal
Data Center Department
Officer-In-Charge - Jonathan D. Haber

Loans Evaluation Department I (Retail
Department)
Manager - Merlita A. Catapang
Loans Evaluation Department II (Developer
Assisted Department)
Manager - Priscila A. Valenzuela
Loans Management Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Accounts Management and Billing
Department
Manager - Ma. Socorro R. Singzon
Loans Support Services Department
Manager - Cristina A. Estepa
Loans Accounting Department
Manager - Editha F. Pascua
Loans Remediation Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Remediation Department
Manager - Annette V. Dominguez
Marketing and Sales Department
Manager - Yolanda M. Bordador
IV. Support Services Cluster
Financial Services Sector
Finance Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Operations Accounting Department
Officer-In-Charge - Lorna M. Del Rosario
General Accounting Department
Manager - Estrella A. Santos
Fund Management Group
(Corporate Headquarters, Petron Mega Plaza,
358 Sen. Gil J. Puyat Avenue, Makati City)
Treasury Department
Manager - Jose M. Manalese
Investment Department
Officer-In-Charge - Jose Rommel S. Bayan
General Services
Manager - Wilhelmina S. Espineli
Facilities and Office Services Department
Manager - Arch. Lora B. Rivera
Integrated Records and Information
Management Department
Officer-In-Charge - Nanette Angela L. Dacayo
Information Technology Services Sector
Information Systems Security Department
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Manager - Nilo M. Lumberio
Computer Operations and Support Services
Group
(409 JELP Business Solutions Building, Shaw
Boulevard, Mandaluyong City)
Electronic Data Processing Department
Officer-In-Charge - Arlene M. Chu
Computer Operations Task Force
Officer-In-Charge - Anya Regina T. Morales

143 144