PHILGUARANTEE surges with Php2.23-Bn comprehensive income, achieves 97% rating from GCG in its 2023 Performance Scorecard

State-owned Philippine Guarantee Corporation (PHILGUARANTEE) achieved a record-setting Php2.23-Bn in total comprehensive income, and garnered a final overall score of 97.37% from the Governance Commission for GOCCs (GCG), following its validation of the agency’s performance scorecard for CY 2023.

PHILGUARANTEE President and CEO Alberto E. Pascual lauded the unstinting efforts of the Corporation’s corps of officers and personnel in their drive towards performance excellence and ensuring the fulfillment of the mandate of the institution.

“This achievement speaks for the already remarkable transformation that continues to happen in the organization, beginning from the merger years,” Pascual said. “We owe this success to our entire workforce, and to whom we share this recognition as a testament to their hard work and sacrifice.”

In its November 20, 2024 report submitted to Finance Secretary and PHILGUARANTEE Board Chairperson Ralph G. Recto, and Pascual, GCG Chairperson Marius P. Corpus and Commissioners Brian Keith F. Hosaka and Geraldine Marie B. Berberabe-Martinez formally transmitted the results of their evaluation of the CY 2023 scorecard of PHILGUARANTEE. The performance scorecard forms part of the annual Performance Evaluation System (PES) for government corporations, which primarily aims to ensure the setting, monitoring and recognition of organizational performance and outcomes in the GOCC Sector.

For CY 2021 and CY 2022, PHILGUARANTEE registered GCG-rated scorecard results of 90.64% and 93.26%, respectively. It will be PHILGUARANTEE’s third year in a row, from 2021 to 2023, to achieve a historic performance milestone for its financial and operational outcomes. PCEO Pascual expects that as the Corporation brings 2024 to a close, it will be another banner performance year.

To highlight the key performance indicators, under its CY 2023 scorecard, PHILGUARANTEE’s gross loans guaranteed to the housing, MSME, and agriculture sectors reached Php242.08-Bn, higher by 1.38% compared to its CY 2022 performance of Php238.78-Bn. Alongside this outcome, the Corporation supported the financing and livelihood of 103,281 new housing borrowers, small and medium entrepreneurs, and small farmers and fisher-folk. With a higher 12% outcome for those assisted for CY 2023 compared to CY 2022, these beneficiaries and entrepreneurs were the result of the financing intervention made available by the banking system through the guarantee facilities of PHILGUARANTEE.

Since the effectivity of its merger in 2019 up to September 2024, PHILGUARANTEE’s cumulative guaranteed gross loans have reached Php527.64-Bn, 14% higher than the performance of Php461.53-Bn registered in 2023.

With its solid revenue performance, PHILGUARANTEE’s total comprehensive income registered Php2.33-Bn for CY 2023, which grew 236% from Php664-Mn based on audited financial results. Acquired assets disposition for CY 2023 likewise outperformed the prior year by a remarkable 1,341%, with Php1.01-Bn in sales.

Following the GOCC Awards Ceremony held at the PICC last November 25, PHILGUARANTEE obtained a Corporate Governance Scorecard (CGS) final rating of 90% (Outstanding) for its CY 2023 assessment, which outdid its CY 2022 result of 83.85%. Factors included on the CGS evaluation were on stakeholder relationship, disclosure and transparency, board responsibility, and disclosure and transparency.

PHILGUARANTEE is the Principal Agency for State Guarantee Finance of the Philippines, established as a result of the merger of state Philippine guarantee programs and agencies pursuant to Executive Order No. 58, s. 2018 as directed by the President of the Philippines. It is mandated to provide financing intervention through the provision of credit guarantees to strategic sectors of the economy – Housing, MSMEs/Priority Areas, and Agriculture. This is with the end in view of encouraging, promoting an ensuring viable enterprises and contributing towards socio-economic development.

From: Strategy Management and Communications Department