Building a model Pag-IBIG Fund
Originally appeared on Pag-IBIG Fund - Official Website.
To transform the Pag-IBIG Fund into an ideal, benchmark or model institution for both government and private sectors. This sums up President & CEO Miro S. Quimbo’s vision for the Pag-IBIG Fund for the next five years.
In his opening message during the 2005 Strategic Planning held in Tagaytay in late July, Atty. Quimbo noted that the Fund has come up with generally commendable performance annually. Still, there are intermittent occasions when the institution failed to achieve many of its targets.
“We’d like to put an end to having gaps in our targets vis-à-vis our performance hence, we seek to implement a five-year strategy I am calling the IBM (ideal, benchmark or model) Plan,” the CEO said.
As one of the most profitable companies in the nation, the Pag-ibig Fund anticipates a better service for 2005, and looks back at its remarkable performance as the year ends.
The CEO identified the key areas in the Pag-IBIG Fund scorecard that will serve as launching pad for the specific activities the Fund can undertake to realize the vision.
Under customer perspective, Atty. Quimbo envisions a Pag-IBIG manpower known to be the most friendly, courteous and professional in terms of dealing with clients. To reinforce this image, the CEO is looking at standardizing the office’s physical facilities to one that represents professionalism, cleanliness and efficiency. “A clutter-free environment exudes the image that the organization is being professionally run,” Atty. Quimbo observed.
Part of the vision for a model Pag-IBIG is the implementation of a fully-automated, fully-integrated and fully-complete business process that would allow members immediate and accurate access to their personal records and other information. Establishment of additional payment centers will also be a key component for this area. All of these activities put premium to members’ convenience which, the CEO stressed, is a primary objective. “Members should be able to pay anywhere, and our payment areas should be comfortable and beautiful.”
Stronger financially
Atty. Quimbo called on the vice presidents to work together towards making the Pag-IBIG Fund a leading financial institution in terms of sound management practices, financial strength and innovation. “Our organization certainly has all these today but we should strive to sustain a reputation for it,” the chief executive said. This can be achieved by continuing to float bonds, securitizing MPL receivables, and providing members a different menu of services and investment instruments that are even better than those of banks.
Atty. Quimbo also suggested that the Fund embark on other new businesses it has always planned to undertake. One is making the Fund’s housing operations separate from its provident activities. “We must gradually shift from mortgage financing to pure funding of housing initiatives while at the same time, maintaining a vigorous provident operations. We would like to see banks undertake mortgage origination for us.” The Pag-IBIG head observed that with the current set up, the Fund has accumulated a huge basket of receivables that now needs to be converted.
The Fund should also consider establishing its own insurance business, an idea the institution has not fully exhausted, as well as rationalizing the organizational set up which shall include out-sourcing most Fund activities including collection, technical activities and loans origination.
Personnel Growth, Improved Benefits
The chief executive posted three main challenges for learning and growth. He encouraged the council of vice presidents to continuously enhance the skills of current Pag-IBIG employees, as well as exert efforts to maintain its good workers, both regular and contractual personnel. More importantly, Atty. Quimbo urged the group to develop potential leaders who may be the new managers of the Fund. “The test of a leader is not just the ability to lead but the ability to develop new leaders,” Atty. Quimbo said. He added that the cross posting system recently implemented is intended to address this need. “Moving someone from one area (of work) to the next will allow a fresh look for new individuals who can take the Fund to where it should be in terms of growth,” the CEO added.
The CEO also gave his insights on the directions the Fund can take relative to improving the benefit package for its employees. “We should have our current charter amended within a specific timetable, probably by December of 2006. A new charter can address the requirements of the organization, primarily the needs of our employees.” He later suggested undertakings like coming up with a rationalized base structure that attuned to the times; developing a retirement fund that can be funded from other innovative sources; develop a mutual benefit program as well as expand the medical benefits to cover all contingencies; and establish a fully functioning cooperative owned by the employees.