The Financial Management Practices of Selected Accounting and Financial Units of the Pag-IBIG Fund in the National Capital Region
Keywords:financial, management, Pag-IBIG fund, planning, control, reporting, communication, information system
The study aimed to assess the effectiveness of the financial management practices of selected accounting and financial units of Pag-IBIG Fund in the National Capital Region. The researcher gathered all the relevant data which were subjected to statistical treatment. As revealed, the dominant respondents belong to the age bracket of 20-29 years of age. Majority of the respondents were female and bachelor’s degree holders. The dominant respondents had an income range of P40,000 and above. Majority of the respondents have been with the Fund between 1 to 9 years. Majority of the respondents were rank and file and organic employees. Dominant of the employees had an annual average of 1 to 2 related training sessions attended in the last three years. The respondents’ perception of financial management practices in terms of financial planning, financial control and monitoring, and financial reporting and communication was very effective. The respondents’ knowledge of the financial management practices in terms of accounting information system/ process was effective. There was no significant difference in the respondents’ assessment on the different aspects in the effectiveness of financial management practices when they are grouped according to job position level and employment status, while there was significant difference when they are grouped according to age, sex, highest educational attainment, average monthly income, number of years as employee, and number of training sessions/ seminars attended. As such, the Pag-IBIG Fund should have a formal computerized program for a budget management system, and adequate workforce in the accounting and financial units. The accountant should have time to review reports before submission to end-users.