HGC scores 5 rsts in international standards compliance
Classified a losing GOCC until 2013, state housing agency Home Guaranty Corp. (HGC) now leads international standards compliance in the public sector.
International Standards Organization (ISO) certifying body TUV Rheinland confirms HGC to be the first key shelter agency, the first government financial institution and the first government-owned-andcontrolled corporation to be conferred ISO 9001:2015 certifi for all its business processes.
ISO 9001:2015 is the latest in the series of International Quality Management System standards.
HGC is also the first Philippine government agency to have ISO/IEC 27001:2013 certification conferred to its information security management system. Compliant to both ISO 9001:2015 and ISO/ IEC 27001:2013, HGC scores another first in its integrated quality and information security management system.
Mandated to mobilize private funds for public housing through a system of guarantees and incentives, HGC’s financial viability was the subject of speculation, particularly its capacity to redeem the P12-billion zero-coupon bonds it issued in 2006 that matured in November 2013.
Prior to 2013 annual financial charges totalling more than a billion ate up the Corporation’s income ultimately resulting to hundred millions in net loss. After settling its P12-billion obligation in 2013, HGC projected a significantly lower net loss in 2014 and positive net incomes starting 2015.
In 2014, after long years of being in the red, HGC already registered a positive net income of P106.7 million. By the end of 2015, its income from operations was P875.8 million.
After expenses, taxes and other financial charges, the Corporation still registered a positive net income of P301.68 million. The Corporation’s net worth stood at P8.4 billion — almost three times the net worth in 2010.
HGC officer- in- charge Corazon Corpuz, a veteran public servant, declares “HGC’s turnaround was a result of conscientious effort to increase revenues, adherence to judicious spending and fiscal policies, instituting reforms in the guaranty business and putting in place a culture of quality and efficiency in all our business processes.”