Explain questionable loans, PSE says to Globe Asiatique
MANILA, Philippines (UPDATE) - The Philippine Stock Exchange (PSE) wants property developer Globe Asiatique Realty Holdings Corp. to explain reported questionable housing loans it made through its underwriter, BDO Capital and Investment Corporation.
The PSE on Thursday demanded that Globe Asiatique provide the exchange with detailed explanations and additional documents to address the issues raised in several news reports.
The Philippine Star reported on Thursday that the Securities and Exchange Commission (SEC) is conducting its own investigation into allegations Globe Asiatique had committed fraud in its housing projects with the government-run Home Development Mutual Fund.
The newspaper quoted SEC associate commissioner Juanita Cueto as saying news reports alleging Globe Asiatique had falsified documents to take out loans from HDMF for buyers of its housing projects in Pampanga were alarming.
News reports alleged that the property developer stashed around P7 billion in housing loan proceeds by registering dead people or ineligible borrowers as HDMF, or Pag-IBIG, members.
The PSE said that prior to its approval of Globe Asiatique's proposed initial public offering (IPO), it directed the company to fully disclose in its IPO prospectus the significant issues raised in the news articles.
On Wednesday, Globe Asiatique informed the PSE that it was "compelled to defer its intended initial public offering mainly due to the weak global market conditions."
Globe Asiatique has not provided the PSE with a definite timetable for its IPO.
The PSE advised Globe Asiatique that the board's approval of its listing application is valid only for a period of 6 months from receipt of the notice of approval.
"The PSE will update the public of any developments on Globe Asiatique's IPO," PSE President and Chief Executive Officer Val Antonio B. Suarez said.
On Thursday, the main index of the PSE rose by 73.13 points or 2% to 3,666.54, its best level in 32 months.
Globe Asiatique CEO welcomes probe
Officials of Globe Asiatique welcomed any investigation into the property developer’s operations.
Globe Asiatique president and chief executive officer (CEO) Delfin Lee told ABS-CBN News that he is willing to undergo any probe.
“There is no truth to this controversy,” he said.
Lee also denied reports that Globe Asiatique was involved in “ghost communities”.
“Kung meron mang mga bahay ang walang tao, those most likely belong to [overseas Filipino workers] (Empty houses in our real estate projects, most likely belong to overseas Filipino workers)," he claimed.
Real estate brokers and agents threw their support behind Lee and the company.
“Bilang estate broker, tiwala kami sa kanya (As real estate brokers, we trust him),” said Marilou Garbez.
Sales agent Beth Librenza said “there is no truth” to allegations against Globe Asiatique.
House Majority Leader Neptali Gonzales II has filed House Resolution 316 asking the committee on good government to investigate allegations that the government housing program extended questionable loans to the property developer.
The Mandaluyong representative said the overextension of US investment management companies like Lehman Brothers caused the recent global recession.
Gonzales added that if left unchecked, the same can happen in the country.
Cavite Representative Elpidio Barzaga Jr. filed a similar resolution.
Other lawmakers such as San Juan Representative JV Ejercito vowed to support the investigation into the allegedly bogus Pag-IBIG loans.
Ejercito said he used to be a estate developer himself and claimed knowing some realty companies who try to cash in on the government housing program. – with a report from Jayvie Dizon, ABS-CBN News Pampanga
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know where your saving your money
Imagine jumping into the ocean without even a life vest to support your inability to swim--stupidity?--no. It is fiction. No one would do it unless a great need to do so arises. Unless you want to swim with the sharks and the unknown in the ocean, no one would dare to do so. So in the case of Pagibig, why would they dare jump? Well, my guess is they did not know. Someone might have pushed them to jump? If you think about it, in what’s happening now, pagibig ang talo. Y? kasi sila ang nagpautang sa mga buyers presented by globe asiatique to be good buyers with matching complete requirements to prove it. According to the news, said developer has a good track record and so they were accredited by pagibig to prescreen buyers. Coming from a trusted source, you will not doubt their capability to approve buyers. Let us say pagibig did lack some points there by being too trusting. Y would they put that much trust in delfin lee? I wonder? Someone big must be backing him up? The result of these anomalies is that pagibig will have to collect payments from these buyers who doesn’t seem to exist or does not seem capable of paying loan amortizations pala. Good thing, these properties have collaterals which is the title it self. One thing I know about collaterals is that it has a higher value than the amount borrowed. The problem now, if they cannot collect payments, is how to sell the collateral and turn it into cash. It would take sometime before they realize these collaterals into cash but one thing is certain, in time, the 1 billion something that pagibig cannot collect from delfin lee will be returned to the pool of funds of pagibig in an amount more than the 1 billion in question—once these properties are sold, that is. I hope the senators will mandate delfin lee to pay up--or else. To pagibig, I am a grateful member who wishes to help. I am confident that my savings are secured unlike others who do not know the background of the institution they are saving in. Well--I do.
NC
NC
ONE WAY OF DRAINING PEOPLES MONEY
Be AFRAID be very AFRAID...
by The Patriot on Mon, 09/13/2010 - 16:14
BEWARE AND BE VERY AFRAID.. THIS IS AN OLD DIRTY STRATEGY BY REAL STATE DEVELOPERS TO SELL HOUSE AND LOT PROJECTS FASTER THAN HOT CAKES WITHOUT HASSLE VIA SYNDICATED AGREEMENTS WITH CORRUPT GOVERNMENT HOUSING FINANCING AGENCY OFFICIALS.
SIMPLE CROOKED MECHANICS.
1. REAL STATE DEVELOPER BUILDS HOUSE /LOT
2. DEVELOPER AND AUTHORIZED BROKERS PLAN FAST MARKETING STRATEGY IN HARD TIMES THRU GOVERNMENT FINANCING AGENCIES
3. SPECIAL AGREEMENT BETWEEN DEVELOPER/BROKER AND CORRUPT GOVERNMENT FINANCING AGENCY OFFICIALS TO APPROVE HOUSING LOANS OF APPLICANTS EVEN WITHOUT THE CAPACITY TO PAY BACK.
4. WITH THE LOAN APPROVED THE GOVERNMENT FINANCING AGENCY PAYS ITS FULL PROPERTY CONTRACT PRICE OBLIGATION TO THE DEVELOPER/BROKER.
5. THE DEVELOPER /BROKER HAD SOLD OUT ANOTHER PROJECT EVEN IN HARD TIMES.
6. THE CORRUPT AGENCY OFFICIAL (IN THIS CASE PAGIBIG) POCKETS BRIBE MONEY FROM DEVELOPER/BROKER.
NEXT WORST SCENARIO:
7. THE BUYER HAPPILY MOVES IN TO NEW HOUSE AND LOT, STILL WONDERING HOW HE GOT APPROVED BY PAGIBIG WITHOUT THE CAPACITY TO PAY BUT ONLY MANAGED TO SAVE FOR THE LOW DOWNPAYMENT. PRAISE THE PAGIBIG HE NOW OWNS A HOUSE AND LOT!
8. LETS FAST FORWARD : AFTER A YEAR OR TWO OF PAYING MONTHLY AMORTIZATIONS WITH PAGIBIG, BUYER BECOMES A DELINQUENT PAYER OR WORST STOPPED PAYMENTS ( SINCE HIS CAPACITY TO PAY WAS ”BLINDLY” TAKEN IN AND FINANCIALLY UNSTABLE ).
9. SINCE LOAN WAS PAYABLE FOR 5-10-15 -25 YEARS THE GOVERNMENT CARRIES THE LOAN BURDENS AND SUFFERS FINANCIALLY.AND HAVE NO CHOICE BUT STILLTO HELP DELINQUENT OWNERS BAIL OUT THRU LOAN RESTRUCTURING PROGRAMS THOUGH OTHERS END UP IN FORECLOSURES. THE WOST HAD HAPPENED AND DAMAGE DONE.
10. THE CORRUPT PAGIBIG OFFICIAL COULD ENRICH HIMSELF IN JUST A MATTER OF YEARS AND VANISH EARLIER OR ABLE TO GO SCOT FREE UP TO HIS TERM.
11. THE REAL ESTATE DEVELOPER / BROKER CONTINUE TO PROSPER AND DEVELOP MORE PROJECTS USING THIS LUCRATIVE VISCIOUS CYCLE.
GOVERNMENT AND PEOPLES MONEY IS SIMPLY TRANSFERRED TO BANK ACCOUNTS OF CORRUPT OFFICIALS AND BUSINESSMEN IN THIS SYNDICATED SCAM.
THIS IS A BIG PAIN IN THE NECK OF OUR GASPING NATION. THIS IS ONE OF THE MAJOR CAUSES OF THE RECENT RECESSION THAT STARTED TO HAPPEN IN THE U.S. AND BECAME A WORLD FINANCIAL PLAGUE.
THE SENATE AND CONGRESS MUST ACT FAST ON THIS ISSUE , WE HAVE SEVERAL SUCCESSFUL AND KNOWLEDGEABLE REAL ESTATE DEVELOPERS ALREADY IN THE HIGHEST POLICY MAKING BODY OF THE GOVERNMENT. LET HEADS ROLL AND SET EXAMPLES ,OR FORGET THE PROGRESS THAT THE PEOPLE ARE HOPING FOR.
APPEAL TO OUR PRESIDENT AND VICE PESIDENT WHO CHAIRS THE HDUCC TO STEP IN ON THIS . THIS IS A CLEAR FINANCIAL CRISIS OUR COUNTRY IS FACING. TO BE FAIR AND HAUL IN MORE BIG FISH INVESTIGATE GLOBE ASIATIC FIRST AND ALL SUSPECTED REAL ESTATE DEVELOPERS /BROKERS AND OTHER GOVT HOUSING FINANCIAL INSTITUTIONS
Xevera
If they have to investigate Globe Asiatique, investigate ALL developers as well. Baka naman gawa lang ito ng ibang developer na naiinggit sa GA dahil compared sa subdivision nila, iba talaga ang projects ng GA. But I'm not saying that they should stop the investigation, Imbestigahan niyo lahat ng developers kasi di lang naman sa GA may mga borrowers na di talaga nakakabayad, di naman maiiwasan yun.
Na-engganyo talaga kaming bumili sa Xevera kasi ang ganda ng amenities at maintenance. Sa mababang presyo ng townhouse nila, hindi mo aakalain na ang mahihirap ay pwedeng magbuhay mayaman.
My family acquired a townhouse at Xevera thru a PAG-IBIG loan & I never felt that GA facilitated the fast approval of our loan. On the contrary, GA really scrutinized and made sure that we strictly complied with the requirements before they submitted our "folder" to PAG-IBIG.
I would also like to mention that when this issue first came out, we initially got worried because I am aware of the agreement between GA and PAG-IBIG that GA shall collect and remit monthly payments to PAG-IBIG. Kudos to GA because they didn't abuse our trust and all our monthly payments were remitted to PAG-IBIG.
Furthermore, we can’t expect GA to personally know all prospective buyers na pumupunta sa kanila. Kung meron mang hindi nakakabayad ng monthly nila sa PAG-IBIG, diba dapat rimatahin ng PAG-IBIG yung townhouse?
Camella
Whatever happened to all those accusations brought up during the campaign against Camella of Villar? Wasn't it also accused of doing something similar... Hope this one does not end up the same, i.e., forgotten...