MANILA, Philippines - Property developer Globe Asiatique owned by businessman Delfin Lee  withdrew its P3.3 billion initial public offering (IPO) application with the Philippine Stock Exchange after its underwriter decided to quit.

In a letter to the PSE on Monday, Globe Asiatique said that BDO Capital and Investment Corp. has resigned as the issue manager and lead underwriter or the company's public offering.

"In the light of this development, Globe Asiatique has to respectfully request the withdrawal of our approval by the Exchange due to the unexpected resignation  of our issue manager and lead underwriter," the company said.

Globe Asiatique said that with BDO Capital's resignation, the company will experience " obvious insurmountable difficulties" in its ability to launch a successful IPO.

The real estate firm said it was aware of BDO Capital's intention to resign until it received a letter of resignation from its underwriter.

BDO Capital president Ed Francisco said in a text message that the company quit as underwriter of Globe Asiatique because of the company's decision to put off its IPO.

"We resigned as the IPO has been postponed and they (Globe Asiatique) are considering withdrawing IPO approval totally," Francisco said.

Last Wednesday, Globe Asiatique disclosed to the exchange that it wil defer its intended initial public offering "mainly due to the weak global market conditions."

Despite the allegations that Globe Asiatique has "fictitious housing borrowers," the company said it still believes in the soundness of its business plan and model.

"Globe Asiatique still believes that it does still offer an extremely attractive investment for the public and hopes to one day be able to realize its goal of launching a successful initial public offering on the exchange," the company said.

As this developed, Jose Leviste Jr., an independent director of Gloe Asiatique,  tendered his irrevocable resignation as board member in a letter addressed to the company's corporate secretary.

On Monday, the Ombudsman has created a task force that would probe alleged anomalies in the home loans granted by state-run Home Development Mutual Fund or Pag-IBIG Fund to Globe Asiatique.

Assistant Ombudsman Jose de Jesus said that chief Ombudsman Merceditas Gutierrez has issued Office Order 345 creating the task force. that will  conduct an investigation on the alleged fradulent use of Pag-IBIG loans for Globe Asiatique's housing projects in Pampanga.

The probe comes in the wake of reports that Pag-IBIG released hefty amounts to Globe Asiatique for its housing projects to applicants who are not Pag-IBIG members.

Vice President Jejomar Binay, chair of the Housing and Urban Development Coordinating Council, or HUDCC, which groups seven housing-related agencies, including the Pag-Ibig Fund is mounting a case against Globe Asiatique and expects to file charges this week.