Pag-IBIG eyes raps vs Globe Asiatique
MANILA, Philippines - State-run Home Development Mutual Fund (Pag-IBIG Fund) will file charges against the owner of Globe Asiatique Realty Holdings Corp. this week for alleged fraudulent use of the agency's housing loans.
Vice President Jejomar Binay, chair of the Housing and Urban Development Coordinating Council or HUDCC, which groups 7 housing-related agencies including the Pag-IBIG, said he has also ordered a probe against Pag-IBIG officials who may have had a hand in the housing scam. But he refused to confirm if former housing czar and vice president Noli de Castro will be among those to be investigated.
"Kailangan mapag-aralan namin para 'di kami magkapaghabla ng 'di tama. Malinaw na may mga tao na nagpabaya sa tungkulin," Binay told ABS-CBN News.
Pag-IBIG said Globe Asiatique had taken out loans on behalf of about 9,000 buyers of its housing projects, but many of the borrowers were not even aware they had applied for loans.
"May mga borrowers na nagsasabi 'di sila nagapply ng housing loan. Yung iba sinu-surrender ang accounts dahil wala silang capacity to pay," noted Pag-IBIG officer-in-charge Emma Linda Faria.
Pag-IBIG has asked Globe Asiatique to buy back P1.1 billion in soured loan accounts. The agency has also threatened to "blacklist" the real estate developer.
Delfin Lee, owner and president of Globe Asiatique, has denied the allegations.
Lee said all transactions with Pag-IBIG were legitimate, and that the company has no "ghost" projects.
Lee also said that Globe Asiatique merely processed loan applications for its clients, and did not approve the loans.
"Hindi totoong peke ang buyers dahil miyembro ang mga ito ng Pag-IBIG," Lee said.
"Hindi lang reputasyon namin na labing-limang taon namin binuo ang sinisira. Yung reputasyon ng Pag-IBIG ay sinisira din."
But the Globe Asiatique official admitted he will not be able to pay what he owes the government housing agency.
"I don't have that amount of money to buy back. But if I have to buy back, then I have to cancel the contracts of the buyers with me. I will have to foreclose on them, I will have to kick them out of the house. I don't think I can do that," Lee said.
Globe Asiatique withdrew its P3.3 billion initial public offering (IPO) application with the Philippine Stock Exchange on Monday. The company was eyeing to raise capital to fund its development projects.
It said its underwriter, BDO Capital and Investment Corp., has resigned as the issue manager and lead underwriter of the IPO.
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Be Very AFRAID
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.
pag-ibig loans to globe asiatique
isa po ako sa mga nabigyan ng tig one thousand pesos na yun ng globe asiatique at nagulat nlang po ako a my dumating na bill galing pag-ibig sinasabing yun daw ang babayaran ko sa kinuha kong bahay sa xevera..san po ba kami pwede magreklamo..my action center po ba pwede puntahan para sa reklamo? tnx po..
globe astique SCAM
PNOY itong i sample niyo sa fight against corruption ikulong si Delfin Lee........No whitewash........baka kasabwat mga imbestigator ninyo............
caught in the act
they were so bold, but got thwarted. they would have pointed the finger at the manicurista signing the housing loans, but she was smart enough and got out before hand. they lost their scapegoat, now they will just have to face the music. Binay is going after them.