Lawmaker seeks inquiry on housing projects

BACOLOR -- A Pampanga lawmaker filed a resolution seeking inquiry into the reported problems in the pilot housing of the Home Development Mutual Fund (Pag-Ibig Fund) in Bacolor and Mabalacat town under Globe Asiatique Realty Holdings.

Pampanga Representative Aurelio Gonzales Jr., who filed House Resolution 343 at the House of Representatives, told Sun.Star Pampanga that the move was designed to protect the Pag-Ibig Fund members and to come up with remedial measures to address the issue.

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To recall, Pag-Ibig Fund launched a pilot program for workers who are not formally employed but who earn money through small businesses. The program initially aimed to screen eligible borrowers from this sector and allow them to acquire loans for the purchase of real estate properties.

One of the accredited developers for the pilot program is Globe Asiatique Realty Holdings, which developed Xevera Townhomes in Bacolor and Mabalacat.

Initial media reports revealed that Globe Asiatique allegedly violated several warranties and commitments as an accredited developer of Pag-Ibig Fund.

It was alleged that employees or agents of Globe Asiatique offered money to some Pag-Ibig Fund members in order for them to apply loans and once approved, the houses were sold to other buyers.

Reports stated that the validation conducted by Pag-Ibig Fund revealed that almost 400 of these "borrowers" have issued disclaimers denying they took out loans from the Pag-Ibig Fund.

It has also been reported that as of June 30 this year, Pag-Ibig Fund has tallied more than 800 alleged fake members in the Globe Asiatique account.

It was also alleged that the developer was able to get P2 billion on top of the P5 billion funding commitment line from the fund, according to Gonzales's resolution.

In a two-part series published in a national broadsheet early this week, it was reported that Globe Asiatique had taken out nearly P7 billion in housing loans on behalf of nearly 9,000 borrowers in Xevera Bacolor and Xevera Mabalacat, two of the firm's housing projects in Pampanga.

The Pag-Ibig Fund is set to file charges against Globe Asiatique Realty Holdings Corporation for the land developer's alleged fraudulent use of the agency's housing loans.

Delfin Lee, president of Globe Asiatique, in a recent interview with media denied that allegations on the housing projects.

He told reporters that his firm "has no ghost housing projects (and) does not owe Pag-Ibig Fund a single centavo, and is the one which stands to lose money and not the government if the allegation that there are phony borrowers is true."

"It is not Globe Asiatique, which approve them, but merely processed loan applications, which (were) then forwarded to the proper government agency. The reported dubious accounts have been settled long before the adverse publicity, but (are) being sensationalized by media to destroy the company's IPO and to wreck its cash flow," Lee said.

He also claimed "it was Globe Asiatique, not Pag-Ibig, which discovered and reported the dubious accounts, not the other way around."

Meanwhile, Gonzales said he hopes to see the issues addressed in the congressional hearing to prevent similar occurrences in the future. He added both Pag-Ibig members and the buyers of the Xevera housing projects have the right to know the truth.

Gonzales said the congressional hearing will also allow Globe Asiatique to better air its side on the issue. (Ian Ocampo Flora)