Pag-IBIG blacklists Globe Asiatique

MANILA, Philippines - The Home Development Mutual Fund or Pag-IBIG Fund has blacklisted Globe Asiatique and that a full audit of all its accounts is now being conducted, its officer-in-charge Emma Linda B. Faria said yesterday.

Faria also disclosed that as of Aug. 31, 2010, the company racked up notices of buyback totaling P1.1 billion for Xevera housing loans.

“While this amount is by no means small, this represents only half of one percent of the total assets of the Fund and is fully collateralized. We would like to assure our members that this will not affect the agency’s financial stability and capability in providing the necessary services to them,” she said.

Pag-IBIG Fund said Globe Asiatique’s Xevera housing projects in Pampanga involved fake borrowers because of the agency’s own validation and internal control mechanisms.

Pag-IBIG Fund also said the savings of its members would remain under their names and will be released as loans only for their benefit, officials assured yesterday.

“The Pag-IBIG Fund remains firm in its commitment to protect its members’ hard-earned savings. Our members need not worry about the safety of their savings. Their funds are intact, and will remain under their names and will be lent or, at maturity, released only to them for their benefit,” Faria said.

Faria also said that the agency is on track in meeting its income and dividend targets for the year.

“Pag-IBIG is still on track in meeting its income/dividend targets for the year 2010,” she said, adding that the Fund will continuously review existing Pag-IBIG guidelines and policies “to further strengthen internal audit processes and enhance risk management measures.”