Pag-IBIG head says no irregularities in Globe Asiatique projects

MANILA, Philippines - There were no irregularities, no anomalies.

Emma Linda Faria, officer -in-charge of Pag-IBIG Fund or the Home Development Mutual Fund, made this assertion amid charges and allegations that there were ghost borrowers in Globe Asiatique’s Xevera projects in Mabalacat and Bacolor, Pampanga.

Faria said that what happened was that the established internal control measures were not followed strictly, mentioning possible problem in post validation made days after the loan was granted.

Pag-IBIG Fund officials also told the Senate banking committee last Monday that Globe Asiatique did not receive any special privilege from the agency, debunking claims that the developer is a favored client.

The agency said it did not loosen guidelines and did not extend any letter of credit or loan guarantees to Globe Asiatique, and the express lane privilege given to the company was also given to 166 other developers. 

Pag-IBIG officials said the agency only gave Globe Asiatique assurance that it has the amount of P5 billion that can be made available to members wishing to buy units from the company.

This is nothing special, they said, as this funding commitment is also given to other developers and is subject to the agency’s regular terms and conditions like the loan application of qualified member is approved only upon completion of the desired housing unit.

Pag-IBIG Fund reiterated “no sweetener” was given Globe Asiatique.

Nevertheless, Globe Asiatique volunteered to give a five-year buy-back guarantee to Pag-IBIG Fund instead of just two years, the officials said.

The Pag-IBIG payment ratio report of August 2010 gave Globe Asiatique an almost perfect score of 99.98 percent.