Express lane not a special privilege, says Pag-IBIG

MANILA, Philippines - The Pag-BIG Fund or the Housing Development Mutual Fund said its express lane, where loans are granted within seven days, is not a special privilege and it has not entered into special arrangement with any housing developer.

Pag-IBIG officials, headed by Tess Gonzales, told the Senate banking committee hearing last Monday that the express lane facility given to housing buyers of Globe Asiatique Realty Holdings Corp. is also available to buyers of 166 other developers.

Pag-IBIG said this facilitation service is given to developers because they have a good track record, one that is better than most others, like in the loan repayment and completion of housing units. Others outside the list of the 167 developers can also avail of Window 1 or the express lane provided they meet the very strict requirements of the agency.

Pag-IBIG officials said Globe Asiatique has met these stringent requirements, pointing out that the company does not owe the agency a single centavo as of this date and has an almost perfect repayment score. In a letter dated Aug. 2 this year, Pag-IBIG Fund informed the developer that its repayment record is 99.98 percent.

Globe Asiatique was given awards by the Housing and Land Use Regulatory Board as “leading developer” and “most pioneering and responsive developer of the year” by the (HLURB) Housing and Land Use Regulatory Board. It has always finished its housing projects on time, often ahead of schedule.

The agency’s executives, responding to questions of Sen. Serge Osmeña, said they have not given Globe Asiatique any loan guarantee or any letter of credit unlike other developers, debunking claim that the now controversial realty firm is a favored client.

Despite this, Pag-IBIG Fund officials said Globe Asiatique volunteered to give a five-year buy-back guarantee unlike the two-year guarantee given by other developers. This makes sure the agency’s money is safe and protected.

Osmeña commented that the alleged privileges given to Globe Asiatique are “not concessions” and admitted that Globe Asiatique was actually given “a heavier load.”       

Pag-IBIG officials also clarified it is the the one that always approved the housing loans, including those buyers of Globe Asiatique’s Xevera projects. It said further that approval of membership was not delegated but always remains with the agency.