Pag-IBIG president resigns

MANILA, Philippines - A top official of the Home Development Mutual Fund (Pag-IBIG) ordered investigated by Vice President and Housing and Urban Development Coordinating Council (HUDCC) chair Noli de Castro on the amendments in the housing agency’s Charter has resigned.

Romero Quimbo, president and chief operating officer of HDMF, cited as reason his congressional bid in the 2nd District of Marikina in the 2010 election.

His terminal leave started last March 16, but his resignation would take effect on June 15.

The STAR reported last February that De Castro was “kept in the dark” by the HDMF management when they quietly worked and almost succeeded in changing the shelter agency into a provident fund and increase the perks of its officials.

Sources at the Pag-IBIG Fund told The STAR that an investigation by the HUDCC on the shelter agency’s management under Quimbo and other officials has begun.

De Castro reportedly discovered an alleged orchestrated move by the management to convert Pag-IBIG Fund into a provident fund similar to the Social Security System (SSS) and Government Insurance Service Insurance System (GSIS) supposedly to enable the use of a big percentage of the agency’s funds to provide housing loans for employees and investments.

Sources explained that the shift of its function to providing housing loans will be made possible by removing the provision in the agency’s Charter that it should “invest not less than 70 percent of its investible fund to housing.”

The Pag-IBIG management plan would concentrate on pouring agency investments in big companies, instead of the “difficult” and “problematic” housing program, sources said.

The investments would also mean big perks for management.