Asiatique: Members, not developer, owe Pag-IBIG

MANILA, Philippines - Real estate developer Globe Asiatique (GA) disputed allegations that it has an outstanding loan of P6.6 billion with the Home Development Mutual Fund, also known as the Pag-IBIG Fund, a lawyer representing the firm said yesterday.

Willy Rivera said Pag-Ibig members who obtained properties in the Xevera projects in Pampanga are the ones who have outstanding loans with the agency, as the firm only acted as a guarantor.

Rivera explained that Pag-Ibig members applied for housing loan with Pag-IBIG, which approved their loans after checking their eligibility to borrow from the agency. Pag-IBIG released the checks to members, who in turn paid their amortizations to Asiatique, he said.

“As part of the agreement with Pag-Ibig, Globe Asiatique helps in the collection of the monthly amortizations from the borrowers for the loans they obtained and turns over the collections or payments to the Fund,” Rivera said.

He said now that these members cannot pay “and have abandoned their houses and properties, Pag-IBIG is going after us.”

Rivera stressed that the amounts being mistakenly mentioned as supposed loans by GA are funding commitment lines (FCL), which are actually standby credit lines, being extended by Pag-Ibig to developers.

“Through the FCL, Pag-Ibig assures developers of the availability of funds for the takeout of housing loan applications that they (developers) deliver to the Fund,” he said.

The P6.6-billion loan being mentioned by some sectors was possibly arrived at by multiplying the 9,951 Xevera units sold by the average price of P660,000 per unit, Rivera said, but noted that this equation only totals P906 million. He said what should not be ignored are the more than 8,600 unit borrowers who are good payers and paying directly to Pag-Ibig.