President of Pag-IBIG Fund quits post

MANILA, Philippines — The president and chief executive officer of Pag-IBIG Fund has quit his post. Radio dzBB's Nimfa Ravelo quoted lawyer Romero F.S. Quimbo as saying that he resigned because he would run as House representative for Marikina City's second district in the 2010 elections. He said he decided to leave his post because he did not want to be accused of using Pag-IBIG funds for his campaign. His resignation will take effect on June 15. Quimbo thanked Vice President Noli de Castro for supporting him. De Castro is the chairperson of Pag-IBIG and the Housing and Urban Development Coordinating Council. He denied reports that De Castro was dismayed with him for failing to ensure that 70 percent of Pag-IBIG's 2009 budget would be allocated to housing programs. Aie Balagtas See, GMANews.TV