Pag-IBIG starts blacklist proceedings vs Globe Asiatique

The Pag-IBIG Fund on Tuesday said it has started the proceedings to blacklist real estate developer Globe Asiatique Realty Holdings Corporation for allegedly scamming at least P6.6 billion in housing loan proceeds. “In the case of Globe Asiatique, we have initiated the blacklist proceedings based on the results of our investigation," said Emma Linda Faria, officer-in-charge of the Pag-IBIG Fund. She said Globe Asiatique allegedly took out at least P6.6 billion in housing loan proceeds for buyers of its housing projects in Pampanga even though the units were not yet completed, or were below standard, unoccupied, or closed. Some of the buyers were allegedly fake Pag-IBIG members or ineligible for membership while others used spurious loan accounts. Upon discovering this, Faria said Pag-IBIG suspended Globe Asiatique’s access to the Home Development Mutual Fund housing program express lane facility. She likewise said that they have terminated the company's Collection Servicing Agreements and are “speeding up" the determination of administrative, civil and criminal liabilities against the company. Globe Asiatique has yet to issue an official statement regarding Faria’s accusations. No worries Despite this, Faria assured Pag-IBIG members that the agency’s budget for services and lending operations remain “unaffected" by these “spurious" transactions. “Our members need not worry about the safety of their savings. Their funds are intact, and will remain under their names and will be lent or, at maturity, released only to them for their benefit," she said. Majority Leader Neptali Gonzales II has earlier sought an investigation of Pag-IBIG officials who have allegedly allowed the funds to be used for bogus housing loans and fraudulent housing schemes and projects. The Pag-IBIG fund, also known as the Home Mutual Development Fund, is a government housing program. Republic Act 9679, or the Home Mutual Development Fund Law of 2009 (also known as the Pag-IBIG Law of 2009), made membership into the Pag-IBIG fund mandatory for all employees of companies that are members of the Social Security System (SSS) or the Government Service Insurance System (GSIS). - KBK, GMANews.TV