Pag-IBIG blacklists property developer Globe Asiatique

Property developer Globe Asiatique (GA) can no longer secure loans from the state-run Home Development Mutual Fund (Pag-IBIG Fund) after it was blacklisted by the agency, an Pag-IBIG official said on Friday. Pag-IBIG’s officer-in-charge Emma Linda Faria said in a statement that Pag-IBIG Fund has “cancelled, revoked and nullified the Funding Commitment" granted by the agency to the property developer and its officials after failing to remit monthly installment payments since July. She added that GA also failed to buy back 1,753 accounts totaling to P1.2 billion for its Xevera project in Mabalacat, Pampanga. GA also failed to apply any of the accetaple remedies within the period prescribed by Pag-IBIG, Faria said. After being blacklisted, the property developer and its officials can no longer deal with Pag-IBIG for the processing and release of housing loan applications for members, Faria said. The company has also lost access to the agency’s express lane facility, Faria added. The agency official likewise advised GA property buyers to submit their housing loan applications directly to Pag-IBIG for processing under the retail or end-user window. Faria likewise assured current Pag-IBIG members that the blacklisting will not affect the agency’s financial stability, and that the agency will find solutions to problems that may arise because of the cancellation of GA’s servicing agreements. Vice-President and Housing and Urban Development Coordinating Council (HUDCC) chairman Jejomar Binay earlier ordered a probe into the GA’s project in Pampanga. A Senate body also started last week an inquiry into the alleged use of Pag-IBIG funds for bogus housing loans and questionable housing development projects. –VVP, GMANews.TV