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Globe Asiatique, a sixteen year old real estate development company, has been
accused in news papers of fraud and has reportedly been black listed by the Pag-IBIG
Fund for violating rules for housing developers.
The main allegation against Globe Asiatique is that it created fraudulent Pag-IBIG
accounts in order to gain access to home loans from Pag-IBIG Fund for its Xevera low
cost housing projects.
2. It did not receive P 6 Billion to P 7 Billion worth of funds from Pag-IBIG but was
merely granted a Funding Commitment Line, which is basically an allocation of
loans and not a loan itself. Furthermore, it had completely built all the housing
units prior to the loan availment – proof of which are documents signed by home
borrowers attesting to the completed status of the homes subject to the home
loan.
3. Pag-IBIG Fund did not lose money in transactions with Globe Asiatique since it
assumes payments of loans that go into default, in accordance with the Funding
Commitment Line as well as HDMF Circulars 247 and 259. Globe Asiatique is
bound by a five year buy back guarantee which requires it to assume payment of
any defaulting loans within a five year period.
4. The Other Working Group provision used by Globe Asiatique is mandated by the
Pag-IBIG Fund Law of 2009 and this provision allows informal income earners to
become members of Pag-IBIG Fund.
A. Globe Asiatique
Named Sta. Barbara Villas I. This socialized housing project has been a showcase for
the Housing and Land Regulatory Board (HLURB) and for other developers because of
its extensive development and having passed all the required geotechnic landslide and
erosion tests conducted by the Mines and Geosciences Bureau.
As the demand for housing rose, the company continued to deliver superior
developments to meet the needs of Filipinos, uplifting not only the quality of housing but
also the standard of living.
Today, Globe Asiatique Realty Holdings Corporation, remains to be one of the few real
estate companies to be market-oriented and service-focused. With the experience and
gained competence acquired through the years, we have evolved into serving different
markets from the socialized levels to middle-class levels. Our company has advanced
its effort in continually designing plans and projects into progressive and successful
developments.
The Fund was established on 11 June 1978 by virtue of Presidential Decree No. 1530
primarily to address these two basic yet equally important needs. Under the said law,
there were two agencies that administered the Fund. The Social Security System
handled the funds of private employees, while the Government Service Insurance
System handled the savings of government workers.
Less than a year after on 1 March 1979, Executive Order No. 527 was signed. The
order directed transferring the administration of the Fund to the National Home
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Mortgage Finance Corporation, which was one of the operating agencies of the then
Ministry of Human Settlements.
Seeing the need to further strengthen the stability and viability of the two funds,
Executive Order No. 538 was issued on 4 June 1979, merging the funds for private and
government personnel into what is now known as the Pag-IBIG Fund. However, It was
only on 14 December 1980 when Pag-IBIG was made independent from the NHMFC
with the signing of PD 1752, which amended PD 1530. With the improved law in effect,
the Fund's rule-making power was vested in its own Board of Trustees. Likewise, PD
1752 made Pag-IBIG membership mandatory for all SSS and GSIS member-employees
1 January 1987 marked the return of the Pag-IBIG Fund to a voluntary program under
Executive Order No. 90. While many companies chose to discontinue their Pag-IBIG
membership, quite a number, including big companies like PLDT and Dole Philippines,
nevertheless opted to retain their membership to the Fund despite the voluntary nature
of registration.
All things considered, the present debacle raises the suspicion that the Pag-IBIG Fund
is less than prudent in relaxing rules governing the approval of loans to OWGs.
An erosion of confidence in Pag-IBIG Fund may not mean much as membership to the
fund is mandatory. Unless, of course, there is a ground swell movement to abolish the
fund – on the grounds that the dividends it pays out after 20 years is hardly substantial
and the loan facilities it provides is also provided by the SSS.
IV. Chronology
It was in this
report that Mr. Lee
called HDMF
officials lazy
July 13, 2010 News Report Pag- News Clipping
IBIG tightens rule on
initial loans Copy of Memo
July 14. 2010 News Report Pag- News Clipping Extended
IBIG extends old lumpsum
lending rule Copy of Memo membership
payment to
September 2010.
July 14 News Report Pag- News Clipping Made known to
IBIG Exec defends the public GA’s
housing agency 400 accounts in
question.
July 17 News Report Mr. Lee News Clipping
apologizes to Pag-
IBIG CEO
July 18 Column, Randy David News Clipping David asks media
on the apology photo men to look
story deeper into the
story, what was
the issue
July 19 News Report Delfin News Clipping Pag-IBIG calls
Lee swallows P300 press conference
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million humble pie to answer
allegations of Mr.
Lee:
- Divulged
information
of 400
million
worth of
irregular
loan
applications
- Pag-IBIG
claims to
have
released
300 to 400
million
July 19 Column, Jonathan News clipping
Dela Cruz
“If one developer has
approved 400
applications in GA,
how many more were
there from other
developers?
August 28 News Report, Globe News clipping GA Approved for
Asiatique’s P3.3 IPO
Billion IPO okayed
August 30 News Report, Firm News clipping First of two part
breaks Pag-IBIG rules expose series in
on loans Philippine daily
inquirer which was
followed up with
an editorial
September 3 News Report, Solon News clipping House files
seeks probe of shady resolution to
Pag-IBIG loans investigate bogus
loans.
September 3 News Report, Globe News clippings GA defers IPO
Asiatique shelves IPO
Pertinent documents
September 4 News Report, Pag- News clipping
IBIG cancels deal with
firm Pertinent documents
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(Letter of
Notification)