Pag-IBIG stops collection accord with Globe Asiatique

ABS-CBN News

Posted at Oct 04 2010 07:33 PM | Updated as of Oct 06 2010 02:29 AM

MANILA, Philippines - The Home Development Mutual Fund (Pag-IBIG) has asked clients of Globe Asiatique to request their respective banks to stop payment of checks issued to the property developer.

Home buyers issued Globe Asiatique post-dated checks pursuant to collection servicing agreement with Pag-IBIG.
 
“Pag-IBIG fund has terminated Globe Asiatique’s collection servicing agreement with us given their failure to remit payments for 3 consecutive periods,” said Pag-IBIG officer-in-charge Emma Linda Faria. 
 
Pag-IBIG accused Globe Asiatique of taking out loans on behalf of about 9,000 buyers, many of whom were not even aware they had applied for loans.

As a remedy, the housing fund has instituted corrective measures provided in its loan guidelines, and placed added safeguards to further protect Pag-IBIG members.
 
Aside from cancelling Globe Asiatique's authority to collect amortizations from Pag-IBIG members, the agency also suspended the property firm's access to the housing loan express facility, cancelled its authority to conduct loan counseling, examined loan folders and conducted pre-inspections of housing units prior to release of loans.
 
Fund member-borrowers who bought Globe Asiatique properties are advised to pay their amortizations directly to Pag-IBIG offices. Borrowers in the National Capital Region can visit the Loans Management Group at the HDMF Corporate Headquarters at the Atrium of Makati in Makati City.
 
Meanwhile, borrowers in Pampanga can remit their payments to the Pag-IBIG San Fernando Branch located at the Suburbia Commercial Center in Maimpis, San Fernando, Pampanga.
 
Borrowers are advised to bring their latest billing statement or latest Pag-IBIG receipts when paying their amortizations.