Pag-IBIG readies charges vs officers involved in loan mess


Posted at Oct 05 2010 06:28 PM | Updated as of Oct 06 2010 02:28 AM

MANILA, Philippines - The Home Development Mutual Fund (Pag-IBIG Fund) is readying charges against some of its officers in cahoots with property developer Globe Asiatique in taking out fraudulent loans.

Vice President and Pag-IBIG Chairman Jejomar Binay earlier ordered an investigation into irregular transactions involving Globe Asiatique, which allegedly used "fake" borrowers to secure loans from Pag-IBIG for its housing projects in Pampanga.

"Depende sa assessment ng investigating agency kung ano ang ifi-file na kaso. Paglabas ng report nakapag-file na kami, hopefully within the week," Binay said.

Pag-IBIG issued a show cause order to some of its officers, directing them to explain their failure to implement validation and control mechanisms.

"The order directs the concerned officers to explain why Pag-IBIG should not take any disciplinary action against them," said Emma Linda Faria, HDMF officer-in-charge.

Faria declined, however, to divulge the names of the officers.

"We will name names as soon as our investigation has been fully completed," she said.

Early this year, Pag-IBIG uncovered around P8 billion in spurious loans taken out by Globe Asiatique for 9,000 buyers of its Xevera Bacolor and Xevera Mabalacat projects in Pampanga.

Globe Asiatique had admitted the existence of questionable buyers and said some of them have not been paying their amortizations.

Pag-IBIG has suspended Globe Asiatique's access to its "express lane" facility, which allows developers to receive loan applications and process them.

Likewise, the Fund terminated Globe Asiatique's Collection Servicing Agreements given its failure to remit payments.