Pag-IBIG blacklists Globe Asiatique

ABS-CBN News

Posted at Oct 15 2010 05:23 PM | Updated as of Oct 16 2010 01:24 AM

MANILA, Philippines - The Home Development Mutual Fund or Pag-IBIG Fund has blacklisted property developer Globe Asiatique Realty Holdings Corp. (GA) and its officials, HDMF officer-in-charge Emma Linda Faria said Friday.

Faria said HDMF has "cancelled, revoked and nullified" the funding commitment line granted GA, which means the developer can no longer secure loans from the agency.

GA can also no longer deal with Pag-IBIG for the processing and release of housing loan applications for members, and has lost access to the agency's express lane facility or Window 1.

"The blacklisting also covers the developer's key officials. They, too, are no longer eligible to avail of or participate in any of the Pag-IBIG lending programs," Faria added.

Faria advised buyers of GA properties to submit their housing loan applications directly to Pag-IBIG. These applications will be processed under the retail/end-user window.

Pag-IBIG blacklisted GA for its failure to buy back 1,753 loan accounts totaling P1.2 billion for its Xevera project in Mabalacat, Pampanga.

Likewise, Pag-IBIG said the property developer failed to remit monthly installment payments it collected from member-buyers for 2 consecutive periods starting from the last week of July 2010.

Prior to this, GA was remitting more or less P10 million in collections for every 10-day period.

Faria also said Pag-IBIG has created a task force which will receive, address and recommend solutions to HDMF senior management on operational issues that may arise as a result of the cancellation of the funding commitment lines and collection servicing agreements with GA.

Vice President and Pag-IBIG chair Jejomar Binay had ordered a probe into the Xevera case, and assured that appropriate charges will be filed.