Pag-ibig blacklists Globe Asiatique sister firm

ABS-CBN News

Posted at Oct 27 2010 05:53 PM | Updated as of Oct 28 2010 01:53 AM

MANILA, Philippines - After blacklisting Globe Asiatique Realty Holdings corporation, state-run Pag-IBIG Fund has added to the list the property developer's sister company, Filmal Realty Corporation.

In a statement on Wednesday, the Pag-IBIG Fund said Filmal, just like Globe Asiatique, also failed to pay back amounts owed by its homebuyers to the state-run firm.

Businessman Delfin Lee is the owner and president of both property firms. Globe Asiatique caters to buyers of middle-class homes in self-contained communities in Pampanga, Mindoro, and other areas near Metro Manila, while Filmal develops low-cost housing projects, including the St. Monique Valais in Binangonan, Rizal province.

Filmal failed to buy-back the Pag-IBIG loans of its defaulting homebuyers, the statement said. Pag-IBIG, however, did not specify how many of the Filmal's 1,538 housing loan accounts have defaulted.

Pag-IBIG Fund, which is formally called Home Development Mutual Fund, has imposed a buy-back guarantee on housing developers like Globe Asiatique and Filmal when their homebuyers, who have to be Pag-IBIG Fund members, avail of housing loans.

Under a buy-back guarantee, accredited housing developers have to assume responsibility of paying back Pag-IBIG the unpaid loan portions of its defaulting homebuyers.

Filmal has also failed to meet the deadline that Pag-IBIG has set for the conversion and transfer of the property titles to the names of the homebuyers, the statement said. This documentation process also includes the loan annotation on the title that will be lifted only after the homebuyer-borrower has fully paid the loan.

Filmal has also failed to remit 5-month-worth of P2.6 million monthly payments made by its homebuyer-borrowers. While some of these payments were settled last August 27, an unspecified balance remains from the remittances delayed since July 26.

Buyers of Globe Asiatique and Filmal homes can no longer avail of Pag-IBIG loans after these firms were removed from the Pag-IBIG's list of accredited developers.