The Senate committee on banks, financial institutions and currencies has concluded that no criminal offense was committed when Home Mutual Development Fund or Pag-IBIG allegedly gave preferential treatment to Globe Asiatique (GA) as he cited the need to plug the loopholes in the agency’s dealings with developers, Sen. Sergio Osmeña III, chairman of the committee, said.
In a television interview, Osmeña admitted that there was indeed preferential treatment given to GA by Pag-IBIG, especially in the availment of funds for housing projects.
But he clarified that no criminal offense was committed in implementing the policy of giving GA bigger funding amount.
Former Vice President Noli de Castro, also former chairman of the Housing and Urban Development Coordinating Council (HUDCC), said during the Senate hearing last Thursday Lee’s Xevera housing in Pampanga was a new flagship project requiring different treatment.
He added that the amenities within Xevera and its target market were different compared to other housing projects.
Osmeña declared that the Senate hearing was not intended to look for criminal offenses but on how to strengthen the various housing and lending programs.
“We are not looking for suspects…we are looking to amend the housing law,” he said.
Delfin Lee, president of Globe Asiatique, said during the hearing that the reason why he sought the memorandum of agreement from Pag-IBIG on funding commitment was because the company would be investing billions of pesos in its housing projects “and we just want to be sure funding will be there when we start selling (the units).”
He said he was not aware there was a limit in the funding commitment line of Pag-IBIG after it was revealed during the hearing the HDMF limit on funding amount was P500 million per developer.
Lee said the company could have easily replaced these problematic buyers had Pag-IBIG not unilaterally canceled their funding commitment agreement or FCA wherein there are remedies provided in dealing with bad accounts.
Among the remedies provided in the agreement was for GA to update defaulting accounts or to replace buyers who no longer pay amortizations for certain period. –Daily Tribune
Invoke Article 33 of the ILO constitution
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