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
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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