Pag-IBIG initiates proceedings to blacklist Globe Asiatique for alleged P6.6B housing scam

The Pag-IBIG (Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno) Fund, also known as the Home Mutual Development Fund, has initiated the proceedings to blacklist real estate developer Globe Asiatique Realty Holdings Corp. for allegedly scamming at least P6.6 billion worth of housing loans, reports GMANews.tv.

According to the investigation of the Pag-IBIG Fund, Globe Asiatique supposedly took out loans on behalf of "ghost borrowers" for their Xevera housing project in Pampanga. GMANews.tv reports that Pag-IBIG Fund Officer-in-Charge Emma Linda Faria said the loans were taken out even though the units are still under construction, below standard, unoccupied, or closed.

Many of the approximately 9,000 supposed buyers claimed they did not apply for the housing loans, and some said they have surrendered the accounts because they are incapable of paying for it, Faria said in an ABS-CBNNews.com report. GMANews.tv said some buyers are "allegedly fake Pag-IBIG members or ineligible for membership."

A video presentation of the Xevera housing project in Pampanga.

Faria said in an Inquirer.net report, "(Pag-IBIG) immediately implemented protective measures, including the suspension of Globe Asiatique’s access to the agency’s housing program express lane facility (and a) full audit of all Xevera accounts."

Delfin Lee, Globe Asiatique owner and president, denied the allegations in an ABS-CBNNews.com report. He admitted to processing the loan applications for their clients, but he said they were not the ones who approved them. Asked by Pag-IBIG to buy back P1.1 billion of the loan accounts, Lee said he does not have the money to do so. "If I have to buy back, then I have to cancel the contracts of the buyers with me. I will have to foreclose on them; I will have to kick them out of the house. I don’t think I can do that," said Lee, father of socialite-model Divine Lee.

Part 1: Globe Asiatique President and CEO Delfin Lee explains the housing project controversy in DZMM radio show Tambalang Failon at Sanchez.

Part 2: Globe Asiatique President and CEO Delfin Lee explains the housing project controversy in DZMM radio show Tambalang Failon at Sanchez.

Part 3: Globe Asiatique President and CEO Delfin Lee explains the housing project controversy in DZMM radio show Tambalang Failon at Sanchez.

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For more on this story, log on to GMANews.tv, Inquirer.net and ABS-CBNNews.com.

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