[ Malaya.com.ph ] September 9, 2010
Globe Asiatique Realty Holdings Corp. has not received a single centavo from Pag-IBIG Fund (Home Mutual Development Fund) for more than two months now or even before the adverse publicity, according to its owner Delfin Lee.
Lee stressed that Globe Asiatique does not owe Pag-IBIG Fund a single centavo and has not been remiss in its obligations even up to this time. Nevertheless, he said, Pag-IBIG Fund has stopped releasing money to the company.
The Globe Asiatique official also emphasized that it has been using its own money to build the houses sold to ordinary Filipinos.
"It is only when the houses have been built and ready for occupancy that Pag-IBIG grants housing loan to its members and it is only at that time when we get paid for the houses already built," Lee said.
He said the housing loans are granted not to developers like Globe Asiatique but to the Pag-IBIG members, who, in turn, use the proceeds to buy houses from developers like Globe Asiatique.
"It is not Globe Asiatique which approves the loans but Pag-IBIG," he said. "Globe Asiatique only processes the application upon certification from Pag-IBIG that the applicant is a bonafide member."
Lee reiterates that it is Pag-IBIG Fund and not Globe Asiatique which receives, processes and approves applications for membership so that the housing loan can be availed of.
Incumbent Vice President Jojo Binay, who now chairs Pag-IBIG Fund, has also clarified in news reports that appeared September 8 that the money of the agency is safe and intact in the midst of bad publicity against Globe Asiatique.
Lee said Globe Asiatique protects the money of Pag-IBIG Fund through its buy-back guarantee which is for five years and not just two years as given by other developers.
This way, when the borrower fails to pay the Pag-ibig loan, it is Globe Asiatique which assumes the obligation, he said.
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