By Ma. Jerrylyn Barcelo
10/16/2010 [ tribune.net.ph ]
The Home Development Mutual Fund (HDMF or Pag-IBIG Fund) officer in charge Emma Linda B. Faria yesterday said that they had blacklisted property developer Globe Asiatique Realty Holdings Corporation Inc. and its officials.
HDMF has “cancelled, revoked and nullified the Funding Commitment Line granted to GA,” which means that the developer can no longer secure loans from the agency, can no longer deal with Pag-IBIG with the processing and release of housing loan applications for members, and has lost access to the agency’s express lane facility or Window 1 since its been stricken from the Fund’s list of accredited developers.
“The blacklisting also covers the developer’s key officials. They, too, are no longer eligible to avail of or participate in any of the Pag-IBIG lending programs,” Faria said.
Faria advised buyers of GA properties to submit their housing loan applications directly to Pag-IBIG. These applications will be processed under the retail/end-user window.
GA has been blacklisted by Pag-IBIG for its failure to buy back 1,753 accounts totaling P1.2 billion for its Xevera project in Mabalacat, Pampanga or apply any of the acceptable remedies within the prescribed 90-day period.
Likewise, Pag-IBIG said the property developer failed to remit monthly installment payments it collected from member-buyers for two consecutive periods starting from the last week of July 2010.
Prior to this, Globe Asiatique was remitting more or less P10 million in collections for every 10-day period.
Before developers are accredited by Pag-IBIG, they are required to guarantee against ineligible or fraudulent borrowers, non-completion of projects, and fraudulent transactions. They also issue guarantees on loans against default within a period of two years. Developers also commit to buy back faulty accounts.
A breach of any of these guarantees is ground for blacklisting developers, aside from failing to remit collections under a Collection Service Agreement.
Faria also said Pag-IBIG Fund has created a task force which will receive, address and recommend solutions to HDMF senior management on operational issues that may arise as a result of the cancellation of the Funding Commitment Lines and Collection Servicing Agreements with GA.
The Pag-IBIG official assured to its members that the controversy involving GA will not affect the agency’s financial stability and its service commitments to members.
Vice President and Housing and Urban Development Coordinating Council (HUDCC) chairman Jejomar C. Binay had ordered a probe into the Xevera case, and assured that appropriate charges will be filed to protect the integrity of the Fund, which represents savings from its members. Binay is also the chairman of Pag-IBIG board of trustees.
Earlier this year, the Fund discovered spurious transactions in the developer’s Xevera housing projects in Pampanga involving fake borrowers. These findings were discovered through Pag-IBIG’s validation and internal control mechanisms.
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