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Yuchengco bank forecloses Globe Asiatique condo

[ manilastandardtoday.com ] December 16, 2010
RIZAL Commercial Banking Corp. said Wednesday it had foreclosed on the 38-story GA Sky Suites condominium project of developer Globe Asiatique.
The bank said in a paid newspaper advisory that it had taken over the “entire” 38-story development on Epifanio de los Santos and Quezon Avenues since Sept. 29.
The Yuchengco-owned bank had also foreclosed on “specific mortgaged parcels of land” in Globe’s subdivisions in Mabalacat and Bacolor in Pampanga.
“RCBC is still in the process of exploring and evaluating various alternatives in connection with the said properties,” the bank said.
The bank had earlier lent P2.5 billion to Globe Asiatique Realty Holdings to finance the condominium, and another P300 million in short-term promissory notes for the developer’s working capital.
RCBC aside, the Philippine National Bank, which had extended nearly P1.4 billion to Globe Asiatique since 2005, has filed a P1-billion fraud complaint against the developer after declaring it in default.
The Senate only recently investigated Globe Asiatique, which is accused of securing over P6 billion in housing loans for bogus borrowers from the state housing agency Pag-IBIG fund. Roderick T. dela Cruz
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