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GA claims Pag-IBIG members’ contributions protected in Xevera project deal

09/13/2011 [ tribune.net.ph ]

The contributions of Pag-IBIG members are protected and were not prejudiced in the Xevera housing project’s transaction between Globe Asiatique Realty Holdings Corp. and the Home Mutual Development Fund (HDMF) or Pag-IBIG Fund.

This clarification was made by Globe Asiatique (GA) in the wake of misinformation that Pag-IBIG Fund members’ contributions were put at risk in the real estate project.

GA said all the obligations of the borrowers, who are Pag-IBIG members, are sufficiently secured and a number of safety nets were put in place so that even if they defaulted, the HDMF would be able to recover its money.

The most important of the safety nets, GA said, was the Deed of Assignment and Special Power of Attorney incorporated in the titles handed over to Pag-IBIG by Globe Asiatique which authorized the HDMF to sell the houses and lots in case all other legal options fail.

And per update appraisal by HDMF itself of the house and lot package on Aug. 20, 2010, each of the Xevera Bacolor townhouse has an appraised value of P820,000 and each of the Xevera Mabalacat townhouse has an appraised value ranging from P730,000 to P830,000, way above Pag-IBIG Fund’s actual loan releases for the takeout of only P680,000, more or less.

“Pag-IBIG Fund will not only be able to recover its money but even earn a profit from its investments as the properties will have appreciated by then,” GA said.

The other safety nets and security features incorporated in the various agreements between the HMDF and Globe Asiatique to protect Pag-IBIG members’ contributions are: The five-year buy back guarantee of Globe Asiatique in case defaulting borrowers subsequently become ineligible for housing loans. However, within 90 days from receipt of buyback notice, GA may update payments of defaulting borrowers or replace defaulting borrowers.

Should Globe Asiatique fail to avail themselves of the above remedies within the prescribed period, the HMDF shall off-set GA’s payables to the Pag-IBIG Fund corresponding to the unpaid amortizations of the borrowers against the receivables of GA from HMDF from GA’s retention monies, GA’s money in escrow (P600 million in escrow fund), GA’s Funding Commitment Agreement (FCA) fees, and from GA’s take-out proceeds;

The payment by GA of the buyback value of the loan takeout if the above remedies are not carried out; and

The conversion of the Contract to Sell (CTS) accounts to Real Estate Mortgage (REM) where the owner’s duplicate copy of the Transfer Certificate of Title (TCT) covering the property is delivered to the Pag-IBIG Fund, which shall cause the annotation of the mortgage in its name.

Globe Asiatique first developed the Xevera projects using its own funds before it offered the same to Pag-IBIG members under agreement with the HMDF. The Pag-IBIG members whose CTS were assigned to Pag-IBIG are the ones indebted to the Fund, not Globe Asiatique.

“Pera ng kumpanya ang ginastos sa pagpapatayo ng housing projects at ng umutang ang Pag-IBIG borrowers, sila (Pag-IBIG) ang nag certify na miyembro sila at qualified na humiram. Kami lang ang guarantor sa loan nila,” GA said.

GA said Pag-IBIG’s damage is its own making as it refuses the borrowers’ payments coursed through GA (which was assigned as a collection agent of Pag-IBIG through a Collection Servicing Agreement) and replacement of problematic borrowers by GA. This is now the subject of a pending civil case (for specific performance and damages) filed by Globe Asiatique against the HMDF in Nov. 2010 before a Makati regional trial court.

It was learned that only 1,384 accounts out of the 9,951 accounts are problematic, but these are collaterized and Globe Asiatique can easily replace if allowed by Pag-IBIG.

“Mayroon na kaming replacement buyers pero ayaw tangapin ng Pag-IBIG,” GA said.
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