MANILA, Philippines--The housing mess involving Globe Asiatique Realty Holdings Corp. would not have happened had there been effective check and balance on the firm?s transactions with the state-controlled Home Development Mutual Fund, popularly known as the Pag-IBIG Fund, a lawmaker said on Friday.

Marikina Representative Romero Federico Quimbo, former chief executive office of Pag-IBIG Fund, said he hopes the concerned committees in the House of Representatives can immediately convene to look into how the Pag-IBIG Fund was used for the allegedly spurious housing loans and housing development projects in Pampanga.

?I?m concerned because had they followed the procedure of check and balance, maybe this thing would not have happened,? he said in a phone interview.

?There?s an assembly line of check and balance after the loan is processed, we want to find out where it went wrong,? Quimbo added.

The Philippine Daily Inquirer, in a two-part special report, alleged that at least P6.6 billion in housing loan proceeds were taken out by Globe Asiatique Realty Holdings Corporation for buyers of units in its projects in Pampanga who supposedly turned out to be fake Pag-Ibig members.

Two lawmakers have filed separate resolutions calling for the investigation of the housing mess.

Quimbo said he is willing to participate in the inquiry to tell the public on what he knows about the Pag-IBIG Fund operations when he was its CEO from 2002 to 2009.

There have never been major problems on loans obtained in the agency involving Globe Asiatique, that?s why the firm was able to obtain a special window for loans involving the Other Working Group (OWG), or workers who are not formally employed but earn through small businesses.

The Inquirer report said that Pag-IBIG Fund bent its rules to enable Globe Asiatique to get housing loan applications from the OWG for its Xevera housing projects in Bacolor and Mabalacat in Pampanga.

Globe Asiatique took out billions of loan proceeds even as housing units to be financed were not yet completed or unfinished, with thousands of completed units below standard, unoccupied or closed, according to the report.