WHAT WENT BEFORE: Globe Asiatique-Pag Ibig Fund controversy

/ 02:33 AM August 30, 2011

In August 2010, the Inquirer published a two-part special report on alleged irregularities in Pag-Ibig Fund loan transactions involving Globe Asiatique’s Xevera housing projects.

The report quoted documents showing that Globe Asiatique had taken out as much as P6.6 billion in loan proceeds for close to 9,000 units in its Xevera projects in Bacolor and Mabalacat, Pampanga, between March 2008 and May 2010.


Pag-Ibig officials, however, found that several of the loans were spurious, with the listed borrowers denying having availed of the housing loans.

As of June 30, 2010, Pag-Ibig had tallied more than 800 allegedly fake members in Globe Asiatique accounts. Globe Asiatique had also passed off people ineligible for Pag-Ibig membership as “buyers” of its townhouses, according to Pag-Ibig.

On Sept. 6, 2010, the Ombudsman formed the six-member “Task Force Pag-Ibig” to investigate the irregularities and determine “whether laws or regulations were violated, and file criminal and administrative charges, if necessary.”

On the same day, Globe Asiatique withdrew its P3.4-billion initial public offering following the resignation of its underwriter, BDO Capital and Investment Corp., after reports of its allegedly questionable loan transactions surfaced.

Delfin Lee, president of Globe Asiatique, denied all the allegations.

The Senate conducted an investigation of the controversy.

On Aug. 24, the Department of Justice approved the filing of a syndicated estafa case against Lee, his son and three associates. Almi M. Ilagan, Inquirer Research

Source: Inquirer Archives

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TAGS: Bacolor, Globe Asiatique, Mabalacat, Pag-Ibig Fund, Pampanga, Xevera housing projects
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