Globe Asiatique president Lee wins a round in court
MANILA, Philippines—The Home Development Mutual Fund, known as Pag-Ibig Fund, has failed to stop a Makati Regional Trial Court from ordering it to honor its obligations to property developer Globe Asiatique in connection with a mass housing project in Pampanga.
Voting 3-2 on Oct. 7, the Court of Appeals’ Special Division dismissed the petition for certiorari filed by Pag-Ibig against two resolutions of Makati RTC Branch 58 directing the agency to honor its obligations to two Xevera housing projects.
The housing projects in Bacolor and Mabalacat towns in Pampanga became controversial following reports that Globe Asiatique under its president, Delfin Lee, had taken out up to P6.6 billion in Pag-Ibig loans for 9,000 units but the listed borrowers had denied having availed themselves of the loans.
Pag-Ibig filed the petition for certiorari against the decisions of Makati Judge Eugene Paras dated Jan. 30, 2012, and Dec. 11, 2012, on the grounds that he committed grave abuse of discretion when he ruled in favor of Globe Asiatique.—Christine O. Avendaño
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