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Realty firm denies reports on ‘ghost borrowers’

CITY OF SAN FERNANDO — Globe Asiatique president Delfin Lee denied reports linking the company’s Xevera projects to allege irregularities in its transactions with the Home Development Mutual Fund (Pag-Ibig Fund).

Lee said the reports were “maliciously” made and were intended only to discredit Xevera, a major development project of Globe Asiatique in Pampanga.

Lee pointed out that they could not be responsible for dubious accounts or “ghost Pag-Ibig borrowers” as Globe Asiatique doed not approve loan applications but merely processes those forwarded to it by the concerned government agency.

He added the reported dubious accounts have been investigated and settled earlier.

“It is being sensationalized by the media to destroy the company and to wreck its cash-flow, like scaring banks,” Lee said.

He also said that based on records, it was Globe Asiatique and not Pag-Ibig, which discovered and reported the dubious accounts.

Reports said Globe Asiatique has breached several warranties or commitments it promised to fulfill as an accredited developer of a pilot program for “Other Working Groups” (OWG) or workers who are not formally employed but earn money through small businesses.

Lee declared that Globe Asiatique endorsed the OWG like self-employed or overseas workers to be able to secure a housing loan. This new category is not exclusive to Globe Asiatique but is open to all other developers.

This is a way of solving the housing backlog, he said.

Globe Asiatique allegedly took out the loan proceeds although the houses had yet to be finished. The developer allegedly finished the construction of clubhouses and other amenities that became the top attractions of its housing projects, but not the units, which were the objects of the loans.

Contrary to this, Lee explained that Xevera Mabalacat has 6,435 houses built and completed and Xevera Bacolor has 4,046 houses built and completed, all on time or as scheduled.

“It is up to the approved borrowers when to occupy the unit as the most important thing is they pay regularly their loans on time,” he said.

Lee also claimed that with the alleged malicious publicity against Globe Asiatique, more than 5,000 employees of Xevera are afraid to lose their jobs because of the effect in the financial status of the company.

He said that in the latest performance rating report from Pag-Ibig signed by Erlinda Francisco, manager of HDMF-San Fernando Branch, lawyer Vilma Flores, vice-president of the Northern Luzon Group of HDMF, and Sergio Andal Jr., deputy chief executive Officer of HDMF Regional Clusters, Globe Asiatique was given a 99.98 percent rating as of August 2 this year. (Herbert P. Mapiles)

Published in the Sun.Star Pampanga newspaper on September 7, 2010.

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