THE lawyer of Globe Asiatique said on Thursday that the company has no P6.6-billion loan from Pag-IBIG Fund as misleadingly fed to media by some sectors but rather it is the Pag-IBIG members who obtained properties in the Xevera projects who have outstanding loans with the fund.
“Wala kaming utang sa Pag-IBIG Fund. Ang Pag-IBIG binayaran ang utang ng mga miyembro nito na kumuha ng bahay at lupa sa amin. Mali ang sinasabi nila na Globe Asiatique ang kumuha ng loan sa Pag-IBIG,” Willy Rivera, counsel of GA, said.
Rivera explained the process: A Pag-IBIG member applies for housing loan with the fund. Pag-IBIG checks on the eligibility of borrower and once the paperwork and documentation have been completed, the agency approves the loan covering the property the borrower wants to buy from the developer. Pag-IBIG will then release the check to the borrower who, in turn, will pay the check to the developer.
As part of its agreement with Pag-IBIG, GA helps in the collection of the monthly amortizations of the borrowers for the loans they obtained and turns over the collections or payments to the fund.
He said even though these borrowers are Pag-IBIG members and are not connected with GA whatsoever except as buyer of their properties, GA is required to act as guarantor of the borrowers. “We guarantee them even though they are Pag-IBIG members. Kaya ’pag hindi sila nakabayad o in-abandon ang bahay, kami ang hahabulin ng Pag-IBIG kahit na hindi namin sila kaanu-ano para bayaran iyong utang ng Pag-IBIG member-borrower because GA acts as guarantor lang.” Z. Solmerin
Rivera said the amounts being mistakenly mentioned as supposed loans by GA are “funding commitment lines” which are actually standby credit lines being extended by Pag-IBIG to developers. Through the funding commitment line, Pag-IBIG assures developers of the availability of funds for the takeout of housing loan applications that they (developers) deliver to the fund.
He said, “the FCL is a credit line. We do not pay that. The Pag-IBIG members pay for that but we help Pag-IBIG collect from members who bought properties from GA. Kapag may borrower, nire-release ang FCL sa borrower.”
The P6.6 billion being erroneously mentioned by some sectors was possibly arrived at by multiplying the 9,951 Xevera units sold by the average price of P660,000 per unit, he added.
