Manila: Delfin Lee’s real estate development company, Globe Asiatique Realty Holdings relished preferential treatment from the Home Development Mutual Fund, or Pag-Ibig, when it was given more than P5 billion worth of funding commitments before it was blacklisted in 2010 for alleged irregularities.Darlene Berberabe, who became Pag-Ibig president in 2010, told a hearing of the Senate committee on urban planning, housing and resettlement that Globe Asiatique was also given P2 billion worth of loans for its home buyers in 2008.
Under Pag-Ibig’s agreement with Globe Asiatique in 2009, Lee’s company also had the sole distinction of being the only firm that was allowed to buy back from Pag-Ibig the foreclosed properties in its developments in five years, Berberabe said.
“It was given] awards for being an outstanding developer. … There was nothing in the records that Pag-Ibig red-flagged at that time,” she said.