Former Vice President Noli de Castro insisted that Pag-IBIG Fund under his leadership did not give “special treatment” to Globe Asiatique Realty Holdings Corp. Owned by developer Delfin Lee, it is accused of using ghost borrowers and fake documents to obtain P7 billion in loans from 2008 to 2010. Globe Asiatique became the only developer to obtain P5 billion in loans and a 5-year buy-back guarantee. Under the usual arrangement, other developers could only loan a maximum of P500 million a year from Pag-IBIG and have a two-year buy-back guarantee. The broadcaster-turned-politician-turned-broadcaster-again said Lee’s Xevera development in Mabalacat, Pampanga became a “special program” because of its complete amenities. “This project is a township: there is a municipal hall, plaza. This is the dream of developers.”
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