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Aside from Pag-Ibig, House probe on HGC also urged By Gerry Baldo 09/17/2010

Friday, September 17, 2010

Aside from Pag-Ibig, House probe on HGC also urged
By Gerry Baldo
09/17/2010

The multibillion-peso anomaly involving Home Mutual Development Fund (Pag-Ibig Fund) and private developer Globe Asiatique had prompted legislators to look into the finances of other shelter agencies and the House of Representatives probe is now being sought into the alleged anomalies at the Home Guarantee Corp. (HGC) which has been in financial distress for the past several years.

Cavite Rep. Elpidio Barzaga said HGC officials should be summoned by the House committees on good government and housing to account for the huge losses incurred by the agency.

“This is unfair to the members of HGC, it should explain to Congress and to Pag-Ibig members how they spent their money and why they had incurred such losses,” Barzaga said yesterday.

A Commission of Audit (CoA) report described the HGC, a government-ofowned and controlled corporation tasked to operate a credit guaranty program in support of government’s effort to promote home ownership, as being in “financial distress.”.... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20100917hed5.html

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