Senate, House ready probes into P7.1-billion Pag-Ibig scam 09/13/2010

Senate, House ready probes into P7.1-billion Pag-Ibig scam
09/13/2010
Both chambers of Congress indicated yesterday interest in conducting an investigation into the alleged anomalous financial arrangement between the state agency Home Development Mutual Fund (Pag-Ibig Fund) and private developer Globe Asiatique that received about P7.1 billion in Pag-Ibig loans for two of its housing projects.

Sen. Sergio Osmeña III said the Senate will dig deeper into the questionable deal while Cavite Rep. Elpidio Barzaga Jr. said he is pushing a full-dress House inquiry into the issue.

The Pag-Ibig loans were supposedly obtained by non-existent borrowers to acquire property at Globe Asiatique’s Xevera projects in Mabalacat and Bacolor, both in Pampanga.

Osmeña, chairman of the Senate committee on banks, financial institutions and currencies, took to task the Pag-Ibig for the loan deals with Globe Asiatique.

“Yes, we will investigate this. This falls under the jurisdiction of the committee on banks,” he said, noting that the arrangement was a case of conflict of interest..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20100913hed3.html