Clear manipulation seen in Globe Asiatique project
By Angie M. Rosales12/10/2010
Signs are all over that the Home Development Mutual Fund, or the Pag-IBIG Fund, relaxed its rules and other policies to accommodate controversial developer Globe Asiatique Realty Holdings Corp. (GA) and the possibility that money changed hands is not being ruled out as among the considerations, Senate investigators yesterday said.
Sen. Sergio Osmeña III, also the chairman of the committees, financial institutions and currencies, who presided over the inquiry, said while there have been “talks” over monetary considerations, but admitted that he does not have direct proof because “nobody will talk.”
Easily, the amount could start from P150 million, the senator said, in reference to the multibillion-peso housing loan mess being investigated by the upper chamber.
“On that amount of funding that you will get like P5 billion, you’ll be happy to give out two to three percent of that. It would be easy. Let’s see…P5 billion times three percent, that’s P150 million,” he told reporters.... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20101210hed3.html
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