Infographic: The Globe Asiatique housing anomaly

In 2008, Globe Asiatique entered into a Funding Commitment Agreement with the Home Development Mutual Fund (Pag-IBIG) for its Xevera housing projects in the towns of Mabalacat and Bacolor in Pampanga. The Fund has released P6.6 billion for the construction of at least 10,000 housing units, according to Pag-IBIG lawyer Sandra Coronel.

 

Two years later, however, Pag-IBIG noted irregularities in the deal and filed charges of syndicated estafa against some officials of the company and the housing agency, culminating in the arrest two weeks ago of Globe Asiatique head Delfin Lee.

 

Based on interviews with Pag-IBIG’s Coronel and Globe Asiatique legal counsel Willie Rivera, this infographic shows some of the conflicting statements from the two parties in the way the housing scheme unfolded.

 

—Reported by Amanda Fernandez/YA, GMA News