From Rep. Romero “Miro” S. Quimbo


This refers to the article published in The Manila Times on 15 October 2013 entitled “Globe Asiatique Running Rings around the Justice System”. Believing I have fully established the chronology and facts of the Globe Asiatique issue on several occasions and that its repeated resurrection only shows that my detractors have nothing else to throw at me, I have not engaged in tit for tat polemics on that matter. However, when a supposedly reputable institution as The Manila Times carries such a poorly researched and prejudiced article, I am compelled to answer.

Although I share the author’s sentiments that Mr. Delfin Lee’s recent victory in the courts was ludicrous considering the fraud committed against Pag-IBIG and its members, the author was utterly remiss in claiming it was during my term as president of Pag-IBIG that irreparable harm was done and for stating I should be sent to prison for the rest of my life.

The accounts Pag-IBIG was handling during my time were well-monitored. Pag-IBIG would not have grown in leaps and bounds during the time I was president from February 2003 to March 2009 if spurious transactions were unabated.

Under my stint, it was undertaken as a mere pilot program between Globe Asiatique and the Pag-IBIG. The Board of Trustees unanimously approved the pilot program in July 2008 for Other Working Groups (OWG) to be implemented in Xevera, Pampanga.

Safeguards and strict policies were put in place and the program was merely limited to 2,000 housing loans for a time frame of two (2) years. The purpose of the pilot program was to study and develop a permanent home-lending window for the under-serviced market of the informally employed sector, which was also part of Pag-IBIG’s mandate.

Under my watch, the mechanisms and policies we have established for the pilot program were observed. In fact, only 839 out of the 2,000 housing loans were processed precisely because of the stringent screening involved.

However, after my unceremonious firing and under a new CEO, the Board of Trustees approved the expansion of the OWG program beyond the 2,000 housing loans limit and effectively removed its pilot program nature. Clearly, it is not correct to insinuate the irreparable harm happened during my term. While there were several proposals for the OWG program, I never agreed to it. In hindsight, my refusal could have been the Damocles sword that did me in and led to my unceremonious dismissal.

It is also important to note that only the Board of Trustees may expand the program as it did in a board meeting after my replacement and under a new CEO. The loans under the OWG program increased ten-fold in a short period of time after I left Pag-IBIG. A number of new agreements were also apparently signed between Globe Asiatique and Pag-IBIG after I was replaced as president of Pag-IBIG.

The fact that the deluge of fraudulent transactions surged after my replacement would point out that I was the only one keeping the floodgates closed. Under my watch as president of Pag-IBIG, we put prime importance on transparency, accountability and good governance hence any semblance of irregularity was nipped in the bud.

Having stated all these, it is very unfair that the article would claim the damage was done when I was president of Pag-IBIG. On the contrary, the damage to Pag-IBIG and its members was prevented under my watch.

I am hoping The Manila Times can give me redress for the erroneous claims and callous statements contained in the article by publishing this letter.

Thank you.
Very truly yours,
By Authority:
Maria Monica V. Valdes
Kindly Chief of Staff


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