Amen loan
Amen loan
Updated 10:40pm (Mla time) Nov 12, 2004
Inquirer News Service
Editor's Note: Published on page A14 of the November 13, 2004 issue of the Philippine Daily Inquirer
A CONDOMINIUM project of a real estate company owned by Mike Velarde of the Catholic charismatic group El Shaddai has received the single biggest loan from the Pag-Ibig Fund. The loan is for the construction of Amvel Mansions, a 3,000-unit residential project at the Amvel Business Park in San Dionisio, Parañaque. The Pag-Ibig exposure is by way of a P353-million loan, of which P221 million was handed over to Velarde during the cornerstone-laying last Tuesday attended no less than by President Macapagal-Arroyo and Vice President Noli de Castro.
It is easy to speculate that the financing largesse that Velarde is reaping from a government-financing agency is payback for his support of the Arroyo-De Castro ticket in the last election. But both Velarde and De Castro, who is chair of the Housing and Urban Development Coordinating Council that oversees Pag-Ibig, denied this. De Castro explained the loan was risk-free for the government because Pag-Ibig came in only after the Bank of Commerce had financed the initial construction of the project. He said Pag-Ibig would earn P40 million from the loan.
While the explanation seems to allay fears that the government might be unnecessarily exposing state funds to risk, it does not seem to assuage suspicion that the loan was not a thank-you gesture to Velarde for urging his El Shaddai legions to vote for the administration ticket last May 10. In fact, the presence of the two highest officials in the land at the project's inauguration reinforces the suspicion that the loan was a political payback.
What is worrisome is that the government seems insensitive to the repercussions of giving a loan to a political supporter. The Pag-Ibig publicity machine even had the temerity to boast that the credit facility was "the biggest one-time drawdown for a project in the fund's history." It hardly reassures Pag-Ibig contributors that their money has been lent to a project in a transaction that smacks of political considerations.
It is also hardly reassuring that Pag-Ibig is assisting a blatantly commercial project when it should be assisting in the financing of low- to medium-cost housing for its contributors and members. Velarde's project smacks of commercialism and while its profit orientation should indicate that it's good business, that is, business that will reap income and enable it to repay Pag-Ibig at an interest and thus allow the fund to earn for its members, its free-wheeling capitalism does not sit well with the social duties of the government to equalize opportunities and to assist the shelter needs of the people, the majority of whom are poor. To be sure, the Pag-Ibig fund could be put to better use providing the housing needs of the poor.
What is funny is that Velarde's project is called Amvel Mansions. It is characteristic of real estate businessmen in the country to bill their projects "mansions," "villas," "estates" and just about every word in the vocabulary that underscores their exclusivity, their "poshness." Presumably such semantic hucksterism would appeal to the nouveau riche and the social climbers. It is hard to believe such creatures are Pag-Ibig's constituents.
De Castro said Velarde's project is a "leap of faith [that] reinforces [the President's] statement that the financial crisis is over, and that confidence in the government has been restored." That statement is curious because by lending Velarde P353 million to build his "mansions," it seems the government is the one making the leap of faith. It is the administration doing the service for Velarde's messianism, his lust for mansions.
Now, Christ in the Bible urged his followers "not to lay up treasures on earth where moth and rust corrode" but instead lay treasures in heaven because "in my father's house there are many mansions." Of course, he did not know at that time that there would be such a thing as the Amvel Mansions where heaven could be had with some loan from the government. If he had known that, he would have joined the President and the Vice President in the inauguration of Velarde's project.
For what is P353 million but what Velarde calls "seed-faith offering," the money he asks from his legions during religious services, promising them a thousand-fold in return for their generosity? Such an offering looks suspiciously like faith conducted beside a cash register, but even Christ said you reap what you sow. You sow political goodwill and you reap a generous loan. And to that we say amen.
Updated 10:40pm (Mla time) Nov 12, 2004
Inquirer News Service
Editor's Note: Published on page A14 of the November 13, 2004 issue of the Philippine Daily Inquirer
A CONDOMINIUM project of a real estate company owned by Mike Velarde of the Catholic charismatic group El Shaddai has received the single biggest loan from the Pag-Ibig Fund. The loan is for the construction of Amvel Mansions, a 3,000-unit residential project at the Amvel Business Park in San Dionisio, Parañaque. The Pag-Ibig exposure is by way of a P353-million loan, of which P221 million was handed over to Velarde during the cornerstone-laying last Tuesday attended no less than by President Macapagal-Arroyo and Vice President Noli de Castro.
It is easy to speculate that the financing largesse that Velarde is reaping from a government-financing agency is payback for his support of the Arroyo-De Castro ticket in the last election. But both Velarde and De Castro, who is chair of the Housing and Urban Development Coordinating Council that oversees Pag-Ibig, denied this. De Castro explained the loan was risk-free for the government because Pag-Ibig came in only after the Bank of Commerce had financed the initial construction of the project. He said Pag-Ibig would earn P40 million from the loan.
While the explanation seems to allay fears that the government might be unnecessarily exposing state funds to risk, it does not seem to assuage suspicion that the loan was not a thank-you gesture to Velarde for urging his El Shaddai legions to vote for the administration ticket last May 10. In fact, the presence of the two highest officials in the land at the project's inauguration reinforces the suspicion that the loan was a political payback.
What is worrisome is that the government seems insensitive to the repercussions of giving a loan to a political supporter. The Pag-Ibig publicity machine even had the temerity to boast that the credit facility was "the biggest one-time drawdown for a project in the fund's history." It hardly reassures Pag-Ibig contributors that their money has been lent to a project in a transaction that smacks of political considerations.
It is also hardly reassuring that Pag-Ibig is assisting a blatantly commercial project when it should be assisting in the financing of low- to medium-cost housing for its contributors and members. Velarde's project smacks of commercialism and while its profit orientation should indicate that it's good business, that is, business that will reap income and enable it to repay Pag-Ibig at an interest and thus allow the fund to earn for its members, its free-wheeling capitalism does not sit well with the social duties of the government to equalize opportunities and to assist the shelter needs of the people, the majority of whom are poor. To be sure, the Pag-Ibig fund could be put to better use providing the housing needs of the poor.
What is funny is that Velarde's project is called Amvel Mansions. It is characteristic of real estate businessmen in the country to bill their projects "mansions," "villas," "estates" and just about every word in the vocabulary that underscores their exclusivity, their "poshness." Presumably such semantic hucksterism would appeal to the nouveau riche and the social climbers. It is hard to believe such creatures are Pag-Ibig's constituents.
De Castro said Velarde's project is a "leap of faith [that] reinforces [the President's] statement that the financial crisis is over, and that confidence in the government has been restored." That statement is curious because by lending Velarde P353 million to build his "mansions," it seems the government is the one making the leap of faith. It is the administration doing the service for Velarde's messianism, his lust for mansions.
Now, Christ in the Bible urged his followers "not to lay up treasures on earth where moth and rust corrode" but instead lay treasures in heaven because "in my father's house there are many mansions." Of course, he did not know at that time that there would be such a thing as the Amvel Mansions where heaven could be had with some loan from the government. If he had known that, he would have joined the President and the Vice President in the inauguration of Velarde's project.
For what is P353 million but what Velarde calls "seed-faith offering," the money he asks from his legions during religious services, promising them a thousand-fold in return for their generosity? Such an offering looks suspiciously like faith conducted beside a cash register, but even Christ said you reap what you sow. You sow political goodwill and you reap a generous loan. And to that we say amen.
posted by Dante at 10:12 AM
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