Pag-ibig Biggest Loan

The government has granted the P353 million loan from the PAG-IBIG fund to the real estate firm of Mike Velarde, for the construction of the Amvel Mansions, a 3,000 unit residential project at the Amvel Business Park, San Dionisio, Parañaque. Source: Philippine Daily Inquirer

I believe that the said grant of loan is part of the projects of the government for the implementation of one of the 10 point agenda of President Gloria Arroyo for the Nation’s Development. But what makes us think negatively is the person who received the biggest Pag-ibig loan in the history. For every Filipino knows that Mike Velarde as leader of the El Shaddai Catholic Charismatic Movement is the supporter of President Gloria Arroyo and Vice President and chairman of the housing and urban development committee, Noli De Castro during the May 2004 election.

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