Globe Asiatique execs cleared in P6.6 billion estafa case

MANILA, Philippines — A trial court in Pampanga has dismissed an estafa case filed against four executives of property developer Globe Asiatique (GA) and an official of the Home Development Mutual Fund or Pag-IBIG Fund for allegedly using “ghost borrowers” to fraudulently obtain P6.6 billion in housing loans from the HDMF.

The San Fernando City Regional Trial Court (RTC) Branch 42 cleared GA president and chief executive officer Delfin Lee, his son and GA vice president Dexter Lee, GA documentation division head Christina Sagun and GA chief accountant Cristina Salagan as well as Pag-IBIG foreclosure department chief Alex Alvarez.

The court granted a demurrer to evidence filed by the respondents in three separate instances in July 2025.

The granting of a demurrer means that the pieces of evidence presented by the prosecution were insufficient to find the accused guilty of the crime charged.

In a 100-page ruling released on Feb. 25, RTC Judge Joel Bantasan said there was no proof showing the GA officials solicited funds from the public through illegal means.

Bantasan said there was no evidence showing the GA induced Pag-IBIG to release P6.6 billion in housing loans.

The court said there was no basis to conclude that the “special buyers,” whom the GA allegedly employed to be able to come up with names of supposed clients for the company’s Xevera housing projects in Bacolor and Mabalacat, were fake.

“The court is not convinced that Globe Asiatique or any of its officer had purposely and intentionally recruited ghost buyers for its Xevera projects because of its buy-back guaranty under the financial commitment agreement and memorandum of agreement,” the ruling read.

The court cited Lee’s efforts to disclose and monitor 1,000 questionable accounts, which it said was not consistent with the behavior of a deceitful man committing illegal and fraudulent acts.

In 2011, the Department of Justice filed charges of syndicated estafa against the respondents for allegedly defrauding members of Pag-IBIG Fund in housing loans used in GA’s projects in Bacolor and Mabalacat from 2008 to 2011.

In July 2018, the Supreme Court downgraded the case to a simple estafa, declaring it was the HDMF that solicited funds from the public. The SC remanded the case to the lower court.

After granting the demurrer, the RTC ordered the release of P2 million in cash bonds to the respondents, which they paid for their temporary liberty.