The alleged Pag-Ibig fraudulent loan scandal that destroyed the integrity of Globe Asiatique, or perhaps the whole Real Estate industry, is rooted on the Developer's engagement with unlicensed real estate agents.
The Pag-Ibig Loan Anomaly is not an honest lapse in the due diligence aspect of real estate sale, but allegedly clear deliberate act to commit fraud through the conspiracy of the unlicensed agent and the developer.
That's what we get when government continues to tolerate the violations of Real Estate Service Act of 2009. The Administration is tolerating the colorums and will surely pull the industry down.
The root cause of the Globe Asiatic scandal is the developer's employment of Unlicensed Real Estate Agents (colorum) who can be manipulated by the developer in compromising the due diligence process. The Philippine real estate service industry right now is infested with 95% colorum, and the failure of the GOVERNMENT SYSTEM is with the Professional Regulation Commission (PRC) and HLURB.
We have many developers who are yet to be scandalized in the same way as Globe Asiatic as they have committed Corporate Irresponsibility of engaging colorum agents. Think about this, if the developers can hire colorum agents, it is most likely that they were also buildingtheir infrastructure using unlicensed enginers. Now, think about how hazardous our real estate industry is.