04/05/2026
Delfin Lee demands return of ₱630M escrow from Pag-IBIG Fund
Following the recent dismissal of long-standing criminal charges against Globe Asiatique (GA) Holdings Chairman Delfin Lee, the developer has formally called upon the Home Development Mutual Fund (HDMF), known as Pag-IBIG Fund, to comply with standing court orders for the immediate release of ₱630 million held in escrow for nearly 15 years.
On February 25, Acting Presiding Judge Joel Bantasan of RTC Branch 42 granted a demurrer to evidence, effectively dismissing the remaining cases against Lee and his associates. The court ruled that the prosecution failed to establish the elements of estafa, marking the end of a legal saga that began in 2011.
The dismissal concludes over a decade of litigation characterized by significant procedural delays, including the inhibition of 15 successive judges. Key milestones in the legal resolution include:
2012
The Makati Regional Trial Court ruled that GA was entitled to specific performance and damages, ordering HDMF to release loan proceeds and titles for fully paid accounts.
2018
Supreme Court Affirmation: The High Court affirmed the 2012 Makati RTC ruling and previously downgraded charges from syndicated estafa to simple estafa, allowing Lee’s release on bail after four and a half years of detention.
2024
The recent granting of the demurrer to evidence confirms that the state’s allegations of systemic fraud were not supported by sufficient evidence to warrant a conviction.
The ₱630 Million Escrow Dispute
Central to the current dispute is ₱630 million in GA funds held by Pag-IBIG as a buyback guarantee. Under the original Funding Commitment Agreement (FCA), GA maintained a strict 96% Performing Accounts Ratio (PAR) and assumed all credit risks through an automatic offsetting mechanism.
Lee maintains that because Pag-IBIG unilaterally terminated the collection servicing agreements and refused to accept replacement buyers or offset accounts, the agency lacks the legal basis to retain the escrowed capital.
Prior to the litigation, Globe Asiatique was a primary partner of the government’s socialized housing program. The Xevera projects in Pampanga were recognized as benchmarks for integrated community development, featuring schools and municipal infrastructure built at the developer's expense.
"With all charges dismissed for lack of evidence, the focus must now shift to the resolution of the civil obligations. The return of these funds is essential for the restoration of business operations and the continued effort to address the national housing backlog," Lee said.
