The Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund chairman Noli De Castro boast to leave legacy of accomplishments in both agency under his leadership. He was caught up further saying “I will step down in 2010 with accomplishments and nobody could question them,” over his radio program “Para sa Iyo, Bayan”. He made the statement after his appearance before the Senate hearing investigating the “info-mercials”of Cabinet officials last Friday.
The info-mercials is said to have spent 172 million on advertisements was commented by Sen. Loren Legarda that it could have been spent on low-cost housing and in addition quoted “Nobody has a monopoly of talent and voice in this country,”. Sen. Loren Legarda, losses over De Castro in 2004 for vice president.
Conversely, HDMF (Pagibig Fund) Chief Executive Officer (CEO) Jaime Fabiana defended the P 172 million to bring upon positive results in the Pagibig fund operation saying it brought a total of P 78 billion housing loan approvals. The ads expenditure comprises only around one-fifth of one percent in terms of total housing loan approvals, the CEO quoting it as conservative.
De Castro came out to be instrumental in the pick up of the 6 percent interest rate reduction campaign, and did not receive a single centavo in the info-mercials.
Figures presented by CEO includes greater income for Pag-IBIG – P7.3 billion in 2007, P9.5 billion in 2008, and in 2009, on track to make P11.5 billion.
It is to be noted that Sen. Miriam Defensor-Santiago, initiated the investigation over the increasing number of infomercials being aired featuring Cabinet members who are perceived to be presidential candidates. De Castro quoted “I never promoted myself because I have been promoted,” and he said his predecessors in the HUDCC and Pag-IBIG also appeared in the television ads.
So tell me what you think? Is the advertisement justified?
Source: Philstar News
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