President Gloria Macapagal-Arroyo yesterday turned over an initial P221 million check from Pag-IBIG Fund to El Shaddai leader and Amvel Land Development Corporation chairman Mike Velarde. The check is part of a P353 million loan– reportedly the biggest loan ever from Pag-IBIG fund–granted to Velarde for the the construction Amvel’s condominium towers.
This photo from the Office of the Press secretary shows Arroyo and Velarde with Vice President and Housing and Urban Development Coordinating Council chair Noli de Castro.
Last September, El Shaddai spokesperson Mel Robles was appointed administrator of the Light Rail Transit Authority.
Velarde supported Arroyo in the May 2004 presidential election.
We could only wonder what additional rewards await the controversial preacher and his flock.