GMA buying off the El Shaddai support?

From Malaya:

Gloria gives Velarde P221M for housing
Biggest Pag-IBIG drawdown ever

Mike Velarde, head of the El Shaddai movement and president of a company engaged in housing development, yesterday received a check from Pag-IBIG for P221 million, the biggest one-time drawdown for a project in the Fund's history.

The money will fund a credit facility for Amvel Land Development Corp. for the continued construction of Tower 1 of Amvel Mansions in Parañaque, described as the biggest residential high-rise project under the Medium/High Rise Building program (MHRB) of the Pag-IBIG Fund.

With President Arroyo as witness, Vice President Noli de Castro, chairman of the Housing and Urban Development Coordinating Council and the Pag-IBIG Fund Board of Trustees, turned over the check to Velarde.

The Pag-IBIG Fund has approved a P353 million financing package for the entire project consisting of Tower I with 14 storeys and Tower II with 12 stories. Both towers will have a total of 353 residential units ranging from 44.8 sq.m. to 95.75 sq.m. each.

Interesting.