Unspent P3-M from PHISGOC, deposited in athletes’ trust fund – POC Head
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Funds amounting to P3.3 million that were unspent for the country’s hosting of the 30th Southeast Asian Games three years ago are now in the Philippine Olympic Committee (POC) trust fund for athletes.
POC President Rep. Abraham “Bambol” Tolentino said on Friday that the Philippine Southeast Asian Games Organizing Committee (Phisgoc) turned over the funds that were raised from private sponsors during the November 30 to December 10 SEA Games in 2019.
“We’re very thankful to the PHISGOC for donating the saved money that we can use for our athletes in the future,” said Tolentino, also the president of PhilCycling and Tagaytay City mayor.
Phisgoc Chief Operating Officer Ramon “Tats” Suzara — also head of the Philippine National Volleyball Federation—confirmed the funds’ turnover. He said the Philippine Sports Commission was informed of the transfer.
The Phisgoc operated with a P6 billion fund for the hosting of the 2019 SEA Games, where the country emerged overall champion. The funds were from the government and private sector.
The Phisgoc financial report revealed the unspent funds were for payments to suppliers of various national sports associations.
“But for one reason or another, these suppliers could no longer be found, nor did they send a representative to collect payments,” Tolentino said. “But in case someone surfaces to collect, they can do so with the PSC.”
Tolentino said the trust fund will be the source of cash incentives or bonuses for successful athletes.