|
Monday, January 16, 2006
Philsoc chief apologizes for delay in payment
By Frank C. Calapre
Sun.Star Correspondent
MANILA – With the Philippine Southeast Asian Games Organizing Committee (Philsoc) unable to raise it’s targeted budget, it may take some time before it can settle its remaining monetary obligations.
Philsoc chief executive officer Jose Cojuangco Jr. said Philsoc had to spend more than the amount it raised during the staging of the sports conclave, which the Philippines hosted on Nov. 27 to Dec. 5 last year, after it failed to raise the targeted P1.5 billion budget.
Philsoc raised a total of P799 million – P593 million in cash and P206 million in goods and other services from both the government and private sectors – but incurred total expenses of P960 million during the nine-day meet, which was won by the Philippines for the first time with a total of 113 golds.
With the huge P171 million budgetary deficit, Cojuangco, also the Philippine Olympic Committee president, expressed his apology to all that have yet to be paid, including the Cebu SEA Games Organizing Committee (Cebusoc), which is also facing problems settling its obligations to hotels and caterers tapped for the six events hosted by Cebu.
Liquidation
“My apologies to those that have remained unpaid. We are trying our utmost to remedy the situation. For various reasons, we were unable to raise the funds required,” Cojuangco said at the 2005 Philippine Sportswriters Association Awards rites Saturday night at the Manila Pavilion Hotel.
Although Philsoc has yet to give its remaining balances to the Cebusoc and the Bacolod SEA Games Organizing Committee (Basoc), Cojuangco urged both groups to liquidate the partial amount they received from Philsoc.
“Total expenses incurred for hosting the Games amounted to P960 million. All expenses incurred are supported by receipts and liquidated properly. The only unliquidated amounts are those of Basoc (Bacolod) and Cebusoc (Cebu City), the ones that are complaining the loudest for not being paid,” said Cojuangco during the annual rites also attended by President Gloria Macapagal-Arroyo.
PSC support
Philsoc has so far delivered P8 million of the P10 million it pledged to Cebu.
Cojuangco said the Philippine Sports Commission (PSC) provided P105 million to cover some of the budgetary shortfall, reducing the budget deficit to P66 million. The PSC’s support was a big relief considering Philsoc only has P21 million in receivables left.
Cojuangco said they are working to get from the Department of Budget and Management the P20.5 million promised by 50 congressmen through their respective Priority Development Assistance Fund.
Based on the financial report submitted by Cojuangco, the national government, through President Macapagal-Arroyo, was the biggest contributor with a total of P268 million, which constitutes 35 percent of Philsoc’s total money raised.
Cash contributions from the private sector, led by the Globe Telecomunications and other firms, amounted to P140 million, while the Government Owned Corporate Companies gave P21 million. The participation fees from the 11 countries amounted to another P120 million.
Taxes
Broadcast fees collected from foreign television stations totaled only P20 million, while merchandizing fees totaled only P3 million.
Other companies like Summit Mineral Water and Mabuhay Telephons, which sponsored the uniforms, vitamins and other services for the Games, contributed P206 million.
Philsoc was not given exemptions by the Bureau of Internal Revenue and was made to pay P20 million for value-added tax, while withholding taxes reached P12.5 million and P8.3 million for the rented spaces at the Philippine International Convention Center.
Cojuangco said that P45 million of the government’s P268 million contribution went to Basoc, while Cebusoc was given P10 million. The rest were spent for the acquisition of equipment worth P160 million.
“Some of those equipment used in the SEA Games were donated by private firms and all these are now in the possession of the PSC and available for the training of the athletes,” he said.
For Bisaya stories from Cebu. Click here. (January 16, 2006 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
