POC settles past admin’s obligation to IOC

MANILA, Philippines — The International Olympic Committee has finally cleared the Philippine Olympic Committee of its obligations amounting to $59,963.

The amount represented financial assistance given to POC from 2013 to 2016, before the term of current president Ricky Vargas, and which was not liquidated or returned until recently.

This included $23,963 given in 2013 for “Preparation of Organizational Manual” and $36,000 in 2016 for “Assistance Logistics and PDT/SG Accommodation and Transport.”

IOC director Pere Miro wrote Vargas in June 2018 that the monies be returned since the period for liquidation and explanations had long elapsed. The POC was given until end of June to reimburse the entire amount.

The POC, through secretary-general Patrick Gregorio, appealed to the IOC to reconsider the decision and allow the new administration to look into the matter and come up with a solution.

Since the amount of $23,963 could be covered by the current POC dollar account, it was deemed practicable to return the said amount. 

The $36,000 covered the expenses  of the chef de mission and the then POC secretary-general for their air fares and per diem in the Rio  Olympics. 

The IOC said the case is now closed.

The POC immediately wired the $23,963 to the IOC.