The Philippine Olympic Committee granted provisional recognition to the Samahang Weightlifting ng Pilipinas.
The recognition, according to POC officials, is still subject to the approval of the International Weightlifting, the governing body of the sport.
Another group, the Philippine Weightlifting Association, which was headed by Roger Dullano, used to be recognized by the POC.
The group of Monico Puentevella, which heads SWP, switched names in compliance with the PSC requirement of incorporation with the Securities and Exchange Commission after Dullano went to the United States.
Meanwhile, the International Olympic Committee has finally cleared the Philippine Olympic Committee of its obligations amounting to $59,963.
According to POC officials, the amount represented financial assistance given to POC from 2013 to 2016.
The IOC decision relayed its latest communication to the POC through Olivier Niamkey, Head of Athletes Unit and Relations with OCA and Asian NOCs Olympic Solidarity Management.
Niamkey said the liquidation and the return of the money “were reviewed and approved and the file is now considered closed.”
“We are very grateful to the IOC for this accommodation. They accepted the liquidation even if it was way past due. We learned a valuable lesson here in terms of our accounting systems and obligations which we need to improve on. We have to be more aware of sound financial management practices,” said POC president Ricky Vargas.
The amount has not been liquidated, or returned until recently.
It includes the $23,963 that was sent to the POC in 2013 for “Preparation of Organizational Manual” and in 2016 the $36,000 for “Assistance Logistics and PDT/SG Accommodation and Transport,” according to the IOC letter to the POC.