Funds released by the Philippine Sports Commission (PSC) to the national sports associations, reportedly amounting to P129.6 million over the last six years, can be accounted for by the Philippine Olympic Committee (POC).
POC treasurer Julian Camacho said this Friday ahead of a planned Senate inquiry into allegations the sports body has not liquidated funds released by the PSC to the NSAs since 2010.
“Liquidated na ito. These are cash advances released through financial assistance,” said Camacho in an interview over DZSR Sports Radio.
According to Camacho, the POC has tapped accounting firm SGV over the last six years to help them in auditing the funds from the government.
He explained that initially, the PSC could not immediately give financial assistance to NSAs when they request it on behalf of national athletes who are competing and preparing for international meets.
So the POC makes the cash advances with the PSC to help finance their undertakings, and later requests for reimbursements.
“Nasa NSA na iyon (the money). Pero kami na ang nagli-liquidate nito,” added Camacho.
Sen. Sonny Angara, vice chair of the Senate Committee on Sports, said they will look into these allegations that he noted in filing Senate Resolution No. 229.
“National athletes competing in international competitions are beneficiaries and recipient of substantial financial aid and support from the State, through, among others, the Philippine Sports Commission (PSC),” said Angara in the resolution.
It is only appropriate, Angara added, for the State to ensure that such financial aid and support “is responsibly utilized to attain such purpose.”