Frozen by default - SPORTING CHANCE by Joaquin M. Henson

Games and Amusements Board (GAB) Chairman Dominador Cepeda says there’s about P3 million stashed away in a Land Bank account from cash generated in staging two world title fights here several years ago and he’d like to find out if Malacañang will agree to use it as an endowment fund for disabled or destitute professional fighters.

During the Ramos Administration, funds were raised by a so-called Philippine Management Committee (PMC) to host the Luisito Espinosa-Cesar Soto fight for the World Boxing Council (WBC) featherweight title in 1996 and the Gerry Penalosa-Seung Koo Lee bout for the WBC superflyweight crown in 1997.

Presidential Administrative Order No. 268 constituted a PMC to coordinate the effort in staging the Espinosa-Soto match. Section 1 of the order designated Cepeda as GAB Chairman to co-chair the PMC with a private sector representative, later to be Jorge Araneta. Other PMC members were Jesli Lapus as Land Bank President, Ed Joaquin of the Philippine Tourism Authority (PTA) and Manila Mayor Fred Lim. The order was signed by President Ramos and Executive Secretary Ruben Torres on April 23, 1996.

Philippine Charity Sweepstakes Office (PCSO) Chairman Manuel Morato subsequently released P5 million to the PMC as "financial assistance" for the fight, as approved by the Board of Directors. Money also came from the Philippine Amusement and Gaming Corp. (PAGCOR) and Land Bank, among others, to support the "Battle of Manila Bay" at the Luneta Park.

President Ramos issued another Administrative Order, No. 328, to reconstitute the PMC for the Penalosa-Lee fight which was held in Lapu-Lapu City. Cepeda was once more appointed as PMC Chairman. Lapus, Morato, Alice Reyes of PAGCOR, Macanbangkit Lanto, and Ernest Weigel, Jr. were among the members.

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Both projects generated much more than it spent. The surplus was deposited at the Land Bank and according to Cepeda, it had grown to P2,838,775.76 as of last June 13.

"The money came from contributions and sponsorships of government financial institutions and corporations and was intended to defray expenditures entailed in the preparation and holding of both fights," explains Cepeda. "However, after all pertinent obligations arising therefrom were settled, substantial amounts of the funds generated by the Committees remained."

Cepeda proposes the establishment of an endowment fund "to serve the country’s professional boxing community by addressing the needs of poor and/or disabled professional boxers." He adds: "After all, the concerned funds were generated with the ultimate objective of promoting the development of professional boxing through the staging of championship matches that have the quality to draw international attention and domestic public patronage and support. We believe that rendering assistance to destitute boxers is a humane way of enhancing the developmental goal."

In Cepeda’s proposal, the GAB will manage and operate the endowment fund. He says the interest earnings will only be disbursed and the principal will be maintained intact.

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The GAB has its own Boxers Welfare Fund which is a pool of voluntary contributions from promoters, managers and fighters. Since donations are optional, the Fund has hardly grown through the years — it amounts to about P46,000. The GAB digs into this account for the families of fighters who are killed in the ring, for fighters who are saddled by hefty medical bills because of boxing-related injuries, and for fighters like Gregie Simbajon who are forced to retire due to illness.

If the Land Bank account is transformed into an endowment fund, the GAB can do a lot more to come to the aid of ill-fated fighters.

Cepeda drafted a proposed Executive Order to set up the endowment fund for former President Estrada’s signature during his Administration last year and sent it through Executive Secretary Ronaldo Zamora but never got a response.

The Land Bank account is untouched and lying idle. It’s frozen by default. Let’s hope Cepeda gets the nod from President Arroyo to use it as an endowment fund.