PSC sets P3M standby fund

A P3 million contingency fund prepared by the Philippine Sports Commission for the coming Asian Games may solve the budgetary problems facing the RP contingent to Doha, Qatar.

Commissioner Ritchie Garcia of the PSC said the contingency fund represents three percent of the total budget of P30 million.

"We have prepared this fund just in case a need for it arises in Doha. But hopefully if nothing untoward comes up, then we can probably spend it for other purposes," said Garcia.

The peso gaining ground against the mighty dollar, according to Garcia, may also provide relief to the RP contingent. He said all computations were made when the peso-to-dollar rate was at P52.

"But now that the peso has breached the P49 mark against the dollar, we have already at least P1 million. We just hope that it stays this way as the Games get closer," Garcia explained.

Despite the P30 million budget, the PSC still needs at least P2.4 million following the late inclusion of women’s softball in the RP contingent numbering around 340 athletes and officials.

"But we cannot spend the contingency fund yet because we might need it if let’s say somebody from the RP delegation gets hospitalized. We need it on hand," Garcia added.

Originally, sports officials were short of P10 million but the failure of the men’s baseball and water polo teams to make the grade almost two months before the Games reduced the deficit.

The P30 million will be spent mostly on airfare, uniforms and allowances of the RP athletes and officials. The PSC expects to spend at least P90,000 per member of the delegation.

Officials of the PSC and Philippine Olympic Committee are having a very hard time trying to get the support of the private sector for the 15 Asian Games scheduled Dec. 5-15.

More than a month after distributing solicitation letters to some of the country’s biggest firms and individuals, sports officials are still waiting for a positive response.

Among those approached for sponsorship were San Miguel Corp., Philippine Long Distance Telephone Co., Globe, Lucio Tan Group, John Gokongwei Group and the Henry Sy Group.

Also tapped for help were Samsung, McDonald’s, Coca-Cola, Alaska Milk, Caltex, Kodak, Smart, ABS-CBN and the Bank of the Philippine Islands.

Garcia, however, has not lost hope.

"We’re following it up and we’re hoping for the best. If baseball officials can succeed in generating funds for their participation or the private sector comes in to help, then the problem is earlier solved," said Garcia.

The PSC has nothing more to give to the country’s Asian Games campaign, forcing its chairman, Butch Ramirez, also the RP chef-de-mission to Doha, to approach the private sector.

Jose Cojuangco, the POC president, is also knocking on the doors of the private sector. — Abac Cordero