Vargas open to writing off debts as part of ‘healing process’

More help is coming the Filipino athletes' way, said newly elected Philippine Olympic Committee (POC) president Ricky Vargas, after 3 corporations pledged to pool their resources for local sports.

Vargas unseated longtime POC chief Jose “Peping” Cojuangco in a court-ordered election in Mandaluyong city on Friday.

“MVP (Manny V. Pangilinan), as seed money, gave P20 million to the POC . . . There's another gentleman, Cecilio Pedro of Hanabishi and Lamoiyan (also pledged support) . . . and then the sports head of San Miguel, Alfrancis Chua, he's ready to support sports,” Vargas said in an interview on DZMM’s "Fastbreak" program on Saturday.

“It's the beginning of private-sector help for the athletes. Dumadating na.”

He added that the national sports associations (NSAs) will have to be clear with their plans and programs or their respective athletes in order to get such support.

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• READ: Ricky Vargas elected new PH Olympic Committee president

“Kailangan may plano ang mga NSA, there's a clear path to what they're doing, kung walang plano hindi maniniwala ang private sector. The NSAs should have a clear path of training, development of athletes and proper governance. Kung hindi, hindi magbibigay 'yan,” said Vargas, who also serves as the head of the Association of Boxing Alliances in the Philippines.

Vargas also said the new POC leadership will also deal with the issue of unliquidated funds provided by the Philippine Sports Commission to the NSAs.

“We're thinking of putting up an NSA-type of committee that will look specifically on the issues of finance, liquidation, integrity. It’s almost like an ethics committee,” he said.

Vargas added they won’t hesitate to write off debts if necessary just to cool off hostilities within the POC.

“Sa corporate world ang tawag namin diyan is you have to make a decision to write it off and start anew,” he said.

“That in itself is the healing process. But you have to understand what you wrote off and you have to understand who is responsible for that write off.”

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