MANILA, Philippines – Ricky Vargas stepped down as the president of the Alliance of Boxing Associations in the Philippines (ABAP) following the lackluster performance of Filipino boxers in the Olympic Games in Rio de Janeiro.

Charly Suarez and Rogen Ladon failed to win a single match in the Rio Games.

"We need new leadership to refresh ABAP, and inspire our pipeline of next generation boxers in our pool," Vargas said in a statement released on Tuesday. "We did our best, and now it is time to turn the baton over after eight years of leadership."

"We had our share of success in the SEA Games, Asian Games, and World Championships. But of course, the standard is the Olympics, and we have been unsuccessful there," he added.

Vargas said the ABAP elections will be held once executive director Ed Picson returns from Rio de Janeiro.

In a separate interview with Ronnie Nathanielsz that appeared on PhilBoxing, Vargas said he wants Senator Manny Pacquiao to replace him as ABAP chief.

There were high hopes for Suarez and Ladon in Rio de Janeiro, but Suarez lost a split decision to Britain's Joe Cordina, and Ladon dropped a unanimous decision to Yurbejen Herney Martinez of Colombia.

(READ: Ladon: 'Masyado ako na-excite')

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