THE Philippine Southeast Asian Games Organizing Committee (PHISGOC) claimed it has fully liquidated the P2.08 billion it received for the country’s hosting of the 2019 Southeast Asian Games.
In a media statement released on Wednesday, PHISGOC president Ramon 'Tats' Suzara claims he has in his hands a certification from the Philippine Sports Commission (PSC) confirming the full liquidation.
"Although post-Games obligations and responsibilities were delayed by the pandemic, the PHISGOC, according to PSC Chief Accountant Erik Mayores, was fully liquidated in March 2022," Suzara said.
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Suzara released the statement days after the National Bureau of Investigation, through Director Melvin Matibag, said it will look into the 2019 SEA Games hosting after getting fresh information about alleged funding irregularities.
Subsequently, the NBI said it will issue subpoenas to Suzara as well as Dexter Estavio and John Lester Buensoceso, listed as chief financial officer and corporate secretary, respectively, of PHISGOC, a private company than organized and staged the 2019 Games.
Matibag pointed to entries in PHISGOC's financial statements like P650 million in rental expenses, over P300 million in consultancy fees, and the P50 million that went to the construction of the Games' controversial cauldron.
On Wednesday, Suzara claimed PHISGOC's records "have long been completed, submitted, and independently examined."
He also claimed all PHISGOC financial documents were audited by independent auditor PricewaterhouseCoopers / Isla Lipana & Co.
According to Suzara, PHISGOC is " prepared to address any specific allegation through the proper channels as and when it is formally raised, and to make its records available to any legitimate inquiry."
However, Suzara's statement didn't address Matibag's question on why Senator Allan Peter Cayetano was presented as PHISGOC chairman before, during and after the 2019 SEA Games when his name wasn't in the company registration at the Securities and Exchange Commission (SEC).
In his statement, Suzara, who has also come under scrutiny for the country's hosting of the FIVB World Men's Volleyball Championship last year, identified himself as president and chief operating officer of PHISGOC.
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