NBN chairperson Mia Concio gained the nod of International Olympic Committee (IOC) vice president for international marketing Michael Payne in a phone conversation Tuesday night after the President instructed DBM Secretary Emilia Boncodin to guarantee payment of past and present obligations by the government network to the Olympic movement.
"With the letter of comfort from Secretary Boncodin assuring a government bank guarantee (or Letter of Credit) coming along the way plus the advance fee from the ABU (Asian Broadcasting Union), Mr. Payne told us to go ahead with the project," Concio told The STAR.
However, Boncodin said yesterday the national government would merely release the unpaid equity that it did not give to the state-run NBN-4 due them in the Congress-approved budget but which were not given the past two years.
"It’s not a subsidy but it’s equity from the national government to the NBN-4 which we have not given them despite the appropriations," Boncodin pointed out.
Boncodin said the President’s move to bail out the NBN-4 from the financial woes brought by the previous administration of the network would not add to the deficit problems of the national government.
"We don’t blame the previous administration but we recognize these liabilities," Boncodin said.
The only hitch that needs to be ironed out for the live satellite coverage of the Olympics beamed from Athens is the requirement for the Philippines to make an advance payment of $600,000 until Aug. 8.
This came about even as Executive Secretary Bert Romulo presided over a meeting among heads of different government corporations and the NBN top honchos.
The President wants the government corporations to allocate funds to NBN in the form of advertisements so that the state-run network is able to settle its financial obligations with the IOC.
Concio also said they have raised $300,000 from private financing and they intend to wire this to IOC tomorrow for "proof of sincerity."
With the IOC approval clinched, a press conference at the Manila Hotel at 2 p.m. this afternoon is set where Concio, Boncodin, Press Secretary Milton Alingod and IOC representative Frank Elizalde among the panelists.
NBN general manager Joey Isabelo said they’re forming a small crew with a maximum number of 12 — from the technical and production sides — to make sure they will cover participation of Filipino athletes in the Games.
"Satellite feed from Athens will include all events. Kaya lang baka walang kuha ang Filipino athletes so kailangan natin magpadala ng sariling tao," said Isabelo.