Philsoc selling sports equipment to pay SEAG bills

For sale: slightly-used sports equipment worth P100 million.

The Philippine SEA Games Organizing Committee has raised this sign in a bid to raise the money that would be used to pay up its debts to those who provided various services during the recent Games.

Steve Hontiveros, secretary-general of both Philsoc and Philippine Olympic Committee, yesterday told The Star that proceeds of the sale would be used to settle the unpaid hotel bills in Metro Manila, Cebu and Bacolod.

Previous reports said Philsoc also has unpaid bills for those who provided transportation and catering services to the thousands of athletes and officials both foreign and local.

The Philippine Sports Commission, through chairman Butch Ramirez, has offered to help settle a portion of the Philsoc debts. But Hontiveros said the PSC cannot settle all of it.

Hontiveros gave a "ballpark figure of P70 million" representing the Philsoc debts.

Aside from the sports equipment, which were purchased by Philsoc, also up for sale are some computers and other equipment related to the running of the SEA Games last December.

Hontiveros said some of the sports equipment may end up being purchased by the PSC for the use of the national athletes. Some of them may end up in the hands of private individuals who may use it for their own purposes or donate it to the athletes.

"We are working out a scheme regarding the sale. But of course even if we are able to sell all of them we cannot raise P100 million because of the depreciation value. But whatever, it will help Philsoc settle the bills," he said.

Hontiveros said Philsoc, under Jose "Peping" Cojuangco, will be dissolved the moment everything is settled.