POC eyes solution to NSA woes

MANILA, Philippines - The Philippine Olympic Committee is seeking the services of the country’s largest professional service firm, the Sycip, Gorres, Velayo & Co or SGV, to provide a permanent solution to finance-related problems hounding the different national sports associations or NSAs.

Jose Cojuangco, the POC president, said problems regarding unliquidated cash advances by the NSAs from the P    hilippine Sports Commission have caused some serious problems for some NSAs as well as delays in the implementation of their plans and programs.

The PSC has employed a policy that NSAs with unliquidated cash advances can no longer draw financial support from the government’s funding arm in sports.

But Cojuangco said the problem is that some if not most of the unliquidated amounts were drawn by NSAs heads or leaders who are no longer around, and that it’s the present leaders who are being asked to liquidate funds.

“Nakakagulo na sa sports itong issue on unliquidated advances eh (This is already causing troubles in sports),” said Cojuangco, stressing that some of the unliquidated advances were made more than 10 years ago or even longer.

“So how can the present leaders liquidate the amounts that were received or spent by their predecessors? We need to find a solution to this. Maybe the SGV can help us here, not just with the budgeting but in the liquidation process,” said Cojuangco.

The SGV is a professional services firm that provides business advisory, financial risk management, accounting and financial reporting, auditing and tax advisories, corporate development, transaction planning and management services.

Cojuangco said the NSAs as well as the POC and the PSC could learn a thing or two from the SGV that problems regarding finances, particularly regarding the liquidation of cash advances, can be permanently solved.