Vargas abandons Phisgoc
Ricky Vargas denied his involvement with the Philippine Southeast Asian Games Organizing Committee (Phisgoc), private body that is now under fire for failing to produce an audited financial report of the country’s hosting of the 30th Southeast Asian (SEA) Games last year.
In a lengthy conversation with Daily Tribune, Vargas said he has nothing to do with the past dealings of Phisgoc as he already stepped down even before the massive fund from the government and private sector came in.
Vargas claimed that Phisgoc wasn’t his creation and he has all the documents to prove that he was no longer part of the organization during the crucial stretch of its preparation for the prestigious biennial meet.
Vargas was the Philippine Olympic Committee (POC) president when Phisgoc was assembled in June 2018
He was registered in the Securities and Exchange Commission (SEC) as one of the eight incorporators of the body from the side of the POC together with former POC chairman Tom Carrasco, POC secretary general Patrick Gregorio and POC communications director Ed Picson.
Meanwhile, Ramon “Tats” Suzara, Monica Anne Mitra, Donaldo Caringal and Dexter Estacio represent Phisgoc chairman in former House Speaker Alan Peter Cayetano in the organization’s board of trustees.
Upon finding out the existence of Phisgoc, POC executive council members were furious and demanded an explanation from Vargas to justify his involvement.
Instead of shedding light, Vargas stepped down as POC chief, paving the way for a special election won by former POC chairman Abraham “Bambol” Tolentino.
Now, a year after that tumultuous turn of events, Vargas claimed that he has nothing to do with Phisgoc.
And for me, that’s the only way we can move forward and unite the POC.
“I have no idea on what happened to Phisgoc as I was no longer part of it when funds started to come in,” said Vargas, who is also the president of the Association of Boxing Alliances in the Philippines.
“I have all documents that show that I resigned from Phisgoc even before the Southeast Asian Games.”
Vargas said just like the seven POC board members in chairman Steve Hontiveros, 1st vice president Joey Romasanta, 2nd vice president Jeff Tamayo, treasurer Julian Camacho, auditor Jonne Go and directors Clint Aranas and Robert Mananquil, he also wants to know what happened to Phisgoc and how it managed the monies that were raised through ticket sales, broadcast rights, advertising, marketing and merchandises.
He said he talked to former Phisgoc colleague — Suzara — in his private capacity to ask for the audited financial statement of the country’s hosting of the SEA Games.
“In my private capacity, I asked Tats to produce the SEA Games report, but I was told that it is not yet complete. He said it just around 90 percent ready,” Vargas said.
“But it’s been a while. It’s been 10 months since the SEA Games. He (Suzara) should have that report already.”
Led by Aranas, a taxation lawyer and former president of the Government Service Insurance System, the POC general assembly gave Suzara until 10 October to produce the audited financial report.
But Suzara simply ignored the deadline, giving the POC without a choice but to call for a special executive council meeting on Thursday to plot its legal action, probably breach of contract cases since what the Phisgoc did was in violation with the tripartite agreement it forged with the POC and the Philippine Sports Commission last year.
Vargas said the only way to unite the fractured Olympic council is for Suzara to present the report.
“It is his (Suzara) responsibility not just to the POC executive council, but also to the general assembly, to produce an audited financial report,” Vargas said.
“I’m not implying that there was something wrong. All I am saying is that in the spirit of transparency and accountability, he should shed light on this matter by presenting the audited financial report. It’s been 10 months. It’s about time for Phisgoc to comply.”
“And for me, that’s the only way we can move forward and unite the POC.” Aranas welcomed Vargas’ decision to join them in holding Phisgoc accountable. “We are happy to see that former POC president Ricky Vargas has joined the cause for transparency and accountability and heeded the call of the general assembly,” said Aranas, who is also a former deputy commissioner of the Bureau of Internal Revenue.
“The easy access of the audited financial statements of a corporation by stakeholders is one of the pillars of good governance.”