Philippine President Gloria Macapagal-Arroyo has ordered the Department of Budget and Management to guarantee the payment of past obligations that would enable the state-run Nation Broadcasting Corp. Channel 4 ((NBN-4) to cover the incoming Olympic Games.

Arroyo Tuesday ordered department Secretary Emilia Boncodin to issue the official Philippine government guarantee required by the International Olympic Committee (IOC) to allow the channel the rights as official Philippine carrier station for the live satellite coverage of the Olympic Games kicking off August 13 in Athens, Greece, the Philippine Star daily reported Wednesday.

Acting on Arroyo's orders, Boncodin transmitted Tuesday to Michael Payne, IOC vice-president for international marketing, the Philippine government official guarantee for the payment of 1.2 million US dollar arrears the previous management of Channel 4 owed the IOC for the airing of the 2000 Olympic Games in Sydney.

Philippine Press Secretary Milton Alingod said Arroyo on Tuesday called to an emergency meeting Boncodin and other key Cabinet members and top sports officials along with NBN-4 board of directors led by chairman Mia Concio and NBN general manager Jose Isabelo.

"The President acted swiftly and what remains our problem is now the timelines for us to meet our obligations," Isabelo said.

The NBN-4 won the rights to air the Olympic Games but almost did not make it after the IOC found out its unpaid arrears in the past.

All 16 Filipino athletes for this year's Olympic Games are hoping to finally nail the country's first Olympic triumph after 80 years of participation in the quadrennial competition.

The most hopefuls are boxers Harry Tanamor and Violito Payla, shooter Jethro Dionisio and taekwondo jins Donald Geisler, Tshomlee Go and Mary Antoinette Rivero.

The closest the Philippines came to bagging any Olympic gold medal was when boxers Anthony Villanueva and Onyok Velasco landed in the finals of the 1964 Games in Tokyo and 1996 Games in Atlanta Games, respectively.