Pistorius is currently on trial in South Africa after being accused of murdering his girlfriend Reeva Steenkamp at his home in Pretoria.
However, Sir Philip thinks that the downfall of the Paralympic poster-boy will not damage the overall image of the Games.
"He was the first really big international star, but there are now so many athletes coming through," he told The Telegraph.
"The new stars will be taking the movement forward, and there will be many more as we move forward."
Steenkamp was 30 years old at the time of her death last week.