MANILA: Gymnast Carlos Yulo’s PHP20 million reward for bagging two gold medals in the 2024 Paris Olympics will be funded by the Philippine Amusement and Gaming Corporation (PAGCOR).
Republic Act (RA) 10699 or the National Athletes, Coaches and Trainers Benefits and Incentives Act grants benefits and incentives to national athletes who win in major international competitions.
A PHP10 million goes to the gold medalist in the Olympics, PHP5 million for the silver medalist and PHP2 million for the bronze medalist.
The law stipulates that the incentives shall come from PAGCOR, chargeable against its National Sports Development Fund.
Yulo’s coach and trainer, Allen Aldrin Castañeda, will receive PHP5 million per gold medal or a total of PHP10 million.
PAGCOR chairperson Alejandro Tengco confirmed the incentives during the budget deliberations at the House of Representatives on Tuesday.
“As provided by law, for the gold medalists, PAGCOR is mandated to give an athlete who wins a gold PHP10 million,’ Tengco sai
d.
As of posting time, female boxers Aira Villegas and Nesthy Petecio are assured of a bronze medal each.
Manila to reward ‘golden boy’ with P2-M
Aside from a hero’s parade, the city government of Manila would also give Yulo a PHP2 million cash reward.
The amount is equivalent to PHP1 million each for the two gold medals won by the star gymnast, Mayor Honey Lacuna said Tuesday.
‘This is our way of honoring his talent, dedication, and outstanding contribution to Philippine sports,” Lacuna said in a statement.
The mayor said Yulo, 24, is a full-blooded Manileño, having studied at Aurora A. Quezon Elementary School in Malate and represented the city at the Palarong Pambansa.
‘Nakaukit na siya sa kasaysayan sa pagkapanalo ng dalawang gintong medalya sa 2024 Paris Olympics. Ang kanyang nakakabilib na performance sa floor exercise at vault events ay nagdala ng matinding karangalan at saya sa Lungsod ng Maynila at sa buong bansa (He made history through his double gold medal victory at the 2024 Paris Olympics
. His stellar performance in the floor exercise and vault events brought extreme joy and honor to the city of Manila and the entire country),” Lacuna added.
Source: Philippines News Agency