MANILA, Philippines — Philippine Amusement and Gaming Corporation Chairperson Alejandro Tengco on Tuesday announced that gymnast Carlos Yulo will get P20 million for winning two gold medals in the 2024 Paris Olympics.
During the deliberations for PAGCOR’s proposed 2025 budget at the House of Representatives, Tengco said that Yulo’s trainer and coach will also receive P10 million in cash incentives for his two gold medal finishes in the men’s vault exercise finals and the vault exercise finals.
The release of cash incentives to athletes who win major international sports competitions is mandated by Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act, which provides a P10 million reward for gold medalists.
The law requires the cash incentives to come from PAGCOR, chargeable against its National Sports Development Fund.
“As provided by law, for the gold medalists, PAGCOR is mandated to give an athlete who wins a gold P10 million. So since he has two golds, Mr. Yulo will get P20 million. I have not announced this in public, so this is the first time,” Tengco said.
The PAGCOR chair added that Yulo’s coach and trainer will receive 50% of what PAGCOR will donate. “So in that case, Mr. Yulo will receive P20 million, P10 million per gold that he was able to produce. Then his coach and trainer will receive a total of P10 million, basically P5 million per gold,” he added.
Aside from these government-mandated incentives, the two-time gold medalist is also set to receive a P6 million cash incentive from the House of Representatives.
Millions worth of pledges have also poured in from the country’s business leaders, including a three-bedroom property from the real-estate company Megaworld worth P38 million.
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