Philippine Amusement and Gaming Corporation (PAGCOR) Chairperson Alejandro Tengco announced on Tuesday that gymnast Carlos Yulo will receive ₱20 million for his outstanding performance at the 2024 Paris Olympics, where he secured two gold medals.
During the House of Representatives' deliberations on PAGCOR's proposed 2025 budget, Tengco revealed that Yulo's trainer and coach will also be awarded ₱10 million in cash incentives for Yulo’s victories in the men's vault exercise finals and vault exercise finals.
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The distribution of cash incentives to athletes who achieve success in major international sports competitions is mandated by Republic Act 10699, also known as the National Athletes and Coaches Benefits and Incentives Act. This law guarantees a ₱10 million reward for each gold medalist, with the funds sourced from PAGCOR's National Sports Development Fund.
"As provided by law, for the gold medalists, PAGCOR is mandated to give an athlete who wins a gold ₱10 million. So since he has two golds, Mr. Yulo will get ₱20 million. I have not announced this in public, so this is the first time," Tengco said.
The PAGCOR chair further stated that Yulo's coach and trainer would receive 50% of the amount given to Yulo. "So in that case, Mr. Yulo will receive ₱20 million, ₱10 million per gold that he was able to produce. Then his coach and trainer will receive a total of ₱10 million, basically ₱5 million per gold,” he added.
In addition to the government-mandated incentives, the two-time gold medalist is also set to receive a ₱6 million cash incentive from the House of Representatives.
Moreover, Yulo has received millions of pesos in pledges from the country’s business leaders, including a three-bedroom property worth ₱38 million from the real estate company Megaworld.
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