Historically, Filipino athletes could turn into instant multi-millionaires by snaring medals in the Olympics with guaranteed incentives from the government on top of other pledges and rewards from private individuals.
Winning a medal in the Olympics is not only a career-defining moment for any athlete but could also be life-changing, financially.The National Athletes and Coaches Benefits and Incentives Act, Olympic winners are entitled to cash incentives depending on their respective medals. Olympic gold medalists will be receiving P10 million cash while silver winners will get P5 million and P2 million for bronze medalists.
“If I gave houses and lots to the medalists in the Tokyo Olympics, why can’t and won’t do it again for Paris,” said Tolentino. “Our gold medalist, one or more, in Paris fully deserves this reward for their hard work, dedication and love for sport and country." Back in 2021 when Hidilyn Diaz won the country’s first-ever Olympic gold medal, she received an estimate of P56.5 million cash incentive including the P10 million she was entitled to by the law.
Sports patrons Manny V. Pangilinan, through the MVP Sports Foundation, and Ramon S. Ang of the San Miguel Corporation each committed Diaz P10 million incentive. Business tycoon Dennis Uy pledged another P5 million while former president Rodrigo Duterte and former house deputy speaker Mikee Romero each gave P3 million.P3 million from Max's restaurant group, P2.5 million from Zamboanga City, P1 million from her alma mater Universidad de Zamboanga and another P1 million from Senate.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
France to get conditional approval to host 2030 Winter Games at IOC meeting before Paris GamesInternational Olympic Committee president Thomas Bach confirmed Tuesday, July 23, that full approval for the bid — centered on ski resorts in the French Alps and coastal city Nice — cannot be given since parliamentary elections this month left France with only a caretaker national government.
Read more »
‘Puso in Paris 2024’ champions Filipino athletes’ grit, glory at Paris Olympic GamesDefining the News
Read more »
LA Olympic chief hopes for French unity ahead of Paris GamesDefining the News
Read more »
Year 100: Pinoy athletes come full circle in Paris GamesIt all started from a 24-year-old world-class sprinter from Oas, Albay. One hundred years ago, David Nepomuceno embarked on a gruelling 33-day journey aboard a ship to compete in the 1924 Olympics in Paris, France.
Read more »
Tokyo Games women’s tennis silver medalist Vondrousova withdraws from Paris OlympicsPARIS — Tokyo Olympics tennis silver medalist Marketa Vondrousova withdrew from the Paris Games on Monday because of a hand injury. Also pulling out of the tennis competition in Paris was Poland's Hubert Hurkacz, who hurt his knee at Wimbledon this month.
Read more »
Athletes enjoy their first days at Olympic village ahead of Paris GamesThe village itself sits in the suburb of Saint-Denis, known in the sports world as the home to the Stade de France where France’s national soccer and rugby teams play. It is located in a formerly run-down area now transformed into a vibrant international hub for the July 26-Aug. 11 Paris Games, and for the Aug. 28-Sept. 8 Paralympics.
Read more »