In a gesture of appreciation for their remarkable achievements, President Ferdinand “Bongbong” Marcos Jr. awarded significant cash incentives to Filipino athletes who excelled at the Paris Olympics. Gymnastics star Carlos Yulo, who made history as the Philippines’ first Olympic double gold medalist, received P20 million from the Office of the President during a courtesy call at Malacañang on August 13, 2024.
Yulo, 24, was also conferred the Presidential Medal of Merit, adding to the incentives he is entitled to under Republic Act 10699, which grants him P10 million for each of his two gold medals.
Boxing bronze medalists Aira Villegas and Nesthy Petecio were also recognized, receiving P2 million each from the President, in addition to the P2 million incentive they will receive as mandated by law.
In addition to the financial rewards, Yulo, Villegas, and Petecio were given amity cards by the Movie and Television Review and Classification Board, valid until June 2025, and travel tax exemptions valid until June 2028.
The rest of the 22-member Philippine delegation to the Olympics were each awarded P1 million, while their coaches received P500,000 each.
President Marcos acknowledged the immense challenges faced by the athletes in qualifying for the Olympics and emphasized the need for better government support for Philippine sports. He expressed his commitment to establishing a formal structure to provide technical assistance to future athletes, ensuring they receive the support necessary to excel on the global stage.
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