PAGCOR to award Carlos Yulo's coach, trainer P10 million incentive
Filipino gymnast Carlos Yulo not only won at the 2024 Paris Olympics, but he also secured cash incentives for his coaches from the Philippine Amusement and Gaming Corporation (PAGCOR).
PAGCOR Chair Alejandro Tengco on Tuesday said that the government-owned corporation is "mandated" to give all athletes who win gold at the Olympics P10 million per medal.
"So since he has two golds, Mr. Yulo will have P20 million," he said.
Tengco also added that Yulo's coach, Allen Aldrin Castañeda, and trainer are to receive 50 percent of his winnings. This incentive will also be extended to the coaches and trainers of the silver and bronze medalists.
"Aside from that, the coach and the trainer of Mr. Yulo will receive 50% of what PAGCOR will donate," he said. "His coach and trainer will receive a total of P10 million."
When asked if the prizes are tax-free, the chief said they "normally give full amount."
"We do not deduct taxes," Tengco answered.
Under the Republic Act No. 10699, or the National Athletes and Coaches Benefits and Incentives Act, individual Filipino Olympic medalists shall receive P10 million for gold, P5 million for silver, and P2 million for bronze. Gold medalists will also receive an Olympic Gold Medal of Valor from the Philippine Sports Commission.
The House of Representatives vowed to give Yulo at least P6 million for the double win, as well as a congressional medal recognizing his significant contribution to Philippine sports.
Yulo is the country's first double gold medalist after a back-to-back win during the men's floor exercise and vault finals events last weekend in Paris.
He will be given a hero's parade in Manila, as announced by Mayor Honey Lacuna on August 5. In addition to the grand parade, the city government will award him a P2 million cash prize for his two gold medals.
"Hindi matatawaran ang iyong pagod at hirap na dinanas mo upang makamit ang tagumpay na iyong natanggap. Lagi mong tatandaan na nandito ang iyong tahanan, ang Lungsod ng Maynila, lagi sa iyong likod, handang tumulong sa iyong paglalakbay tungo sa iyong tagumpay," Mayor Lacuna wrote.
Private companies such as Megaworld and Bounty Fresh Group Holdings Inc. are also showing their support by granting Yulo P3 million each.
As a further reward for his achievement, Megaworld will present Yulo with a fully furnished three-bedroom condominium unit at McKinley Hill valued at P32 million. He will also be provided with a lifetime supply of meals, healthcare, P100,000 worth of furniture, and business opportunities such as franchises from other brands.