Philippines’ Carlos Yulo poses with his gold medal during the podium ceremony for the artistic gymnastics men’s floor exercise during the Paris 2024 Olympic Games at the Bercy Arena in Paris, on August 3, 2024. —Photo by Lionel Bonaventure/Agence France-Presse
MANILA, Philippines — Two days removed from his monumental double-golden feat in the Paris Olympics, the cash register will now start ringing for gymnast Carlos Yulo.
Counting the guaranteed purse of P20 million from the government for his victories in the floor exercise and vault in men’s artistic gymnastics, an outpouring of more monetary bonuses for the newest toast of Philippine sports is in the offing.
That’s aside from the commitment of the House of Representatives to gift Yulo P3 million for each gold and another P3 million in cash courtesy of Megaworld Corp., which likewise threw in a bigger condominium unit worth P32 million in upscale McKinley Hill in Taguig City.
READ: Incentives continue to pour for Carlos Yulo after his double gold feat
The 24-year-old Olympic champion will also brace for a hero’s welcome upon his return to Manila.
“I’m really excited, but I know it’s also going to be tough for me because it’s kind of outside gymnastics,” said Yulo.
“Lots of interviews, a lot of media but I’m really excited to do that. I’m really blessed and grateful,” added the world champion in the floor exercise back in 2019 and the vault in 2021.
Overall, Yulo is already assured of fattening his bank account by at least P29 million and the incentives are expected to flow in the coming days from the private sector.
When weightlifter Hidilyn Diaz won the nation’s first-ever gold medal in the Tokyo Olympics in 2021, she received roughly P60 million in rewards.
Under Republic Act No. 10699, known as the National Athletes and Coaches Incentives and Benefits Act, a gold in the Summer Olympics is worth P10 million from the Philippine Sports Commission, a silver medal is valued at P5 million, and a bronze medal, P2 million.
Malacañang could even increase Yulo’s wealth once he gets an audience from President Ferdinand Marcos Jr., while Philippine Olympic Committee president Abraham Tolentino has pledged a house and lot even before the Paris Games.
Diaz and Tokyo silver medalists Nesthy Petecio, Carlo Paalam and bronze performer Eumir Marcial of boxing own houses and lots in Tagaytay City as part of their bonanza.
Cash and goodies
The SM Group of the billionaire Sy family pledged P1-million worth of products from SM department stores and supermarkets, but consumable in 12 months.
Rather than fresh or roasted chicken, however, Bounty Fresh Group Holdings Inc. and Chooks-to-Go will reward Yulo with P3 million in cash for his “outstanding achievement.”
Meanwhile, Vikings Buffet also gifted Yulo a lifetime of free buffet.
But all the rewards and incentives do not end with Yulo.
International Container Terminal Services Inc. chair and CEO Enrique Razon Jr. has pledged cash incentives ranging from P1 million to P5 million for athletics olympians—and their coaches—who will land a podium finish.
In Congress, Speaker Martin Romualdez on Monday said the House of Representatives’ legislative mill would be grinding to enhance and provide more perks, including the likely grant of lifetime pensions, to Filipino athletes in honor of their outstanding performance in the Paris Olympics.
The chamber’s ways and means committee began efforts on Monday with the approval of a bill providing tax exemptions for donations and rewards to national athletes competing in international sports events.
Romualdez pointed out that one bill that would be seriously considered pertains to the grant of lifetime pension to all Filipino Olympic medalists who have brought honor to the country.
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According to the Speaker, recognition of the achievements of Filipino Olympians will ensure they have a bright and secure future, even if they retire. —with a report from Jeannette I. Andrade
Follow Inquirer Sports’ special coverage of the Paris Olympics 2024.