Metro Manila, Philippines – Gymnast Carlos Yulo will receive P20 million from the Philippine Amusement and Gaming Corporation (Pagcor) for winning two gold medals in the Paris Olympics.
Pagcor Chairman Alejandro Tengco made the announcement during the House committee on appropriations hearing on its 2025 budget on Tuesday, Aug. 6.
“As provided by law, for the gold medalist, Pagcor is mandated to give an athlete who wins a gold P10 million. Since he has two golds, Mr. Yulo will have P20 million,” Tengco said.
He said the incentive is tax-free.
Yulo’s coach and trainer will also get a reward of P5 million each.
Other Filipino athletes who secured a medal will also receive cash incentives.
Tengco said a silver medalist will get P5 million while his/her coach and trainer will receive P2.5 million each.
Pagcor said it will hand out P2 million for a bronze medalist and P1 million each for the athlete’s trainer and coach.
