Filipino gymnast Carlos Yulo will receive a P20 million reward from the Philippine Amusement and Gaming Corporation (PAGCOR) for his remarkable achievement of winning two gold medals in the floor and vault events at the Paris Olympics.
PAGCOR chief Al Tengco announced the incentive, stating, “PAGCOR is mandated to give an athlete who wins a gold P10 million pesos. Since he has two golds, Mr. Yulo will have P20 million.”
Tengco made this announcement during PAGCOR’s income presentation before the House appropriations panel.
Incentives for Coaches:
Yulo’s coach and personal trainer will also be rewarded, receiving P5 million per gold medal. This means they will each receive P10 million for Yulo’s double-gold triumph.
Historical Achievement:
Yulo’s double-gold win in Paris marks the first time the Philippines has achieved this feat since participating in the Summer Games in 1924.
Additional Rewards:
- Residential Unit: Yulo will receive a three-bedroom unit in one of Megaworld’s premier residential properties inside McKinley Hill.
- House of Representatives Award: The House of Representatives will award at least P6 million to Yulo.
Future Incentives:
- Olympic Silver Medalists: Will receive P5 million, while their coaches and trainers will receive P2.5 million each.
- Olympic Bronze Medalists: Will receive P2 million, with their coaches and trainers receiving P1 million each.
These incentives are provided under the National Athletes and Coaches Benefits and Incentives Act, which mandates PAGCOR to fund cash incentives and retirement benefits from its net income. Any additional funding requirements will be sourced from the national government’s share in PAGCOR’s gaming revenue.