Monetary Reward Worth Millions Await PH Olympic Medalists

Photo by Kyle Dias

MANILA, Philippines — Filipino athletes are given more reasons to win the gold medal in the Tokyo Olympics to be held on July 23 as more pledge cash incentives for them.

According to Philippine Olympic Committee (POC) president Abraham Tolentino, San Miguel Corporation big boss Ramon Ang has pledged an additional incentive worth Php10 million, Php5 million and Php2 million for Filipinos who would snare a gold, silver or bronze medal, respectively, in the quadrennial event.

Ang matched the amount athletes are mandated to receive from the government via the Expanded Athletes Incentives Act and the money the Manny V. Pangilinan Sports Foundation (MVPSF) pledged.

So all in all, a Filipino Olympic medalist stands to receive Php30 million for a gold, Php15 million for a silver and Php6 million for a bronze.

“Nagpapasalamat ako sa MVPSF and I’m officially announcing na nagpapasalamat din ako kay Mr. Ramon Ang of San Miguel na nag-commit na din ng same amount,” said Tolentino during Tuesday’s online Philippine Sportswriters Association (PSA) Forum.

That is aside from the house and lot in Tagaytay Tolentino promised to the Filipino Tokyo gold medal winner.

And more is expected to come. 

“Hopefully marami pa darating lalo na pag na deliver na yung gold, baka umabot pa ng Php50 million yan, which is equivalent to US$1 million other countries are giving,” said the congressman from Tagaytay.

Thursday, July 8, the MVP Sports Foundation (MVPSF) board formalized the decision that includes P5 million for a silver and P2 million for a bronze.

“The MVPSF appreciates the sacrifices from all our athletes. We know it wasn’t easy to train during the pandemic but they still persevered to give Filipinos something to look forward to and be proud of,” said MVPSF president Al Panlilio.

“We hope the monetary reward we’ve set aside will give them the extra push to really go all out and win the country’s first-ever gold medal in the Olympics. We’ve been waiting for the Olympic gold medal for so long and we know it will inspire the entire nation.”

The incentives to be given out by MVPSF will be on top of the bonus system of the Philippine Sports Commission Act (RA 10699), which will give out the same amounts for each medal color, respectively.

MVPSF currently supports 14 out of the 19 Filipino Tokyo 2020 Olympians financially and has helped pave the way for them to train abroad.

The quadrennial sports meet will be staged from July 23 to August 8 in Tokyo, Japan

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