MANILA — Gymnast Carlos Yulo is set to receive a PHP20 million reward for his remarkable achievement of winning two gold medals at the 2024 Paris Olympics, thanks to funding from the Philippine Amusement and Gaming Corporation (PAGCOR).
As mandated by law, PHP10 million goes to the gold medalist in the Olympics, PHP5 million for the silver medalist and PHP2 million for the bronze medalist.
Under Republic Act 10699, also known as the National Athletes, Coaches and Trainers Benefits and Incentives Act, national athletes who excel in major international competitions are entitled to significant financial incentives. Yulo’s gold medal triumphs will net him PHP10 million for each medal, while his coach, Allen Aldrin Castañeda, will also receive PHP10 million, reflecting the law’s provisions.
PAGCOR Chairperson Alejandro Tengco confirmed these incentives during budget deliberations at the House of Representatives, emphasizing the agency’s commitment to supporting Filipino athletes. “As provided by law, for the gold medalists, PAGCOR is mandated to give an athlete who wins a gold PHP10 million,” Tengco stated.
In addition to the national rewards, the city of Manila plans to honor Yulo with a PHP2 million cash prize, recognizing his extraordinary contributions to Philippine sports. Mayor Honey Lacuna announced that the city will provide PHP1 million for each of Yulo’s gold medals, underscoring his status as a hometown hero.
“This is our way of honoring his talent, dedication, and outstanding contribution to Philippine sports,” Lacuna said. She highlighted Yulo’s local roots, noting that he is a proud Manileño who attended Aurora A. Quezon Elementary School and competed in the Palarong Pambansa.
As Yulo’s accolades continue to resonate across the nation, the excitement grows, especially with female boxers Aira Villegas and Nesthy Petecio also securing bronze medals in the ongoing Olympics.
Yulo’s historic double gold victory not only brings pride to Manila but also elevates the spirit of the entire Philippines, celebrating a new chapter in the nation’s sporting legacy.
