Filipino gymnastics star Carlos Yulo has seen his financial rewards from both government and private sector sources soar to P57 million following his successful campaign at the 2024 Paris Olympics.
On Tuesday night, President Ferdinand Marcos Jr. awarded Yulo a generous P20 million reward upon his arrival in Manila with the Philippine delegation. On the same occasion, boxing bronze medalists Aira Villegas and Nesthy Petecio also received P2 million cash rewards each.
Philippine Sports Commission (PSC) also presented Yulo with an additional P20 million coming from the Philippine Amusement and Gaming Corporation.
The following day came a P14 million allocation from the House of Representatives and a P3 million bonus from property developer Megaworld Corporation. The House of Representatives increased the initial reward by adding an extra P8 million, bringing their total contribution to P14 million. This adjustment followed a morning ceremony in Quezon City, where over 300 House members gathered to honor Yulo.
Philippine Olympic Committee (POC) Secretary General Wharton Chan said, “Congress aimed to match the President’s offer, demonstrating their appreciation for Yulo’s historic achievement.”
Yulo’s remarkable performance at the Paris Olympics has also guaranteed him a P20 million incentive under Republic Act 10699, also known as the National Athletes, Coaches, and Trainers Benefits and Incentives Act.
This act provides a P10 million reward for each Olympic gold medalist, a bonus Yulo received from the PSC during a turnover ceremony at the Rizal Memorial Sports Complex.
In addition to the cash rewards, Yulo was presented with a P32 million, three-bedroom, fully-furnished condominium unit by Megaworld Corporation, located in their premier McKinley Hill property. The condo has a parking slot, home appliances, furniture, and other amenities. Yulo also received a P3 million cash reward alongside the condo.
Yulo has been promised a house and lot in both Batangas and Tagaytay City. In Tagaytay, Yulo will be given a property in the “Olympians Village,” a special area designated by Philippine Olympic Committee (POC) President Bambol Tolentino. This village also includes homes for Tokyo gold medalist Hidilyn Diaz and fellow Olympians Carlo Paalam, Eumir Marcial, and Nesthy Petecio.
Private firms Arena Plus and Chooks to Go also pledged millions of cash incentives to Yulo.
While Filipino non-medalists are not covered under the law, they are also being recognized with P1 million in incentives, with the PSC expected to provide a similar amount to these athletes.
