A BONANZA of bonuses from the private and government sectors awaits Paris Olympic Games double gold medalist Carlos Edriel Yulo when he returns home.
With back-to-back gold medals in the floor exercise and vault events around his neck in a glittering weekend at the Bercy Sports Arena, Yulo now has more than P50 million in cash and other incentives and counting.
Under Republic Act 10699, the revised incentives law, Yulo is guaranteed P20 million, P10 million for each mint, on top of a Medal of Valor for his achievements.
Similar to what it did to the medalists in the Tokyo Olympics in 2021, the MVP Sports Foundation has committed to match the incentives, meaning the Pinoy tiny twister can expect another P20 million from the foundation identified with businessman Manny V. Pangilinan.
Also getting into the act is the House of Representatives with another P6 million, P3 million for each gold medal.
Chooks-to-Go has also pledged P3 million while the Megaworld Group of Andrew Tan will award the sports hero with a P24 million fully furnished three-bedroom unit at its McKinley township in Taguig City worth a cool P35 million.
The popular Vikings buffet restaurant chain and Tipsy Pig reportedly have also committed a lifetime voucher for free food at their respective establishments, according to news reports (not in Malaya-Business Insight).
Toyota, with whom he has an endorsement contract, is also expected to give Yulo a bonus for the Olympic accomplishments.
Manila is also preparing a “hero’s welcome” for Yulo and other Paris Olympics bets.
Manila Mayor Honey Lacuna said the “grandest welcome will greet him and all our Paris Olympians,” adding the city would present Yulo with cash incentives, awards and symbols of “eternal gratitude” from Manila.
Appearing at the Kamuning Bakery Cafe forum yesterday, businessman-sportsman Dr. Cecilio Pedro advised Yulo to get expert financial advice so he would not squander his hard-fought rewards.
“What he (Yulo) needs is a mentor who will advise him well so that his incentives won’t be wasted and invested wisely,” Pedro, the owner of Lamoiyan Corp, the maker of Hapee toothpaste, said. “This mentor should be motivated not by self-interest but by someone who will guide him on how to make these monies grow.”
HOUSE INCENTIVE
Yulo is also assured of at least P6 million in cash incentive from the House of Representatives, P3 million for each of the two gold medals he won.
House Deputy Secretary General Sofonias Gabunada said the House leadership has pledged cash rewards worth P3 million for gold medalists, P2 million for silver medalists, and P1 million for bronze medalists.
Speaker Martin Romualdez called Yulo a “once-in-a-century Filipino athlete.”
“Carlos Edriel Yulo has proven himself to be a once-in-a-century Filipino athlete,” he said.
“His remarkable performance at the Paris Olympics, winning double gold in both the floor exercise and vault, is a testament to his hard work, perseverance, and exceptional skill.”
Romualdez last Sunday said the amount that Yulo will receive from the House will be on top of the individual cash incentives that will come from congressmen.
He said the House will also study the possibility of enhancing and increasing government benefits to medalists in the Olympics, including granting them monthly pensions starting from the age of 40 or from their age of retirement from sports “for the pride and honor they have brought the country.”
The Speaker said he has asked the appropriate committees to initiate discussions on passing a bill that would institutionalize the grant of more benefits, financial or otherwise, to Filipino Olympic medalists.
“Ang karangalang hatid ni Carlos Yulo, Hidilyn Diaz at ng ating mga Olympians para sa ating bansa at sa sambayanang Pilipino ay hindi natin kailanman masusuklian, pero maaari nating kilalanin ang kanilang tagumpay sa pamamagitan ng pagbibigay ng benepisyo mula sa pamahalaan (We can never repay the honor that Carlos Yulo and Hidilyn Diaz and all our Olympians have brought to the country but we can honor their victories by giving them benefits from the government),” Romualdez said.
Romualdez said this recognition of the achievements of Filipino Olympians could ensure they would have a bright and secure future even if they retire.
The Speaker said he has also directed the appropriate committee to study amendments to Republic Act (RA) No. 10699 or the “National Athletes and Coaches Benefits and Incentives Act” and study if the law needs to be updated to reflect the needs of athletes and coaches.
In deliberating these proposals, Romualdez said Filipino athletes, including those who won medals in the Olympics and those competing in international events, would be invited as resource persons, including their coaches and support personnel.
Romualdez said sports development will also be prioritized as the House deliberates on the proposed P6.352 trillion proposed national budget for 2025.
The Speaker said the House leadership is planning to meet with representatives of the Philippine Sports Commission (PSC), the Philippine Olympic Committee (POC) and other sports agencies to discuss the possibility of augmenting their budget allocations next year.
The PSC has a measly P725 million proposed national budget for 2025, a far cry from this year’s P1.156 billion budget.
TAX EXEMPTION
Also yesterday, the House Committee on Ways and Means approved a bill granting tax exemptions to all donations and prizes received by athletes competing in international sports competitions.
The panel, chaired by Albay Rep. Joey Salceda, approved House Bill No. 421 to help national athletes increase their resources to fund their training.
“It took him (Yulo) more than a decade to reach that goal in the grandest manner possible.
What that teaches us is that the prize is never won on the day of the competition itself, but years before,” Salceda said. “Champions are not made overnight.”
Under the bill, the exemption would cover all donations made starting January 1, 2024.
Salceda said he is also planning to file a bill that seeks to exempt donations made through the PSC or the POC.
SENATE COMMENDATION
Senators yesterday filed separate resolutions commending and conferring the Philippine Senate Medal of Excellence to Yulo for his exceptional achievements.
Senate president pro tempore Jinggoy Estrada said Yulo’s “outstanding achievement” should be celebrated by the entire nation as it is a “testament to the excellent skills and unyielding spirit of the Filipinos.
“His glorious success is a shining example of what hard work, discipline, perseverance, and commitment to excellence can accomplish,” Estrada said.
Senate majority leader Francis Tolentino said Yulo’s achievements are an inspiration to Filipinos.
“Mr. Yulo made history for Philippine gymnastics by becoming the country’s first double Olympic gold medalist, showcasing his grit and talent as he reigned supreme in the floor exercises and men’s vault finals at the 2024 Paris Olympics,” said Tolentino in filing Senate Resolution No. 1106.
The Philippine Senate Medal of Excellence is given to recognize, honor, and commend outstanding Filipinos for their exemplary service, exceptional achievements, and invaluable contributions to nation-building, based on Resolution No. 110 adopted by the Senate on August 2021.
Under the resolution, the Philippine Senate Medal of Excellence will be given to Filipinos awarded with a Nobel Prize, a Pulitzer Prize, an A.M Turing Award, a Ramon Magsaysay Award, or an Olympic medal.
Tolentino, in a press conference, said other Filipino athletes who would bring home an Olympic medal will also be conferred with the Senate medal.
Tolentino, in Senate Resolution No. 1106, said Yulo first earned an international medal in the 2018 World Championship when he won a bronze in the floor exercise and has consistently performed and dominated the sport by winning medals in the last five years.
Yulo also made history by being the first Filipino and male Southeast Asian gymnast to win a medal at the World Artistic Gymnastics Championships in 2018.
Yulo is also the first Filipino and Southeast Asian to win a gold medal in the same criteria in 2019 also at the World Artistic Gymnastics Championships.
Despite a left elbow injury, Yulo won a gold in the vault and a silver in the parallel bars at the 2021 World Championships in Kitakyushu, Japan.
“To confer, as it hereby confers, the Philippine Senate Medal of Excellence to Mr. Carlos Edriel Poquiz Yulo for his outstanding achievement of winning two gold medals in the 2024 Paris Olympics, thus bringing honor and prestige to the Republic of the Philippines and serving as an inspiration to the Filipino people,” the resolution said.
Sen. Joel Villanueva, in filing Senate Resolution No. 1105, said Yulo made history for being the first Filipino to win two gold medals in the Olympics.
“Mr. Yulo has made the country proud for his record-breaking achievements at the 2024 Summer Olympics. His world-class talent, unwavering determination and commitment to excellence, and masterful performance merit the highest recognition from this august chamber,” Villanueva said.
Sen. Grace Poe said Yulo’s victory “lifted our spirits and made us hopeful as a nation.”
“We similarly congratulate our athletes who braved the hurdles in their respective sports and we will continue to cheer those who are still in the games,” Poe said.
Sen. Imee Marcos said Filipinos are very proud of Yulo and thanked him for serving as an inspiration to those who dream of excelling in their chosen fields.
“Mabuhay ka, Caloy!” she added.
San Juan Mayor Francis Zamora said the city government will pass a resolution honoring and recognizing Yulo and the other Paris Olympians.
“As a former athlete myself, I know the hardship and struggle they go through. I want them to be appreciated as well as rewarded,” Zamora said. — With Wendell Vigilia, Raymond Africa and Christian Oineza
