DOUBLE Olympic gold medalist Carlos Yulo will receive a P20 million cash incentive from the Philippine Amusement and Gaming Corp. (Pagcor) as mandated by law, Pagcor chair Alejandor Tengco told lawmakers yesterday.
“As provided (for) by law, for the gold medalist, PAGCOR is mandated to give an athlete who wins gold P10 million. Since he has two golds, Mr. Yulo will have P20 million,” Tengco told the budget hearing of the House committee on appropriations on the questioning of Valenzuela Rep. Eric Martinez.
Tengco said Yulo has not been informed yet that he will receive the “bonanza” from Pagcor “but I guess after answering your questions, it will be out now in the open.”
He said cash incentive will be tax-free. “We do not deduct any taxes in these incentives that we give away,” Tengco said.
On top of the P20 million, Tengco said Yulo’s coach and trainer will receive half of the amount or P10 million, which the two of them will share equally.
“So the trainor and the coach will receive P5 million each more or less and the silver medalist, if we’ll have one, will receive a smaller amount which is P5 and then the coach and the trainor will receive half again so that P2.5 million and the bronze medalist will receive P2 million and the coach and trainor will receve P1 million,” Tengco said.
Tengco said Pagcor is the primary agency in charge of giving the incentive because “because part of our mandate is to ensure that we take care of the Philippine Sports Commission (PSC) and we have an incentive program for all athletes that compete in any competition here within the Philippines and overseas.”
