By REYNALD MAGALLON
Winning a medal in the Olympics is not only a career-defining moment for any athlete but could also be life-changing, financially.
Historically, Filipino athletes could turn into instant multi-millionaires by snaring medals in the Olympics with guaranteed incentives from the government on top of other pledges and rewards from private individuals.
Under Republic Act 10699 or the The National Athletes and Coaches Benefits and Incentives Act, Olympic winners are entitled to cash incentives depending on their respective medals. Olympic gold medalists will be receiving P10 million cash while silver winners will get P5 million and P2 million for bronze medalists.
Back in April, Philippine Olympic Committee chief Abraham “Bambol” Tolentino also shared that gold medal winners are also set to receive a house and lot.
“If I gave houses and lots to the medalists in the Tokyo Olympics, why can’t and won’t do it again for Paris,” said Tolentino. “Our gold medalist, one or more, in Paris fully deserves this reward for their hard work, dedication and love for sport and country.”
Meanwhile, pole vaulter EJ Obiena and hurdlers John Cabang Tolentino and Lauren Hoffman could get more should they win gold medals in Paris. That, after World Athletics also announced last April that it would be giving away US$50,000 to every gold medalist in its 48 events.
The world governing body said it has allocated US$2.4 million for the rewards.
Of course, all of those are on top of the cash rewards medal winners could get from the private sector and groups.
Back in 2021 when Hidilyn Diaz won the country’s first-ever Olympic gold medal, she received an estimate of P56.5 million cash incentive including the P10 million she was entitled to by the law.
She also got an additional of P5 million from the Philippine Sports Commission as RA 10699 states that a Filipino athlete who surpasses Philippine records or rankings in any measurable international sports competitions like the Summer Games
Sports patrons Manny V. Pangilinan, through the MVP Sports Foundation and Ramon S. Ang of the San Miguel Corporation each committed Diaz P10 million incentive. Business tycoon Dennis Uy pledged another P5 million while former president Rodrigo Duterte and former house deputy speaker Mikee Romero each gave P3 million.
Diaz also received P3 million from Max’s restaurant group, P2.5 million from Zamboanga City, P1 million from her Alma Mater Universidad de Zamboanga and another P1 million from Senate.
Apart from what she got from the POC chief Tolentino, Century Properties and former President Duterte each gave her a house and lot, one in her hometown in Zamboanga. She also received a condominium unit from Megaworld Corporation.
She also got free flights with Air Asia, Philippine Airlines and Cebu Pacific as well as a 10-seater van from Foton and lifetime free gas from Phoenix Petroleum.
