A Filipino athlete who will win a gold medal in the Summer Olympic Games in Tokyo, Japan could receive as much as P50 million in cash incentives.
This was how Philippine Olympic Committee president Rep. Abraham “Bambol” Tolentino put his estimate on how much cash bonus will be in store for a Filipino gold medalist in Tokyo.
So far, a gold medal in Tokyo is now worth a whopping P30 million. A silver medalist gets P15 million, and a bronze winner receives P6 million.
Business tycoons Ramon S. Ang of San Miguel Corporation and Manny Pangilinan of the MVP Group and MVP Sports Foundation both dangled P10 million each for every gold, P5 million for silver and P2 million for bronze.
The government, through the Philippine Sports Commission, has assured the cash incentives of P10 million for Olympic gold, P4M for silver and P2M for bronze based on Republic Act 10699 or the Coaches and Athletes’ Cash Incentives Act.
Tolentino made the announcement of the additional P10 million from the San Miguel Corp. top honcho during Tuesday’s online Philippine Sportswriters Association Forum.
The Tagaytay congressman said more cash bonuses will come once the gold medal—the Philippines’ first ever—is finally won.
“I expect more to come once the gold is delivered. It may even reach P50 million,” Tolentino told the forum presented by San Miguel Corporation, MILO, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corporation.
Tolentino also promised a brand-new house and lot for every athlete, who will win the gold.
Again, the POC president expressed full confidence that the Philippines will end the gold-medal drought in the Tokyo Olympics, slated from July 23 to Aug. 8.
Tolentino said the 19 athletes who will represent the country are determined and highly motivated to win the gold.
“Definitely. This is our time. We’ll win that gold as one,” he said.