The Philippines’ House of Representatives is gearing up to reward Filipino athletes who secure podium finishes in the 2024 Paris Olympics with substantial cash incentives. The focus on Olympic medalist incentives 2024 highlights the nation’s commitment to honoring its sports heroes.
House Deputy Secretary-General Sofonias Gabunada emphasized the pride and glory brought to the nation by these athletes. During a TeleRadyo Serbisyo interview, he announced, “The House of Representatives has prepared incentives for our medalists. Gold medalists will receive P3 million, silver medalists P2 million, and bronze medalists P1 million. These funds are sourced from the House of Representatives’ budget.”
Carlos Yulo, who clinched two gold medals in Paris, will be awarded P6 million for his outstanding performance.
Olympic Medalist Incentives 2024: Double Gold for Carlos Yulo
Carlos Yulo’s victories in the vault and floor exercise events have not only brought honor to the Philippines but also emphasized the potential of Filipino athletes on the global stage. Speaker Ferdinand Martin G. Romualdez praised Yulo as a “once-in-a-century Filipino athlete,” following his double gold win at the Paris Olympics, underscoring the Olympic medalist incentives 2024.
Romualdez stated, “Caloy’s achievements have highlighted the excellence of our athletes. We will continue to support and invest in our sports programs to nurture more world-class talents like him. His success serves as a beacon of hope and inspiration for all.”
Romualdez affirmed that Filipino athletes deserve to be rewarded, revealing that several House members are enthusiastic about recognizing their achievements. He noted that aside from the House’s incentives, Yulo would receive additional cash rewards from a fundraising campaign initiated by the Speaker among his colleagues. Additionally, Yulo will be conferred a congressional medal for his exceptional contributions to Philippine sports.
Future Benefits for Filipino Athletes: Olympic Medalist Incentives 2024
Romualdez mentioned that lawmakers are exploring ways to enhance government benefits for medalists, including the possibility of granting monthly pensions starting at age 40 or upon retirement from sports. He emphasized the importance of adequate funding for sports and athlete support as the House deliberates on the proposed 2025 national budget. Collaboration with the Philippine Olympic Committee, Philippine Sports Commission, and other sports agencies is planned to ensure comprehensive athlete support.
Romualdez also discussed potential lifetime benefits through the pension system, indicating a meeting with the President of the SSS to discuss proposals.
Tax Exemptions for Athlete Incentives and Donations
The House Committee on Ways and Means approved an unnumbered substitute bill to exempt incentives and donations to national athletes from taxes. This exemption is proposed to be retroactive to January 1, 2024. The committee also approved making donations through the Philippine Sports Commission or the Philippine Olympic Committee tax-exempt regardless of the time frame.
House Bill No. 421, initially known as the “Hidilyn Diaz Law,” was filed and approved in the 18th Congress but failed in the Senate. Salceda proposed renaming it to honor Carlos Yulo for his historic achievements. In his sponsorship speech, Salceda emphasized the importance of long-term investment in athletes, underscoring that victories are the result of years of hard work and dedication.
By providing these Olympic medalist incentives 2024 and exploring further support mechanisms, the House of Representatives aims to foster the development of more Filipino athletes who can achieve greatness on the international stage.
