P20-M reward from PAGCOR awaits Yulo

Two-time Olympic gold medalist Carlos Yulo will receive another P20 million from the Philippine Amusement and Gaming Corporation (PAGCOR) in addition to the slew of rewards he has been receiving for his historic performance at the 2024 Paris Olympics. 

PAGCOR chairperson Al Tengco announced during the agency's budget deliberations before the House Committee on Appropriations on Tuesday that Yulo will receive a P20 million reward from PAGCOR pursuant to Republic Act No. 10699, the National Athletes and Coaches Benefits and Incentives Act.

"As provided by law, for the gold medalists, PAGCOR is mandated to give... an athlete who wins a gold, P10 million. So since he has two golds, Mr. Yulo will have P20 million. I have not announced this in public, so this is the first time," Tengco told the panel. 

Tengco said Yulo would receive the full amount tax-free. 

"We do not deduct any taxes in these incentives that we give away." 

Yulo's coach, Aldrin Castaneda, will also receive a whooping of P10 million, according to Tengco. 

Under the law, the coaches' incentives shall be equivalent to 50 percent of the cash incentives for gold, silver, and bronze medalists. The amount will be divided according to the number of coaches.

Section 12 of the law mandates that the amount necessary for the implementation of the cash incentives and retirement benefits shall be taken from the net cash income of the PAGCOR to be remitted directly as a special account to the National Sports Development Fund of the Philippine Sports Commission (PSC). This is in addition to the regular income share of the PSC pursuant to Republic Act No. 6847

The 24-year-old Yulo made history by becoming a double Olympic gold medalist. 

He flawlessly executed his routine in the men's floor exercise, where he bagged his first gold on Saturday night (Philippine time) with a score of 15.000 points. He outperformed Tokyo 2020 champion Artem Dolgopyat of Israel by merely 0.034 point and Great Britain's Jake Jarman—a half-blooded Filipino—who earned 14.933 points. 

Keeping the momentum, Yulo then wowed the crown in Bercy Stadium in a stunning performance late Sunday in the men's vault, scoring 15.166 points, pushing vault's main man Artur Davtyan for the silver with 14.966 points. 

In addition to the law-mandated PAGCOR reward, Yulo will also receive P6 million from the House of Representatives and a P35-million three-bedroom condo in McKinley Hill, Taguig, from the real-estate company Megaworld.

The property is in addition to a special cash bonus of P3 million that Megaworld will, likewise, give to Yulo for a historic feat in Philippine sports history.

Private companies have also announced their respective rewards to Yulo, including prize money, and a house and a lot in Tagaytay.

The city government of Manila also pledged to grant Yulo P2 million.