World champion gymnast Carlos Ulo has become the biggest winner among Filipino athletes at the 31st Southeast Asian Games so far, not only because of the gold medal he has won, but also because of the financial value of these victories.
After defeating his arch-rivals in the men’s artistic all-around, floor exercises, rings, horizontal bars and vaults, Yulo has already received assurances of at least P1,800,000 cash incentives from the government where he is on the list of reigning world titles.
Under the Republic Act 10699, each of the three gold medals collected by Yulo is worth P300,000 while at the SEA Games a silver medalist will receive P150,000 and a bronze medal P60,000.
The 4-foot-11 power bundle that made Japan his training ground similarly won silver in the parallel bars and won another silver medal in the men’s art team event with Jan Guin Timbang, Juancho Miguel Besana, John Evan Cruz. Justin S. D. Leon and John Matthew Vargara.
As of Monday evening, with 30 gold medals, 34 silver and 45 bronze, the Philippine Sports Commission will offer a cash bonus of at least P22 million as a cash bonus under a law known as the National Athletes and Coach Incentives and Benefits Act.
Triathlete Kim Mangrobang fattened her bank account to 6 600,000 after retaining the women’s title and will continue to reign supreme in the women’s duathlon race when Paul Walter EJ Obina could receive extra cash prizes for breaking his SEA Games record set by PSC.
Medal-performing athletes like Yulo, Mangrobang and Obienna, however, can earn even more out of the cash windfall from PSC.
In keeping with the tradition of the current Duterte administration, the president invited the medalists to Malakanang, announced their cash bonuses and offered additional financial rewards in line with their basic incentives from the government.
PSC chairman William Ramirez said: “Knowing the president, it is his style of giving extra cash bonuses to athletes who visit him in Malakanang, excluding the incentives given by law.
The law provides cash incentives for coaches of medal-winning athletes. They will receive the equivalent of 50 percent of the cash bonus that their athletes receive.
Financial prizes are similarly waiting for a team of four or less medal-winning teams to win the equivalent of regular personal value, while teams of five or more members are entitled to receive 25 percent of the total individual medal value.
These cash bonuses from the government are taken from the net cash income of the Philippine Amusement and Gaming Corporation, which sends financial incentives to the PSC’s National Sports Development Fund (NSDF).
Subscribe to INQUIRER PLUS to access Philippine Daily Inquirer and other 70+ headlines, share up to 5 gadgets, listen to news, download by 4am and share articles on social media. Call 896 6000.