FILE –The medals and tray to be used for the medal ceremonies at the Tokyo 2020 Olympics Games are seen during an event to mark 50 days to the opening ceremony, at Ariake Arena in Tokyo on June 3, 2021. (Photo by ISSEI KATO / POOL / AFP)
MANILA, Philippines—Filipino Olympians who reach the podium in the 2020 Tokyo Olympics are set to receive added incentives from the MVP Sports Foundation on top of the ones they could get from the government.
MVPSF said it will match the incentives from the government, which is mandated through Republic Act 10699 to award Filipino Olympic gold, silver, and bronze medalists P10 million, P5 million, and P2 million, respectively.
The cash reward was finalized during the MVPSF Board Meeting Thursday.
“This is the tournament of tournaments. We want to showcase what Filipino talent can do. We want to show the world that we can compete,” said MVPSF Chairman Manny V. Pangilinan in a statement.
“When MVPSF was formed in 2011, the objective was to win our country’s first Olympic gold and we have a really good chance to win medals in the upcoming Tokyo Olympics.”
While the MVPSF supports 14 of the 19 Olympians, the reward won’t be exclusive belonging to the foundation as the compensation will be granted to every Filipino Olympic athlete.
MVPSF President Al Panlilio said the monetary rewards aren’t just for the athletes but also help for their families.
“The MVPSF appreciates the sacrifices from all our athletes. We know it wasn’t easy to train during the pandemic but they still persevered to give Filipinos something to look forward to and be proud of,” said Panlilio.
“We hope the monetary reward we’ve set aside will give them the extra push to really go all out and win the country’s first-ever gold medal in the Olympics. We’ve been waiting for the Olympic gold medal for so long and we know it will inspire the entire nation.”