Tax breaks for private funders of national athletes | Inquirer Sports
Close  

Tax breaks for private funders of national athletes

By: - Reporter / @junavINQ
/ 04:01 AM August 17, 2021
william ramirez

PSC chair William Ramirez. Tristan Tamayo/ INQUIRER.net

Money flowed out of the pockets of private sponsors when Filipino athletes brought home medals from the recent Tokyo Olympics. The Philippine Sports Commission (PSC) hopes this kind of generosity will bloom and corporations will adopt top performing athletes exclusively under their care.

And the agency is offering a carrot to corporations willing to do that.

ADVERTISEMENT

PSC chair William Ramirez said on Monday that the private sector could avail of tax breaks from the government once the cooperation to support these national athletes has been forged and that his agency will help process those exemptions.

“We encourage more private participation not only for handing out cash incentives, but to invest or adopt an athlete of their choice,’’ said Ramirez.

FEATURED STORIES

Weightlifter Hidilyn Diaz won the country’s first Olympic gold medal in history when she ruled the 55-kilogram division of weightlifting in the Tokyo Games, and almost immediately, corporations began reaching for their wallets and opening them wide.

So far, Diaz has collected more than P50 million in bonuses.

Boxers Nesthy Petecio and Carlo Paalam, who both claimed silver medals in Tokyo, likewise received cash incentives from both the government and the private sector, together with bronze medalist boxer Eumir Marcial.

“These companies can avail of tax exemptions from the BIR (Bureau of Internal Revenue). They will be guided on how to avail these exemptions,’’ said Ramirez.

Ramirez hopes the tax breaks will encourage more private support to help the PSC. INQ

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Sports, Tax, William Ramirez
For feedback, complaints, or inquiries, contact us.

Subscribe to our sports news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.