Cash windfall for London Olympic medalists
ASIDE from a cash bonanza from the government, athletes bringing home a medal from the London Olympics will also receive a big bonus from the private sector.
Philippine Sports Commission chair Richie Garcia yesterday said officials from the corporate world have offered to increase the incentives of medal-winning Filipinos from the 11-man national team in the global Summer Games set to begin 10 days from now.
Under Republic Act 9064, known as the Sports Incentives Act, an athlete winning the country’s first ever gold medal in the Olympics will be gifted with a one-time cash bonus of P5 million. A silver medal effort will be rewarded with P2.5 million and a bronze is worth a cool million.
Article continues after this advertisement“There’s no formal commitment yet outside of the government. But I heard people have offered cash bonuses,” said Garcia, who will leave for the British capital on July 26 along with Philippine Olympic Committee chair Monico Puentevella.
“Perhaps, it’s better to let the athletes know that they could receive more. It will motivate them to work even harder,” added Garcia.
The Philippines hasn’t seen a medal of any color for three straight Olympics or since boxer Mansueto “Onyok” Velasco nailed a silver medal in the 1996 Atlanta Games.
Article continues after this advertisement“Aside from the government incentive, I’m sure more money will come from the private sector,” said Garcia. “Any medal will change the lives of these athletes.”
Velasco, a light flyweight like this year’s boxing bet Mark Anthony Barriga, catapulted to instant fame and received huge financial rewards from private companies.
Weightlifter and flag-bearer Hidilyn Diaz, shooter Brian Rosario, swimmers Jessie Khing Lacuna and Jasmine Alkhaldi, long-jumper Marestella Torres, 5,000-meter bet Rene Herrera and Barriga are already in London participating in their respective pre-games training camps.
Since the POC will foot the bill for the country’s participation, Garcia said the PSC would only spend P12 to 15 million for the allowances and airfare of the athletes out of the P30-million government allocation for the Olympics.
He said the rest of the Olympic budget may be realigned for the improvement of athletes’ dormitories and facilities.
Judoka Tomohiko Hoshina, BMX rider Daniel Caluag and archers Mark Javier and Rachel Cabral are scheduled to arrive in London a week before their events.
