Filipino gymnast Carlos Yulo celebrates on the podium after winning the gold medal during the men’s artistic gymnastics individual vault finals at Bercy Arena at the Paris Olympics 2024 on Sunday, Aug. 4, 2024, in Paris, France. (AP Photo/Charlie Riedel)
(UPDATED) MANILA, Philippines —Team Philippines gymnast Carlos Yulo is set for a major windfall with his unprecedented success in the Paris Olympics, becoming the first Filipino to win a pair of gold medals in the Summer Games.
His incentives from his gold medal haul are expected to continue to increase, if not double, as more private companies pitch in to reward the most successful Olympian the Philippines has ever produced after his gold medal win in vault Sunday night.
Yulo earned another P10 million incentive – on top of the first P10 million from his first gold – and the Olympic Gold Medal of Valor from the Philippine Sports Commission under the Republic Act 10699 or National Athletes and Coaches Benefits and Incentives Act.
He also doubled his incentive from the House of Representatives as he is now to receive a total of P6 million – P3 million for each of the gold medals he won–according to House Speaker Martin Romualdez.
“We want to make sure that they are equally inspired and equally acknowledged and rewarded for their achievements,” Romauldez told the beat reporters.
Megaworld, which had promised to give an Olympic medalist a fully-furnished two-bedroom unit worth P24 million in McKinley Hill, upgraded Yulo’s prize into a three-bedroom unit worth a million with appliances, furniture, fixtures, two balconies, and a parking slot.
The company also pledged a P3 million cash bonus for his exceptional achievement.
“Since this is a very significant milestone in the history of Philippine sports to have two gold Olympic medals during our 100th-year participation as a country in the Olympics, which also coincides with our company’s 35th anniversary this year,” said Megaworld president Lourdes Gutierrez-Alfonso in a statement.
Silver medalist Artur Davtyan, left, of Armenia, stands in the podium with gold medalist Carlos Yulo, center, of the Philippines, and bronze medalist Harry Hepworth, of Britain, during the medal ceremony for the men’s artistic gymnastics individual vault finals at Bercy Arena at the Paris Olympics, Sunday, Aug. 4, 2024, in Paris, France. (AP Photo/Abbie Parr)
Bounty Fresh Group Holdings Inc. and Chooks-to-Go also committed to gift Yulo P3 million in cash bonus.
“As a Filipino brand, we believe in celebrating and supporting our homegrown talent, and this reward is a testament to our admiration for Carlos. We hope his success will inspire the next generation of Filipino athletes to pursue their dreams with the same passion and determination,” said Bounty Fresh executive Patricia Cheng-Lim.
Bounty has been supporting Filipino athletes since 2016 including Tokyo Games bronzed medalist and boxer Eumir Marcial and gave Chooks-to-Go stores to former Olympians Onyok Velasco and Roel Velasco.
ArenaPlus is also handing out a cash reward of P5 million to Yulo, who is the brand’s ambassador.
“Kasama mo kami sa laban ngayon. Parte ka na ng kasaysayan. At para sa patuloy nating paglalakbay sa ating magandang pinagsamahan, sa iyo rin ang Astig Sports Bonus of P5 million,” said ArenaPlus in a statement.
Philippine Olympic Committee president Bambol Tolentino is also rewarding the the winners in Paris Olympics with a house and lot like what he did for Diaz and 2020 Tokyo Olympics silver medalists Nesthy Petecio and Carlo Paalam, and bronze medalist Eumir Marcial.
Yulo may also get a “Senate Medal of Excellence” as filed by Senate Majority Leader Francis Tolentino on Monday.
Lifetime benefits await Yulo with restaurants like Vikings and Tipsy Pig extending free meals.
More are expected to pour in the coming days for Yulo, who stands alone in the country’s history, with other brands like Milo, which has been supporting grassroots sports in the country, posting a heartfelt message about the gymnast’s greatness.
When Tokyo 2020 weightlifting champion HidilynDiaz ended the 97-year gold medal drought of the Philippines, she received over 50 million in incentives including several houses and lots, condo units, lifetime of free flights, gasoline, and other products.
Aside from monetary incentives, Yulo is also set for a hero’s welcome in his hometown in Manila.
The remaining Filipino athletes including semifinalists Nesthy Petecio and Aira Villegas and pole vault finalist EJ Obiena have a chance to receive a cash incentive depending on their rankings as P5 million awaits the silver medalist, while P5 million for the bronze finisher.
Coaches of the medalists will also receive a cash incentive as long as they have trained the athlete for more than six months.