RECEPTION AT THE PALACE President Marcos, First lady Liza Araneta-Marcos and their children receive Filipino Olympians, led by double gold winner Carlos Yulo, at Malacañang on Tuesday night where they were given honors following their participation in the 2024 Paris Olympics. — MARIANNE BERMUDEZ
MANILA, Philippines — The total financial incentives provided by the Office of the President (OP) to Filipino athletes who participated in the 2024 Olympics have reached at least P50 million, said Malacañang on Wednesday.
President Ferdinand Marcos Jr. himself announced the hefty incentives to the athletes during a welcoming ceremony on Tuesday night.
These incentives are on top of the law-mandated financial reward athletes automatically receive when they earn a medal in the Olympics.
According to the Presidential Communications Office, Marcos matched the P20 million to be awarded to two-time Olympic Gold medalist Carlos Yulo under Republic Act No. 10699, known as the National Athletes and Coaches Incentives and Benefits Act.
This means Carlos Yulo is now guaranteed a total of P40 million from the government.
READ: All Paris Olympians to receive P1M from Marcos’ office
Marcos, likewise, matched the P2 million incentives to be given to Bronze medalists Aira Cordero Villegas and Nesthy Alcayde Petecio, effectively guaranteeing them to bring home P4 million.
Each other participating Olympians, on the other hand, also received P1 million each.
The athletes’ coaching staff, meanwhile, were provided P500,000 each.