Carlos Edriel Yulo of Philippines celebrates after winning a gold medal in the Paris Olympics. REUTERS/Hannah Mckay

The Philippine Amusement and Gaming Corporation (PAGCOR), in accordance with its mandate, will grant Filipino gymnast Carlos Yulo a P20 million reward for winning two Olympic gold medals in floor and vault events in men’s artistic gymnastics.

“Pagcor is mandated to give an athlete who wins a gold P10 million pesos. Since he has two golds, Mr. Yulo will have P20 million,” PAGCOR chief Al Tengco said.

Tengco made the announcement during PAGCOR’s presentation of its income before the House appropriations panel on Tuesday.

The payment of cash incentives and retirement benefits to national athletes and coaches in accordance with the provisions of the National Athletes and Coaches Benefits and Incentives Act.

Under the said law, the amount necessary for the implementation of the cash incentives and retirement benefits will be sourced from the net cash income of PAGCOR, to be remitted directly as a special account to the National Sports Development Fund (NSDF) of the Philippine Sports Commission (PSC).

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Further, the said law provides that any additional funding requirement necessary to implement the increase of cash incentives and retirement benefits will be sourced from the fifty percent (50%) national government share in the gaming revenue of PAGCOR.

Likewise, Tengco said Yulo’s coach and personal trainer will also have a P5 million incentive per gold medal won.

This means that Yulo’s coach and trainer will receive P10 million each.

Yulo’s unprecedented double-gold winning effort in Paris is a first for the Philippines since the country participated in the Summer Games back in 1924.

Aside from the P20 million, Yulo is also set to receive other incentives, including a a three-bedroom unit in one of its premier residential properties inside McKinley Hill from Megaworld.

The House of Representatives, meanwhile, will award at least P6 million to Yulo.

Tengco, meanwhile, said an Olympic silver medalist will receive a P5 million incentive, while the coach and trainer of the Olympic silver medallist will receive P2.5 million each.

An Olympic bronze medallist, Tengco said, will receive P2 million. The coach and trainer of the Olympic bronze medal winner will also receive P1 million, respectively. —VAL, GMA Integrated News