Carlos Yulo will get P10M per Olympic gold medal – Pagcor

Philippines’ Carlos Edriel Yulo (gold) poses during the podium ceremony for the artistic gymnastics men’s vault event of the Paris 2024 Olympic Games at the Bercy Arena in Paris, on August 4, 2024. (Photo by Loic VENANCE / AFP)

MANILA, Philippines — Gymnast Carlos Yulo will get a P10-million cash gift from the Philippine Amusement and Gaming Corporation (Pagcor) for each gold medal he won at the 2024 Paris Olympics, its Chairman Al Tengco said on Tuesday.

Tengco announced it during the House committee on appropriations’ hearing on Pagcor’s contributions to the national budget.

“As provided by law, for the gold medalists, Pagcor is mandated to give an athlete who wins a gold P10 million, so since he has two golds, Mr. Yulo will have P20 million. I have not announced this in public, so this is the first time,” he said.

“The coach and the trainer of Mr. Yulo will receive 50 percent of what Pagcor will donate, so in that case, Mr. Yulo will receive P20 million, P10 million per gold that he was able to produce.  And then his coach and trainer will receive a total of P10 million… basically, P5 million per gold,” he added.

Tengco said silver and bronze medalists will also get an incentive of P5 million and P2 million, respectively, and their trainers will receive P2.5 million and P1 million, respectively.

Northern Samar 1st District Rep. Paul Daza asked Tengco if other government agencies are also required to give cash incentives to athletes.

According to the Pagcor chair, he thinks they are the sole agency required to give cash grants.

“As far as I am concerned, it is only Pagcor primarily because part of our mandate is to make sure that we take care of the Philippine Sports Commission, and we have an incentive program for all the athletes that compete in any competition here within the Philippines or overseas,” he explained.

Yulo made history after securing two successive victories at the 2024 Paris Olympics – a gold in the men’s artistic gymnastics final on Saturday night and another gold during the men’s vault finals on Sunday night.

Several agencies and companies have pledged incentives for Yulo.

Speaker Ferdinand Martin Romualdez on Monday said Yulo would also receive P3 million from the House of Representatives per gold medal, which means he is now slated to get P6 million.