Carlo Paalam set to receive at least P17M cash rewards, free flights after silver medal finish

Filipino boxer Carlo Paalam is expected to receive at least P17 million in cash rewards and free flights following his silver medal finish in the 2020 Tokyo Olympics on Saturday.

As mandated by Republic Act 10699, Olympic silver medalists will be rewarded with P5 million.

Several pledges were also made from the private sector.

The MVP Sports Foundation pledged to give P5 million for the athlete who will win a silver medal, while Philippine Olympic Committee president and Rep. Bambol Tolentino last July said business tycoon Ramon S. Ang will also give an additional five million pesos.

Sports patron and Rep. Mikee Romero will also give P2 million to each silver medalist.

Meanwhile, the Philippine Airlines will also entitle the boxer a 'Forever Flyer' reward, which will give him 60,000 Mabuhay Miles per year, for his lifetime.

Paalam on Saturday won a silver medal after putting up a gallant stand against Great Britain's Galal Yafai.

Paalam's silver medal wraps the Philippine boxing team's banner campaign in the Summer Games, with two silvers and one bronze medal.

—Justin Kenneth Carandang/JMB, GMA News