MVP awards P10M to Carlos Yulo, P2M each to Aira Villegas, Nesthy Petecio

Business tycoon Manuel Pangilinan on Thursday announced a P10-million cash reward for Filipino gymnast Carlos Yulo for winning two gold medals in the 2024 Paris Olympics.

Yulo's coaching team, meanwhile, will receive P5 million from Pangilinan.

In an announcement on his X (formerly Twitter) account, Pangilinan said he would also hand out a P2-million reward each for boxers Aira Villegas and Nesthy Petecio, who brought home Olympic bronze medals, plus P2 million to their coaches.

Happy to announce a cash reward of 10M for Caloy and 2M each for Nesthy and Aira. In addition, we are giving 5M to Caloy’s coaching team and 2M to the boxing coaches. Like always, they can count on our continued support until LA 2028. Mabuhay ang ateletang Pinoy! pic.twitter.com/l4Et2MMhdT

— Manny V. Pangilinan (@iamMVP) August 22, 2024

"Like always, they can count on our continued support until LA 2028. Mabuhay ang atletang Pinoy! (Long live Filipino athletes!)" Pangilinan said in his post.

With the four medals, the Philippines posted its best showing in the Olympic Games since joining 100 years ago.

“The glory and pride that Carlos, Nesthy, and Aira brought to our country with the medals they’ve won in paris through their training, grit and effort are priceless indeed,” Pangilinan, who serves as chairman emeritus of the MVP Sports Foundation (MVPSF), said in a separate statement.

“We are very proud of them, and we hope to see them compete once again in Los Angeles in 2028 — which we will continue to support fully,” he added.

The MVPSF and the MVP Group said it has been investing in some 20 national sports agencies, backing hundreds of athletes, and contributing to nation-building through sports development.

Medalists’ incentives

As mandated by Republic Act 10699 signed in 2015, medalists from the Philippines shall receive a cash incentive depending on their rankings.

For a gold medal, the incentive is set at P10,000,000 while it is P5,000,000 for a silver medal and P2,000,000 for a bronze. The said cash incentives are for individual events.

The Philippine Amusement and Gaming Corporation (PAGCOR), in accordance with its mandate, has said it would grant Yulo a P20-million reward for winning two Olympic gold medals.

President Ferdinand "Bongbong" Marcos Jr. recently doubled the cash rewards given to Yulo, Villegas, and Petecio following their success in the 2024 Paris Olympics.

The Presidential Communications Office (PCO) has confirmed that Marcos gave Yulo P20 million in cash on top of what is mandated by law. He also gave the double-gold winning gymnast a Presidential Medal of Merit.

Marcos also extended another P2 million each to Villegas and Petecio.

The House of Representatives, meanwhile, handed Yulo a P14-million incentive, and gave Villegas and Petecio P2.5 million each.

Rewards given to Yulo also include a P32-million condominium unit in Taguig City, a P6-million house and lot in Nasugbu, Batangas, a sport utility vehicle (SUV), airline flyer miles for life, plus millions of pesos from various parties, among others. — VDV/RSJ, GMA Integrated News