Huge incentives await silver medalist Petecio

Photo from AFP

A financial windfall awaits Nesthy Petecio even if she fell short in her bid to win the country’s first-ever gold in boxing.

At this point, Petecio stands to receive a combined cash incentive of P20 million from the government and those from the private sector plus a condominium worth P10 million from a real estate company.

Petecio is already sure of getting P5 million from the government under the Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act for claiming a silver in the Olympics.

Under the act, P10 million is given to Olympic gold medalists like weightlifter Hidilyn Diaz while those who would go home with the bronze will get P2 million.

She will also get P5 million each from the MVP Sports Foundation and San Miguel Corporation, which earlier pledged to match the same amounts indicated in the incentives act.

Deputy House Speaker Mikee Romero had earlier committed to hand over P2 million to Olympic silver medalists.

Romero also pledged to give P3 million to gold medal winners and P1 million for bronze.

Phoenix Petroleum, through the Siklab Atleta Pilipinas Foundation, is also set to give P3 million to Petecio.

Boxers Eumir Marcial and Carlo Paalam are set to receive monetary rewards based on the incentives act and the pledges of the two companies depending on the outcome of their campaigns.

Megaworld, meanwhile, said it will give Petecio a condo located inside the 11.2-hectare Davao Park District in Lanang, Davao City.

The company owned by billionaire Andrew Tan had earlier gifted Diaz a P14 million condo after becoming the country’s first-ever gold medalist.

AirAsia gave Petecio unlimited flights for five years, while Philippine Airlines pledged the boxer 60,000 Mabuhay miles for per year.

Other companies are expected to announce their own incentives as a token of appreciation for Petecio’s run in Tokyo.