As promised, the MVP Sports Foundation (MVPSF) has provided cash incentives totaling to P40.5 million to athletes and coaches that took part in the just concluded Tokyo Olympics.
The amount was released by the MVPSF two days after the closing ceremony.
The national team had its best finish in the history of its participation in the Olympics as it finally nailed the first gold medal courtesy of weightlifter Hidilyn Diaz while boxers Nesthy Petecio and Carlo Paalam won silver medals, and Eumir Marcial pocketed a bronze medal.
“It’s a breakthrough and a milestone event for Philippine sports as we've had our best medal haul including our first-ever gold. It is only right for the nation and the athletes to celebrate what has been achieved,” said Manny V. Pangilinan, chairman of the MVPSF.
“Once the celebration settles, we go back to work.”
Diaz received a cash incentive of P10 million from the foundation, while Palamam and Petecio were given P5 million each. Marcial, who lost in the semifinal stage, was rewarded P2 million.
“Much more will be expected from us in Paris,” said Ricky Vargas, member of the MVPSF Board of Trustees and the Association of Boxing Alliances in the Philippines (ABAP) chief.
“After giving our athletes enough time to celebrate and rest, the athletes will be preparing for the upcoming Southeast Asian Games and the Asian Games," added Vargas, who also echoed Pangilinan's desire to form a grassroots development program with the creation Philippine Businesses for Sports Development.
Aside from the medalists, the MVPSF also rewarded the victors' coaches, which amounted to a total of P11 million.
“The MVPSF knows that it takes a village to win a medal in the Olympics. It takes combined efforts from the Philippine Sports Commission, the Philippine Olympic Committee (POC), and the private sector to help our athletes succeed,” said MVPSF President Al Panlilio.
“The coaches also sacrificed as they were away from their families as much as the athletes. So they should also be compensated for their athletes’ success.”
In partnership with the POC, the other 15 Filipino Olympians who were not able to win medals will receive P500,000 each for their hard work and dedication. A total of P7.5 million will be given by the MVPSF to the POC through President Bambol Tolentino.
The 15 other members of Team Philippines are gymnast Caloy Yulo, weightlifter Elreen Ando, skateboarder Margie Didal, golfers Yuka Saso, Bianca Pagdanganan, and Juvic Pagunsan, pole vaulter EJ Obiena, swimmers Luke Gebbie and Remedy Rule, boxer Irish Magno, rower Cris Nievarez, judoka Kiyomi Watanabe, sprinter Kristina Knott, jin Kurt Barbosa, and shooter Jayson Valdez.
This is on top of what the MVPSF has invested since it was founded back in 2011.
“In the past 10 years, the MVP Sports Foundation has spent more than two billion pesos in total. Our investment in the country's sports development is all worth it when we see the effort of our athletes to represent the country to the best of their abilities,” said Pangilinan.
“The victories they achieve and the pride they give our country are priceless.”