Carlos Yulo (AP)

After his historic gold medal win in the 2024 Paris Olympics, Filipino gymnast Carlos Yulo is set to receive millions in cash incentives and other rewards from the government and private companies.

As of writing, Yulo is expected to get at least P13 million in cash bonuses from the government after topping the floor exercise event of the men’s artistic gymnastics on Saturday evening (Manila time).

The bulk of this incentive—P10 million—is mandated by law under Republic Act (RA) No. 10699 or the National Athletes and Coaches Benefits and Incentives Act.

Under this law, athletes who win the gold medal in the Summer Olympics will receive P10 million and an Olympic Gold Medal of Valor from the Philippine Sports Commission (PSC).

RA No. 10699 was enacted in 2015 by the late former President Benigno “Noynoy” Aquino III. 

The law was a consolidation of House Bill (HB) No. 5912—authored by former President and Pampanga representative Gloria Macapagal-Arroyo, former lawmakers Dato Arroyo, Antonio del Rosario, and boxing legend Manny Pacquiao—and Senate Bill (SB) No. 2898, which was sponsored by former Senator Juan Edgardo “Sonny” Angara.

Apart from this, the House of Representatives is set to give Yulo a P3-million cash reward for his Paris gold medal.

According to Speaker Martin Romualdez, this cash sum is on top of other pledges that might come from the lower chamber.

Based on an announcement from property development company Megaworld Corporation, the country’s "Golden Boy" would be rewarded with a fully furnished two-bedroom condominium unit in McKinley Hill in Taguig worth P24 million.

This was in addition to the house and lot property that the Philippine Olympic Committee (POC) earlier pledged for Paris Olympics gold medalists.

Yulo is expected to receive more incentives in the coming days, similar to the outpouring of support for the Philippines’ first-ever Olympic gold medalist Hidilyn Diaz.

Diaz, who bagged the gold medal in the women's 55-kilogram category for weightlifting in the 2020 Tokyo Olympics, received approximately P60 million in rewards.

Will Yulo get taxed for rewards?

Like what happened to Diaz, the Bureau of Internal Revenue (BIR) will not tax the incentives for the country’s second gold medal winner.

In 2021, the BIR said the P10-million reward mandated by law was considered an exclusion from Diaz’s gross income through Section 32 (B)(7)(d) of the Tax Code.

Cash rewards—which are considered donations—from businesses and entities are likewise excluded from the computation of her gross income under Section 32 (B) (3) of the Tax Code.

However, those who will give such a reward would be subjected to a 6 percent donor’s tax in excess of P250,000. 

To put it simply, Yulo will not be liable for any tax obligations for receiving any incentive.

His victory party does not end there, however, as he is set to vie for another gold medal at the vault final of men’s artistic gymnastics on Sunday evening, Aug. 4.