Camarines Sur 2nd district Rep. LRay Villafuerte (PPAB)

Camarines Sur 2nd district Rep. LRay Villafuerte is batting for swift plenary action from the House of Representatives on a proposed measure exempting from taxes all rewards and donations awarded to Filipino Olympic medalists.

This, after the House Committee on Ways and Means approved on Monday, Aug. 5, a still unnumbered substitute House Bill (HB) that sought to exempt donations and rewards for Olympic medalists and their coaches from taxes, covering both rewards come from the government or the private sector.

Villafuerte said in a statement Monday afternoon that the bill was in recognition of “the pride and honor these super athletes bestow upon our country and our people in establishing themselves to be among the world’s best in sports”.

As it stands, government-granted incentives for Olympic medalists are exempted from taxes as provided for in Section 32 of the National Internal Revenue Code (NIRC).

However, rewards coming from the private sector are still subject to the 6 percent donor’s tax.

“Hence, this bill…proposes to exempt from tax payments the cash incentives, bonuses, rewards and any other forms of emoluments due medalists, and their coaches, in the Olympic Games,” the veteran lawmaker said.

Villafuerte noted that swift plenary action on the measure would be the “best tribute” the House can give for Filipino gymnast Carlos Yulo who have won two gold medals in the 2024 Paris Olympics for men’s artistic gymnastics.

“This is the least that the 19th Congress can do for Caloy (Yulo) and the other Filipino athletes who are bound for a podium finish in the Paris Olympics, as they prove once again, as what their predecessors did in past Olympic games and all other sports competitions on the international stage, that Filipinos are among the creme de la creme in the world of competitive sports,” he added.

The National Unity Party (NUP) President is the author HB No. 8226, one of the six bills incorporated into the committee-passed substitute bill.

Villafuerte’s bill aims to amend Republic Act (RA) 10699, or the National Athletes, Coaches and Trainers Benefits and Incentives Act of 2015, by adding Section 10-A in this law which states the tax exemption.

This proposed amendatory law shall be “subject to the rules and regulations to be issued by the Secretary of Finance, as recommended by the Commissioner of Internal Revenue,” he said.

Under RA No.10699, every athlete who wins a gold medal in the Olympics will receive a P10-million reward; for a silver medal, P5 million; and for a bronze medal, P2 million.

Coaches of Olympic medalists are also entitled to monetary rewards from the government, equivalent to 50 percent of the cash gifts that their medalist-athletes are to receive under RA No.10699 for being gold, silver, or bronze medalists.