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'Di pa alam ni Caloy': Yulo to get P20M from Pagcor, says Tengco

Philippines | National

'Di pa alam ni Caloy': Yulo to get P20M from Pagcor, says Tengco

By Ellson Quismorio

At A Glance

Double Olympic gold medal winner, gymnast Carlos Yulo will receive P20 million as cash reward from the Philippine Amusement and Gaming Corporation (Pagcor), Chairman Alejandro Tengco said on Tuesday afternoon.

Pagcor Chairman Alejandro Tengco

Double Olympic gold medal winner, gymnast Carlos Yulo will receive P20 million as cash reward from the Philippine Amusement and Gaming Corporation (Pagcor).

This was confirmed by Pagcor Chairman Alejandro Tengco on Tuesday afternoon, Aug. 6 during the budget hearing of the agency before the House Committee on Appropriations.

"As provided by law, for the gold medalists, Pagcor is mandated to give...an athlete who wins a gold P10 million. So since he has two golds, Mr. Yulo will have P20 million. I have not announced this in public, so this is the first time," Tengco told the panel.

He says Yulo will receive the amount tax-free. "We do not deduct any taxes in these incentives that we give away."

"Mr. Yulo has not been informed of this additional bonanza that he will receive," underscored Tengco.

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https://mb.com.ph/2024/8/4/lifetime-pension-at-40-house-eyes-enhanced-benefits-to-pinoy-olympic-medalists

Yulo's coach and trainer will also receive a handsome bonus, according to the Pagcor chief.

"So in that case, Mr. Yulo will receive P20 million, P10 million per gold that he was able to produce. And his coach and his trainer will receive a total of P10 million...P5 million each more or less," Tengco explained.

Over the weekend, in the ongoing 2024 Paris Olympics, Yulo, 24, made history himself by bagging two gold medals in gymnastics, particularly in the men’s floor exercise and vault competition.

He became the first double-gold Filipino Olympian in the process.

Related Tags

PAGCOR Alejandro Tengco Carlos Yulo Paris Olympics

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