President Ferdinand Marcos Jr. announced a P1-million cash incentive for each Filipino athlete who competed in the 2024 Paris Olympics during a ceremony at Malacañang on Tuesday. The incentive, funded by the Philippine Amusement and Gaming Corporation (PAGCOR), will be matched by the Office of the President, effectively granting each athlete P2 million.
The President, accompanied by First Lady Liza Araneta Marcos and their sons, honored two-time Olympic gold medalist Carlos Yulo and other Filipino Olympians for their achievements. Yulo, who made history with his victories in the men’s floor exercise and vault events, was awarded the Presidential Medal of Merit and P20 million, as mandated by law for gold medalists.
Additionally, each coaching staff member will receive P500,000 in recognition of their contributions to the athletes’ success.
Marcos also bestowed the Presidential Citation on all the athletes, including bronze medalists Nesthy Petecio and Aira Villegas in women’s boxing. The citations were given in recognition of the athletes’ exemplary performance and embodiment of Olympic ideals.
The Philippines achieved its best performance in the Olympics to date, finishing 37th overall, surpassing its medal haul from the 2020 Tokyo Olympics.