Million for Olympic gold medalists

Unless vetoed by President Aquino, a bill passed by Congress increasing financial incentives to athletes winning medals in various international competitions, mostly by as much as 100 percent, will become law and operative by Nov. 16.

Besides the athletes, coaches and trainers will also get additional incentives. The biggest beneficiary would be the winners of gold medals in the Olympics who will get at least R10 million from the government.

Philippine Olympic Committee (POC) Chairman Tom Carrasco said a copy of the expanded RA 9064 (SB No. 2898 and HB No. 5912) has been forwarded to Malacañang last Oct. 21 for Aquino’s signature.

Menardo Guevarra, deputy executive secretary for legal affairs, said the bill will “lapse into law if not vetoed or acted upon by the President pursuant to Art. VI, Sec. 27 (1) of the Constitution.”

The bill has been signed by House Speaker Feliciano Belmonte Jr. and Senate President Franklin Drilon. Carrasco expressed his gratitude for the lawmakers for passing the law in time for next year’s big event—the 2016 Rio Olympics.

Under the expanded version of the law, known as the Sports Benefits and Incentives Act of 2001, an Olympic gold medal will come with a cash reward of R10 million, R5 million for silver and R2 million for bronze.

Presently, an Olympic gold is worth R5 million, while a silver R2.5 million and bronze R1 million.

In the Asian Games, R2 million will go to the gold medalist, while R1 million for the silver and R400,000 for bronze. In the current law, a gold is R1 million, silver R500,000 and bronze R100,000.

The cash tier of the biennial Southeast Asian Games was also upgraded with the gold assured of R300,000, silver R150,000 and R60,000 for bronze, which is much better than the previous R100,000-R50,000-R10,000.

Major changes were also applied to cash rewards in the quadrennial world championships, Youth Olympics, Asian Beach Games, Asian Indoor, Asian Martial Arts, SEAG and Para Games.

The winning coaches will also be rewarded with 50 percent of the corresponding medal won by the athletes they train.

Carrasco said POC and Philippine Sports Commission (PSC) officials began working on the expansion of the law three years ago.

Funding will come from the Pagcor, which will directly transfer the account to the National Sports Development Fund of the PSC.