The country's triumphant Olympians and their coaches have already received incentives from the MVP Sports Foundation (MVPSF), an amount totaling to P40.5 million.
Weightlifter Hidilyn Diaz, the first Filipino to win an Olympic gold medal, has already received her P10-million incentive while silver medalists Nesthy Petecio and Carlo Paalam received P5 million. Bronze medalists Eumir Marcial received P2 million.
The incentives were released to the athletes two days after the Tokyo Games were closed.
"It's a breakthrough and a milestone event for Philippine sports, as we've had our best medal haul, including our first-ever gold," said MVPSF chairman Manny V. Pangilinan.
"It is only right for the nation and the athletes to celebrate what has been achieved," he added.
Also receiving rewards were the victors' coaches, with the MVPSF allotting P11 million for them.
"The MVPSF knows that it takes a village to win a medal in the Olympics. It takes combined efforts from the Philippine Sports Commission (PSC), the Philippine Olympic Committee (POC), and the private sector to help our athletes succeed," said MVPSF president Al Panlilio.
"The coaches also sacrificed as they were away from their families as much as the athletes so they should also be compensated for their athletes' success," he added.
The 15 Filipino Olympians who did not win medals will receive P500,000 each, with the MVPSF releasing P7.5 million to the POC through its president, Rep. Abraham "Bambol" Tolentino.
Pangilinan stressed that the work continues as the country is now looking forward to sustaining the athletes' gains in the 2024 Olympic Games in Paris.
Before the next Summer Olympics, they will also compete in the world championships of their respective sports, as well as the Southeast Asian Games and Asian Games.
"Once the celebration settles, we go back to work," said Pangilinan.
"Much more will be expected from us in Paris," added Ricky Vargas, member of the MVPSF Board of Trustees and the president of the Association of Boxing Alliances in the Philippines (ABAP).
"After giving our athletes enough time to celebrate and rest, the athletes will be preparing for the upcoming Southeast Asian Games and the Asian Games," Vargas added.
The cash incentives were given to the Olympic athletes and coaches net of taxes.
https://news.abs-cbn.com/sports/08/12/21/olympic-athletes-coaches-get-p405m-from-mvp-foundation
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