PAGCOR to fund Philippine Olympic gold medal reward

Gymnast Carlos Yulo will receive PHP20m from PAGCOR.

The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) will award PHP20m to Carlos Yulo, a Filippine gymnast who has won two gold medals at the 2024 Paris Olympics.

Through the Republic Act (RA) 10699, also known as the National Athletes, Coaches, and Trainers Benefits and Incentives Act, Olympic gold medalists are entitled to PHP10m for each gold medal, with the funds drawn from PAGCOR’s National Sports Development Fund. Yulo’s coach and trainer, Allen Aldrin Castañeda, will receive PHP5m per gold medal.

See also: PAGCOR provides aid for Typhoon Carina victims

PAGCOR has reported that its expenses amounted to PHP15.64bn (US$266.6m) in the first half of the year. The figure was up 26 per cent compared to last year (PHP12.3bn). The regulator said actual spending had surpassed its target expenses by 20 per cent.

Personnel services expenses rose by 28 per cent to PHP7bn (US$119.3m). Maintenance and other operating expenses increased by 52.5 per cent to PHP5.3bn (US$90.4m).