PAGCOR, DigiPlus to award cash incentives to Filipino Olympic gold medallist

Jenny Ortiz August 8, 2024

SiGMA news

PAGCOR, DigiPlus to award cash incentives to Filipino Olympic gold medallist

The Philippine Amusement and Gaming Corporation (PAGCOR) and sports betting platform DigiPlus announced a reward for Filipino gymnast Carlos Yulo following his outstanding performance at the 2024 Paris Olympics.

Yulo, who clinched two gold medals in the men’s vault and floor exercise finals, is set to receive a PHP20 million (€317,641) cash incentive from PAGCOR. During the budget deliberations for PAGCOR’s proposed 2025 budget at the House of Representatives, Chairperson and CEO Alejandro Tengco revealed the details of the reward.

“As mandated by the National Athletes and Coaches Benefits and Incentives Act, PAGCOR is to provide PHP10 million (€158,820) per gold medal. Since Carlos won two golds, he will receive PHP20 million (€317,641),” Tengco stated.

In addition to Yulo’s reward, his coach and trainer will also benefit, receiving PHP10 million (€158,820). “The law stipulates that the coach and trainer of the athlete receive 50 percent of the athlete’s incentive, which means PHP5 million per gold medal (€79,410),” Tengco explained.

Yulo’s victory marks a historic achievement for the Philippines, being the first double-gold Olympic win for the country since its participation in the Summer Games began in 1924. He is set to receive other cash incentives from the government and private companies, three-bedroom property, house and lot, car, free flights for life, and other incentives from individuals and businesses.

Meanwhile, Olympic bronze medalists, female boxers Aira Villegas and Nesthy Petecio will receive PHP2 million (€31,764) each, and their trainers will receive PHP1 million (€15,882) each from PAGCOR.

DigiPlus’ ArenaPlus grants PHP5 million to Carlos Yulo

In another celebratory move, DigiPlus Interactive Corp., through its sports betting platform ArenaPlus, is honoring Carlos Yulo’s Olympic success with a PHP5 million (€79,410) bonus. In its press release, DigiPlus said the award highlights ArenaPlus’ pride and gratitude for Yulo’s representation of the Philippines on the global stage.

DigiPlus, which has been supporting Yulo as an official brand ambassador, expressed its admiration for the gymnast’s dedication and achievements. “Carlos Yulo truly embodies the ‘astig‘ Pinoy spirit,” DigiPlus Chairman Eusebio Tanco said. “We couldn’t be prouder of how he has represented both our country and DigiPlus.”