PAGCOR Speaks on Cash Rewards for Carlos Yulo
PAGCOR – The Philippine Amusement and Gaming Corporation will give cash reward to Carlos Yulo and his coach.
The victory of Carlos Yulo in the 2024 Paris Olympics has brought pride and honor to the Filipino citizens and the Philippines. The Filipino gymnast won two (2) gold medals in the prestigious sports event.
Carlos won his first gold medal in men’s floor exercises on Saturday with a score of 15.00 points. Following the win of Caloy, the Philippine National Anthem was played at the arena. It sparked goosebumps among the Filipinos across the nation and abroad.
President Bongbong Marcos congratulated Carlos Yulo on his first gold medal win. The Chief Executive also expressed his confidence that it will not be the last gold medal of the Filipino gymnast.
On Sunday, Carlos Yulo won his second gold medal in men’s vault events. The said victory was unexpected, even Caloy did not expect that he will win another gold. He only prayed for everyone to be safe.
Caloy is the first Filipino athlete to bag two (2) Olympic gold medals and he is also the first male athlete to win an Olympic medal for the country.
Several cash rewards await Carlos Yulo in his return to the Philippines. The Filipino Olympic double gold medalist is set to receive multi-million cash rewards including the P6 million cash reward for Yulo from the House of Representatives.
Megaworld also pledged to give a 3-bedroom condominium unit worth P32 million to Carlos. Based on a report on ABS-CBN News, PAGCOR also pledged to give Caloy P20 million.
Based on the report, Caloy’s coach, Aldrin Castaneda, will also receive P10 million. Under the Republic Act 10699, the coaches of Olympic gold medalists will receive an incentive which is 50% of the cash reward for the athlete.
According to PAGCOR chairman Alejandro Tengco, there are no tax deductions in the cash rewards that they give to winning participants of the Olympics. Yulo is also set to receive a house and lot in Tagaytay.
Sadly, amid the victory of the Olympics double gold medalist, the money issues between Carlos Yulo and his mother, Angelica, surfaced.