The Paris Olympics 2024 is right around the corner. We're all set to watch with bated breath as our athletes vie for a permanent spot in sporting history, and a chance at winning quite a lot in terms of prizes, too. If you've ever wondered what exactly podium-finishing Olympians get, apart from the intangible rewards, of course, we lay it down for you below.
What rewards and prizes do Olympic winners get in the Philippines?
Historically, the International Olympic Committee (IOC) itself does not provide monetary rewards to winners. Athletes who make it to the podium are given the corresponding gold, silver, and bronze medals, as well as an unforgettable moment of having their country's flag flown and national anthem played on the global stage.
Starting this year though, at the Paris Olympics, a new development from the global governing body of World Athletics will change things. As they announced in April 2024, they will be giving a U.S. $50,000 reward to each of the 48 athletes who claim Gold in the upcoming Olympics, with a promise to include silver and bronze medalists at the Los Angeles 2028 Olympics. That's nearly P3 million for Filipino athletes who bag a gold medal in the upcoming Olympics. The International Boxing Association (IBA) followed suit and announced, too, that they would be rewarding winners of the sport during the games. According to the association, it would award US $100,000 to gold medalists, $50,000 for silver, and $25,000 for bronze—a move that has drawn criticism from the IOC as they alleged that there is a lack of transparency as to where the funds will come from. The IBA was the former organizer of the Olympic boxing tournament until the IOC stripped it of this recognition in 2023.
Where the athletes do reap the most rewards should be in their own homes. Rewards can vary greatly from country to country, depending on what programs national bodies have for incentives and the like, so check out below what Filipino athletes get.
Monetary rewards
The National Athletes and Coaches Benefits and Incentives Act (RA 10699) outlines the cash rewards for Philippine Olympic medalists: P10 million for gold, P5 million for silver, and P2 million for bronze, as provided by the Philippine Sports Commission (PSC). This is the minimum that should be expected.
Apart from what is written into law, private individuals and companies often give additional monetary rewards to athletes who take home Olympic medals. We're sure you remember all the well-deserved buzz that greeted our winners like Hidilyn Diaz, Nesthy Petecio, and more, from the Tokyo Olympics.
A house and lot
After her historic gold medal win at the Tokyo 2020 Olympics, Hidilyn Diaz was celebrated with generous gifts. The government, along with private donors, presented Diaz with houses and land as a token of appreciation for her groundbreaking achievement in weightlifting.
Overall, in 2021, she received a house and lot from Century Properties, another house and lot in Tagaytay City from Philippine Olympic Committee president Abraham Tolentino, and a third in her hometown, Zamboanga City, from former president Rodrigo Duterte.
She was also given a P14-million condominium unit in Eastwood City by Megaworld Corporation in the same year.
Free flights
Several Filipino athletes, including Carlo Paalam and Nesthy Petecio, who both won silver medals in boxing at the 2020 Tokyo Olympics (Men's and Women's divisions, respectively), have been rewarded with free flights from AirAsia, Cebu Pacific, and Philippine Airlines.
Free food and more
Other incentives for Filipino Olympians include endorsements and sponsorship deals, which can range from complimentary meals and services to perks such as free haircuts, a big bike from Motortrade, and even routine vehicle maintenance like oil changes.
In 2021, Hidilyn Diaz was awarded a beauty package worth P2 million from the L'Oreal Group. Similarly, Nesthy Petecio received products worth P1.4 million from L'Oreal and Nestlé products for her hometown of Santa Cruz, Davao del Sur.
We can't wait to see what this year's winners reap!
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