Cash incentives await SEAG medalists

CEBU CITY, Philippines—Cash incentives await Filipino athletes who won medals in the 31st Southeast Asian Games (SEAG) in Hanoi, Vietnam.

The cash incentives come from the coffers of the Philippine Sports Commission (PSC) to honor athletes who represented the Philippines in the biennial meet.

With 22 gold medals, 25 silvers, and 36 bronze medals as of early Monday, May 16, 2022, the PSC will be shelling out at least P18 million in cash bonuses as provided for by the law under Republic Act 10699.

Otherwise known as the National Athletes and Coaches Incentives and Benefits Act, the law rewards a Filipino athlete P300,000 for every individual gold medal won while the value of a silver and bronze are P150,000 and P60,000, respectively.

Cebuano athletes who have won medals in the meet so far are Andrew Kim Remolino (silver, triathlon), Raven Faith Alcoseba (bronze, triathlon), Michael Angelo Marquez (gold, 2 silvers, dancesport) and the pair of Wilbert Aunzo and Perl Marie Caneda (silver, 2 bronze, dancesport.)

“I congratulate our athletes for a job well done. We’ll be expecting more medals to be won by Team Philippines in the coming days,” said PSC Chairman William Ramirez.

But the cash windfall from the government isn’t the only source of monetary incentives for medal-winning athletes in the SEA Games.

By tradition in the Duterte administration, President Rodrigo Duterte awards cash bonuses in Malacañang and hands out additional monetary rewards by matching the incentives received by the athletes.

“Knowing the President, it’s his style to give additional cash bonuses aside from the incentives provided for by the law once the athletes visit him in Malacañang,” said Ramirez.

Also based on the law, coaches of podium finishers will get 50 percent of the amount of cash bonuses their athletes receive.

For team cash incentives, a team of four or less will receive the equivalent of the corresponding individual medal they had won while each member of a team with five members or more are entitled to 25-percent of the individual medal’s worth.

Medal winners who surpass existing Philippine records, SEA Games standards, or records in any measurable international competition can likewise receive cash incentives as determined by the PSC.

Funding for these cash bonuses from the government is taken from the net cash income of the Philippine Amusement and Gaming Corporation to be remitted to the National Sports Development Fund of the PSC.

This is over and above the regular income that is remitted to the PSC by PAGCOR.

In the 2019 SEA Games, wold champion gymnast Carlos Yulo received the biggest cash windfall amounting to P3.25 million after winning two gold medals and five silver medals.

/bmjo

READ MORE:

31st SEAG officially opens tonight in Vietnam

The post Cash incentives await SEAG medalists appeared first on Cebu Daily News.