Salceda advocates for tax exemptions for gold medalist Yulo

By Rhaydz B. Barcia

LEGAZPI CITY --- Owing to the success of two-time gold medalist Carlos Edriel Yulo at the Paris 2024 Olympics, Rep. Joey Sarte Salceda has advocated for tax exemptions on donations to national athletes competing in international sports events.

Salceda, chairman of the House Ways and Means Committee, announced that the House tax committee has approved a bill providing these tax exemptions.

He noted that the measure, inspired by Yulo's achievements, is designed to offer critical support to athletes during their training periods. “House Bill No. 421 not only exempts post-victory prizes but also donations for training expenses incurred up to one year prior to the competition.

The committee has also approved retroactive exemptions starting January 1, 2024, and proposed that donations made through the Philippine Sports Commission or the Philippine Olympic Committee be tax-exempt regardless of the timing,” Salceda said.

Salceda, who previously authored the “Hidilyn Diaz Law” in the 18th Congress, proposes to name this bill in honor of Carlos Yulo, the first Filipino Olympian to win two consecutive gold medals.

He emphasized that support should focus on the investments made during an athlete’s preparation rather than just celebratory gestures post-victory. “True support should incentivize investments in athletes who are still striving for victory. Success is not achieved on competition day but through years of hard work and determination,” Salceda added.

Following his success at the Paris Olympics, Yulo will receive substantial rewards. Under Republic Act 10699, or the National Athletes and Coaches Benefits and Incentives Act,

Yulo is entitled to P10 million and a Medal of Valor for each gold medal. With his two victories, Yulo will receive a total of P20 million.

In addition, the House of Representatives will provide a P3 million incentive, which Speaker Martin Romualdez has announced will be doubled to P6 million for Yulo’s two gold medals.

Furthermore, Megaworld will award Yulo P35 million, including a fully furnished three-bedroom condominium unit valued at P32 million in McKinley Hill, Bonifacio Global City, and P3 million in cash.

Megaworld President Lourdes Gutierrez-Alfonso stated, “This milestone in Philippine sports—achieving two gold Olympic medals in our 100th year of participation—coincides with our company’s 35th anniversary. We are proud to boost our reward to P35 million for Carlos Yulo.”

Additionally, the SM Group of the Sy family will offer P1 million worth of products from SM Retail, and Apollo will provide P100,000 worth of furniture. The Bounty Group Agro Ventures, known for Chooks-to-Go, has pledged a P3 million cash prize to Yulo.