Marcos' incentives for PH Olympians now total P50 million

This year's Philippine Olympic team is going to receive more cash incentives from the Office of the President.

In a statement from the Presidential Communications Office, it said that Marcos extended P20 million in cash and a Presidential Medal of Merit to double gold Olympic medalist Carlos Yulo. He also gave P2 million each to bronze medalists and boxers Aira Villegas and Nesthy Petecio.

Yulo will now receive P40 million, which includes the P10 million for each gold medal as required by the Republic Act No. 10699, or the National Athletes and Coaches Incentives and Benefits Act.

Villegas and Petecio, meanwhile, will get P4 million each.

Marcos also announced that the rest of the Philippine team will receive P1 million each, saying that qualifying for the Olympics is "an extremely difficult achievement."

Their coaching teams will also receive P500,000.

During his speech at the Heroes' Welcome last Aug. 13, Marcos highlighted the honor and pride brought by the Philippine team because of their successful stint at the Olympics.

"You have shown the spirit of the Filipino, the determination of a Filipino, and the excellence of the Filipino spirit. And that’s what you have shown for us today," he added.

He also mentioned that the government will establish a well-organized sports development program.

“I want to be part of the development of sports in the Philippines. "We've been left behind,” Marcos said.

“If you can consider that all of these athletes who have done so well and have made us so proud, there’s no official, technical support from the government. They did it on their own. Of course, they got some help. Sometimes, the government helps. But there is no formal structure to help our athletes. And that’s what we are going to establish now," he said.

The Philippines concluded the Olympics at the 37th rank for winning 4 medals in total with 2 golds and 2 bronze medals.

The Filipino athletes arrived in Manila on Tuesday evening after the Paris Summer Games. They then headed to the Malacañang Palace for a grand welcome hosted by the President.

A heroes' parade in their honor is happening on Wednesday, Aug. 14. It will begin outside the Aliw Theater in Pasay and will pass through Roxas Boulevard, Padre Burgos Avenue, Finance Road, Taft and Quirino Avenues, and Adriatico Street before it ends at the Rizal Memorial Sports Complex. (with reports from Alexis Romero)