Yulo's coaching team will also receive P5 million from the billionaire.
In addition to Yulo, Pangilinan will also grant P2 million each to boxers Aira Villegas and Nesthy Petecio, who brought home Olympic bronze medals, and P2 million to their respective coaches.
In a post from his account on X (formerly Twitter), Pangilinan stated that he will continue to support Filipino athletes until the next Olympics.
"Like always, they can count on our continued support until LA 2028. Long live Pinoy athletes!" was Pangilinan's post.
Yulo's two gold medals in the Artistic Gymnastics event and Petecio's and Villegas's individual bronze medals in boxing are the best displays of Filipino athletes' talent in the Olympic Games since the country's participation a century ago.
Pangilinan's cash rewards for the Olympic medalists have further increased their earnings from the government and other private institutions.
According to Republic Act 10699, signed by former President Benigno Aquino, Jr., an Olympic gold medalist is incentivized with P10,000,000; a silver medalist with P5,000,000 and a bronze medalist with P2,000,000.
President Ferdinand Marcos, Jr. also doubled the cash rewards for Yulo, Villegas, and Petecio. Yulo was given an additional P20 million pesos along with the Presidential Medal of Merit. Petecio and Villegas each received P2 million.
The Philippine Amusement and Gaming Corporation (PAGCOR), according to its mandate, has rewarded Yulo with P20 million for his two gold medals. The House of Representatives granted Yulo a P14 million incentive, while Villegas and Petecio each received P2,500,000.
Yulo also now owns a P32 million condominium unit in McKinley Hills, Taguig City, in addition to P3 million cash from Megaworld, a P6 million house and lot in Nasugbu, Batangas, a vehicle from Toyota, and millions more from various institutions.
(Photos from Manny V. Pangilinan's X account)
