Paris Olympics double gold medalist Carlos Yulo (Photo courtesy of International Gymnastics Federation)
MANILA – A House of Representatives panel on Monday approved a measure exempting from taxes all rewards and donations to national athletes competing in international sports competitions.
The Committee on Ways and Means approved the substitute bill proposing that all incentives, rewards, bonuses and other forms of emoluments, as well as donations, received by national athletes who compete or win in national competitions be exempt from any taxes, fees and charges.
The bill seeks to amend Republic Act (RA) 10699, or the National Athletes, Coaches and Trainers Benefits and Incentives Act.
RA 10699 grants benefits and incentives to medalists, including a PHP10 million reward for every athlete who wins a gold medal in the Olympics, PHP5 million for silver medalist and PHP2 million for bronze medalist.
Committee chair Joey Salceda of Albay’s Second District said the bill should be named in honor of gymnast sensation Carlos Yulo who made history as the first Filipino to win two gold medals in the country's 100 years of participation in the Olympics.
“A 12-year-old Carlos Yulo once gave an interview where he said that his dream was to win a gold medal for the Philippines in the Olympics. It took him more than a decade to reach that goal in the grandest manner possible," Salceda said in sponsoring the bill.
“What that teaches us is that the prize is never won on the day of the competition itself, but years before. Hard work, determination and sheer grit through many years of training wins over talent,” he said.
Salceda said the measure proposes to exempt not just the prizes that are handed out by brands and companies after the win, but also donations towards their training one year before the competition.
The committee also approved making the exemption retroactive to Jan. 1, 2024.
Apart from exempting donations one year prior to the date of competition, Salceda also proposed that donations through the Philippine Sports Commission or the Philippine Olympic Committee be made exempt from donations regardless of time.
“It is mere tokenism, it is mere public relations, to ride the bandwagon when the victory has already been achieved. What we need to incentivize is the investments being made on the athletes who are still working on winning medals for the country," he said. (PNA)
