MANILA (UPDATE) - Non-profit organization Siklab Atleta Sports Foundation on Tuesday said it would give athlete Hidilyn Diaz P5 million incentive for bagging the country's first gold medal in the Tokyo 2020 Olympics.

"It was our vision when we organized the foundation to rally the private sector to help our athletes in their quest for the Olympic Gold, and now we have our first Gold Medal," Siklab Atleta Sports Foundation head and Phoenix Petroleum chairman Dennis Uy said in a statement.

"We need to provide our athletes the support befitting their stature as our country's representatives to the world," he added.

Phoenix Petroleum Chairman at Siklab Atleta Pilipinas Head Dennis Uy, nangakong magbibigay ng P5 MILLION incentive kay Olympic gold medalist Hidilyn Diaz. pic.twitter.com/V0XcWF6FJ3

— alvin elchico (@alvinelchico) July 27, 2021

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Phoenix Petroleum will also provide Diaz with free fuel for life.

Siklab Atleta Foundation was launched in 2018 by the private sector with the goal of supporting athletes who have the best chance to win in the Olympics, the statement said.

The foundation in 2019 extended financial sponsorship grant to the Philippine Sports Commission to support athletes competing for the Tokyo Olympics, the statement said.

Aside from the P5 million from the foundation, the P10 million incentive mandated by the Philippine law and some P20 million from the private sector, Diaz will also receive a P14-million condominium from Megaworld Corp. A unit of the Century Properties Group is also giving her a house and lot worth P4 million.

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-- with a report from Alvin Elchico, ABS-CBN News