Aside from the financial reward from the Philippine government, Filipino medalists in the upcoming Tokyo Olympic Games are set to receive another hefty sum from the MVP Sports Foundation (MVPSF) as an incentive for their podium finish.
Out to sweeten the pot for the 19 Filipino athletes bound for Japan, the MVPSF Board decided to give away P10 million for an Olympic gold medal win, which has been elusive for the country since joining the biggest sporting event in the world.
Silver and bronze medalists will also receive a cash reward amounting to P5 million and P2 million, respectively.
“This is the tournament of tournaments. We want to showcase what Filipino talent can do. We want to show the world that we can compete,” MVPSF chairman and sports patron Manny V. Pangilinan said.
"When MVPSF was formed in 2011, the objective was to win our country’s first Olympic gold and we have a really good chance to win medals in the upcoming Tokyo Olympics.”
According to the foundation’s president Al Panlilio, this will give the Pinoy athletes extra motivation to win in their respective competitions.
“We know that all of our athletes are eager to represent the Philippines but we wanted to give them added motivation that would help them and their families as well,” Panlilio quipped.
The said prize will be on top of what the medalists will receive through Republic Act 10699, which will also be P10,000,000, P5,000,000, and P2,000,000 for Olympic gold, silver, and bronze medals, respectively.
“We hope the monetary reward we’ve set aside will give them the extra push to really go all out and win the country’s first-ever gold medal in the Olympics. We’ve been waiting for the Olympic gold medal for so long and we know it will inspire the entire nation,” Panlilio added.
The MVPSF has supported 14 of the 19 Olympic qualifiers from the Philippines but the reward will be for all medalists.
“All 14 of the athletes we’ve supported have had some form of foreign training,” Pangilinan shared.
“It tells you something about the preparation that’s really needed by our athletes as part of their training. You cannot just train locally. You really have to expose yourself to international standards of competition and pick up lessons learned.”
Boxers Nesthy Petecio, Carlo Paalam, and Irish Magno are currently in Thailand for training while Eumir Marcial is working with the US Team in Colorado.
2016 Rio Olympics silver winner Hidilyn Diaz has been preparing in Malaysia for much of the pandemic while gymnastic’s World Champion Caloy Yulo is in Japan.
Pole vaulter EJ Obiena is staying in Italy for the Olympics while golfers Yuka Saso, Bianca Padganganan, and Juvic Pagunsan have seen action in the US and Japan.
“This is certainly a milestone year for us. The delegation we are sending is the best we’ve composed and sent to the Olympics. Of course, we’re hoping that we will continue to have bigger and better contingents to send in the next Olympics. It’s always a journey of improvement and growth,” Pangilinan closed.
“We wish all our athletes God speed. I hope God blesses their effort for the holy grail of the Olympic gold medal.”