MANILA (UPDATED) -- The Philippines' House of Representatives is now preparing cash incentives for Filipino athletes who achieve podium finishes in the 2024 Paris Olympics.

House Deputy Secretary-General Sofonias Gabunada said the achievements of Filipino athletes in Paris bring glory to the entire country.

"Naghanda ang House of Reps ng incentives para sa mga medalist. For the gold, we have P3 Million, silver P2 million, and for the bronze P1 million. Galing ito sa pondo ng House of Representatives," he said in a TeleRadyo Serbisyo interview.

Carlos Yulo, who won two gold medals in Paris, will receive P6-M for his historic feat.

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He pointed out that the cash incentives from the House of Representatives are different from the cash incentives under Republic Act 10699.

Under RA 10699, gold medalists in the Summer Olympic and Winter Olympic Games are given P10 million incentive. Silver medalists are given P5 million and bronze medalists P2 million.

Meanwhile, Speaker Ferdinand Martin G. Romualdez described gymnast Carlos Edriel Yulo as a "once-in-a-century Filipino athlete" following his exceptional double gold victory at the Paris Olympics 2024.

"Caloy's achievements have not only brought glory to the Philippines but have also highlighted the potential of our athletes to excel in the international arena," Speaker Romualdez said.

"We will continue to support and invest in our sports programs to nurture and develop more world-class athletes like Caloy. His success is a shining example of hope and a source of inspiration for all of us," he added.

In an interview, Romualdez said the Filipino athletes deserve to be rewarded.

"At saka maraming nagvo-volunteer na i-recognize. Kaya hindi lang po sa private sector, pero mismo mga members of the House ay talagang proud na proud. Marami naman kami po. So, walang problema. Tatlong daan naman kami," he said.

The House has pledged P3 million for gold medalists, P2 million for silver medalists, and P1 million for bronze medalists.

On top of this, Yulo will receive additional cash incentives from a fundraising campaign initiated by the Speaker among his colleagues in the chamber.

Yulo will also be conferred a congressional medal for his exceptional achievement and contribution to Philippine sports.

-- Proposal to enhance benefits for athletes --

According to Romualdez, lawmakers will study the possibility of enhancing and increasing government benefits to medalists. These include the possibility of granting them monthly pensions, proposed to begin at the age of 40 or when they retire from sports.

Adequate funding for sports and to support Filipino athletes will also be part of the lower house's push, as it deliberates on the proposed 2025 national budget, according to the House leader.

"We are looking at budget allocations for the sports program of Filipinos, and we will work, among others, with the Philippine Olympic Committee, the Philippine Sports Commission, and all the other sports agencies, to make sure that our athletes are really supported," Romualdez said.

"And beyond that, I think we need to look at the benefits that can be afforded, like lifetime pension. So talagang hindi lang one-time lang, pero we'll be meeting with the President of the SSS tomorrow with some proposals on how we can give lifetime benefits sa pension system," he added.

-- Proposed tax exemption of incentives --

The House Committee on Ways and Means approved on Monday the unnumbered substitute bill seeking to exempt from taxes the incentives and donations to national athletes competing in international sports competitions.

The committee also approved making the exemption retroactive to January 1, 2024. Apart from exempting donations one year prior to the date of competition, House panel chairperson Rep. Joey Salceda also proposed that donations through the Philippine Sports Commission or the Philippine Olympic Committee be made exempt from donations regardless of time.

House Bill No. 421, authored by Salceda, was also filed and approved in the 18th Congress as the "Hidilyn Diaz Law" but failed to gain approval in the Senate. Salceda said the measure should also be named in honor of Carlos Yulo, the country's first Olympian to score two consecutive gold medals.

"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. 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," Salceda said in his sponsorship speech.

"Let me emphasize this once again: 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 added. -- with Vivienne Gulla, ABS-CBN News