Philippines' Carlos Edriel Yulo reacts after competing in the artistic gymnastics men's floor exercise final during the Paris 2024 Olympic Games at the Bercy Arena in Paris, on August 3, 2024. Paul Ellis, AFP

MANILA (UPDATED) -- Filipino gymnast Carlos Yulo is set to receive more incentives after his historic triumph in the 2024 Paris Olympics.

Yulo won a second Olympic gold medal on Sunday when he ruled the vault finals in men's artistic gymnastics, a stunning follow-up to his triumph on the floor exercise on Saturday.

He is the first Filipino athlete to win multiple medals in a single Olympics, and the first to win two gold medals. 

READ: DOUBLE GOLD! Carlos Yulo is Olympic vault champion

READ: Carlos Yulo reigns in floor exercise for PH's first gold

In a statement, Bounty Fresh and Chooks-to-Go said they are set to reward Yulo with P3 million for his achievement.

"We believe in celebrating and supporting our homegrown talent, and this reward is a testament to our admiration for Carlos," said Patricia Cheng-Lim, executive vice president of Bounty Fresh Group Holdings Inc. "We hope his success will inspire the next generation of Filipino athletes to pursue their dreams with the same passion and determination."

Meanwhile, Megaworld is upgrading its reward for the superstar gymnast.

The property giant initially promised a fully-furnished condominium unit worth P24-million in Bonifacio Global City to the country's gold medalists.

READ: P24-M BGC condo units await each Filipino Olympic gold medalist

In the wake of Yulo's victory, Megaworld said he will receive "a bigger three-bedroom unit in one of its premier residential properties inside the 50-hectare McKinley Hill plus special cash bonus because of his exceptional achievement."

"The condominium unit will be designed and fully-furnished with appliances, furniture and fixtures. The unit also comes with two balconies, a separate maid’s room, and a parking slot with a total value of P32-million," said Megaworld.

Yulo will also receive a bonus of P3 million.

"We are boosting our reward for Carlos Yulo now totaling to P35-million. He truly deserves this and we will always be proud of him for taking Filipino excellence to the next level," said Megaworld president Lourdes Gutierrez-Alfonso in a statement.

The House of Representatives has also pledged P3 million for Yulo as well as incentives for other Filipino athletes who win medals in the Paris Games.

Aside from Yulo, boxers Nesthy Petecio and Aira Villegas are both assured of medals after reaching the semifinals of their respective weight classes.

Meanwhile, PLDT and Smart Chairman and CEO Manuel V. Pangilinan also hailed Yulo's achievement on social media.

Along with a photo of the MVP Sports Foundation (MVPSF) Gymnastics Center in Intramuros, Pangilinan said: "Dreams are fulfilled in Paris, but they begin here. You’ve made us all proud, Caloy. You’re living proof a Filipino can. We never doubted for a second."

The MVPSF has supported Yulo since 2017. In 2022, they inaugurated the training facility in Intramuros along with the Gymnastics Association of the Philippines (GAP).

READ: House prepares incentives for Carlos Yulo, Pinoy medalists in Paris

According to the Philippines' Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act, gold medalists in international sports competitions shall receive P10 million from the government, silver medalists are entitled to P5 million, while bronze medalists will get P2 million.

The city of Manila is also preparing a hero's welcome for Yulo, who is from Leveriza, Malate.

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