The Money Report: The Philippines’ Olympic Incentives
The US$220,000 that the Philippines is offering to an Olympic gold medalist is the second highest incentive I’ve come across so far. Thailand is offering the richest incentive at US$ 314,000 for an Olympic gold. More at How Much Money Do Olympians Make.
Philippines offer US$220,000 for gold medal
The Philippine government and the private sector are offering 9.5mil pesos (US$220,000) to any athlete who brings home the country’s first-ever Olympic gold medal, an official said yesterday.
The Philippines have not won an Olympic gold since their first Games, at Paris in 1924. The most recent medal of any colour was silver in boxing in Atlanta in 1996.
“This is an incentive. The first gold winner will get the money,” said Philippine Olympic Committee spokesman Joey Romasanta.
The government pledged 5mil pesos (US$116,000) and the rest came from donations from the private sector, Romasanta said.
The Philippine Daily Inquirer reported other donors included tycoon Lucio Tan, Microsoft Philippines Inc. and boxer Manny Pacquiao, who in June won the WBC lightweight title.
Pacquiao will lead a 15-member Philippine Olympic team in the Aug. 8 opening of the Beijing Games.