Promise made. Promise fulfilled.
Prior to the start of the 2020 Tokyo Olympics, the MVP Sports Foundation (MVPSF) allotted cash incentives for the country’s Olympians.
Just two days after the games officially closed, the MVPSF already fulfilled its promise, releasing a total of P40.5-million.
Hidilyn Diaz has already received her P10-million reward for winning the country’s breakthrough gold; silver medalists Nesthy Petecio and Carlo Paalam received P5-million; while bronze medalist Eumir Marcial received P2-million.
“It’s a breakthrough and a milestone event for Philippine sports as we’ve had our best medal haul including our first-ever gold,” said MVPSF Chairman Manny V. Pangilinan.
“It is only right for the nation and the athletes to celebrate what has been achieved. Once the celebration settles, we go back to work.”
“Much more will be expected from us in Paris,” said Ricky Vargas, member of the MVPSF Board of Trustees and the President of the Association of Boxing Alliances in the Philippines (ABAP).
“After giving our athletes enough time to celebrate and rest, the athletes will be preparing for the upcoming Southeast Asian Games and the Asian Games.”
Vargas also echoed Pangilinan’s desire for the grassroots development of Philippine Sports through forming the Philippine Businesses for Sports Development.
The MVPSF also rewarded the victors’ coaches, rewarding them a total of P11-million.
“The MVPSF knows that it takes a village to win a medal in the Olympics. It takes combined efforts from the Philippine Sports Commission (PSC), the Philippine Olympic Committee (POC), and the private sector to help our athletes succeed,” said MVPSF President Al Panlilio.
“The coaches also sacrificed as they were away from their families as much as the athletes so they should also be compensated for their athletes’ success.”
In partnership with the POC, the other 15 Filipino Olympians who were not able to win medals will receive P500,000 each for their hard work and dedication. A total of P7.5-million will be given by the MVPSF to the POC through President Abraham “Bambol” Tolentino.
The 15 other members of Team Philippines are gymnast Caloy Yulo; weightlifter Elreen Ando; skateboarder Margie Didal; golfers Yuka Saso, Bianca Pagdanganan, and Juvic Pagunsan; pole vaulter EJ Obiena; swimmers Luke Gebbie and Remedy Rule; boxer Irish Magno; rower Cris Nievarez; judoka Kiyomi Watanabe; sprinter Kristina Knott; jin Kurt Barbosa; and shooter Jayson Valdez.
The total amount, which will be given to the coaches and athletes net of taxes, has now been released by the MVPSF to reward those who gave the Philippines its best-ever showing in the Olympics.
This is on top of what the MVPSF has invested since it was founded back in 2011.
“In the past 10 years, the MVP Sports Foundation has spent more than two billion pesos in total,” said Pangilinan, whose organization has aided athletes from different sports in the past decade, culminating in the Philippines four-medal haul in the Tokyo Olympics.
“Our investment in the country’s sports development is all worth it when we see the effort of our athletes to represent the country to the best of their abilities. The victories they achieve and the pride they give our country are priceless.”