AFTER working persistently to compete well in the 2024 Paris Olympics, Filipino Olympians will finally be able to enjoy their bonuses without stress, according to a tax exemption granted by the House of Representatives.
A well-deserved treat for the golden squad of Olympians who raised the Philippine flag, since they will now be able to fully receive and enjoy their bonuses, with no tax breaks from the government.
House Bill 10723, which seeks to exempt athletes and coaches’ incentives, awards, gifts, donations, and contributions from taxes, was approved by the Lower House on Wednesday by a vote of 203-0.
Photo Courtesy: Daniel Jacob | Instagram
According to the bill, the exemption will apply retroactively or cover incentives, awards, bonuses, gifts, and contributions to eligible athletes and coaches starting January 1, 2024.
Government’s initiative
House Speaker Martin Romualdez said that this was one of the several initiatives in Congress for Filipino athletes who have brought pride to the entire country.
The House is also discussing whether to provide monthly pensions to Filipino Olympic medalists starting at the age of 40. This is much earlier than a typical individual’s pension years.
“The honor our Olympians Carlos Yulo and Hidilyn Diaz gave our country is immeasurable and priceless, but we can acknowledge their hard work and triumph by way of benefits from the government,” said Romualdez.
Photo Courtesy: Daniel Jacob | Instagram
Meanwhile, some House members conveyed their gratitude to the Olympians. Declaring that Filipino athletes are unquestionably world-class, various sectors must continue to support their preparations even further.
“We believe that the best way forward is to incentivize preparation. Champions are not made overnight,” said Quirino Rep. Midy Cua, while emphasizing the need for these athletes to be supported.
“Thus, in addition to our previous proposal, we have included the exemption from tax of donations for the entire training of our athletes, provided that such donations are made through the POC, PSC, and PPC.”
Gymnasts recognized
Meanwhile, Filipina gymnasts Aleah Finnegan and Emma Malabuyo were invited to the House of Representatives on Wednesday to be congratulated for making history and competing in the Paris Games.
Yulo and bronze medal-winning boxers Nesthy Petecio and Aira Villegas paid a visit to the House on August 14. The gold medalist-gymnast received P6 million from the House of Representatives and an additional P8.010 million from other House members.
Petecio and Villegas each got P1 million for their bronze medals, with an additional P2.5 million provided by numerous House members. Before flying to Paris, both received P500,000, for a total of P4 million.
The remaining 19 Olympians received a total of P1 million from the House, with each athlete receiving P500,000 prior to leaving the country and an additional P500,000 recently.
