Major energy players in the country are set to give a total of Php56 million in cash incentives to Filipino medalists following Team Philippines’ historic run at the Tokyo Olympics.
This comes as Carlo Paalam, who finished with the silver medal at the men’s flyweight boxing tournament, will be receiving a total of Php13 million — Php5 million each from Manny V. Pangilinan and Ramon Ang and Php3 million from Dennis Uy’s Phoenix Petroleum.
The three major energy players first pledged to give a total of Php25 million to weightlifter Hidilyn Diaz for winning the country’s first-ever Olympic gold. Diaz is also getting a lifetime supply of fuel from Phoenix.
Paalam’s fellow boxer and silver medalist Nesthy Petecio will also be getting Php13 million, while another fighter Eumir Marcial will receive Php5 million for his bronze finish.
Pangilinan, who will grant the incentive through the MVP Sports Foundation, runs the Manila Electric Company (MERALCO) — the Philippines’ largest distribution utility — and PXP Energy. Ang’s San Miguel Corporation (SMC), meanwhile, is the parent firm of SMC Global Power Holdings — the country’s second-largest power generator.
Aside from the incentives from energy players, Paalam — a former scavenger — will be getting another Php5 million from the government under Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act, as well as free flights.