First Philippine Gold In Olympics Worth P15 Million

MANILA, Philippines - P15 million cash incentive for the first Filipino athlete to win a gold medal in the upcoming 2008 Beijing Olympics, on Friday said Press Secretary Jesus G. Dureza. The Philippines will send 15 athletes who will compete in eight sports like boxing, taekwondo, shooting, archery, diving, swimming, athletics, and weightlifting.

"The President announced the incentives to those who will win gold medals. An amount of P15 million will be given to the first athlete to win a gold medal," he said.

Mr. Dureza said this was an increase from the P10.5 million cash pot offered previously.

The Philippines has yet to win gold in the Olympics. The country has been participating in the World Games for 84 years, or since 1924, but has come up with only nine medals, none of them gold.

Mr. Dureza explained that P5 million of the P15 million incentive was mandated by law. On the other hand, P4.5 million will be provided by the President while P5.5 million will come from the private sector.

The Press Secretary made the announcement during the courtesy call of Team Philippines in Malacanang Friday.

FYI - 2008 Beijing Olympic Sports