Just like fellow Olympic silver medalist Nesthy Petecio, men’s flyweight campaigner Carlo Paalam will also get an assured P18 million or even more cash incentives for taking home the country’s second silver medal in the Tokyo Summer Games on Saturday.
Paalam, who bowed to 28-year-old Great Britain’s Galal Yafai in the battle for gold medal at the Kokugikan Arena, is expected to receive a total of P15 million cash bonuses from the government, San Miguel Corporation (SMC) and Manny V. Pangilinan’s MVPSF.
The government athletes incentives act or the Republic Act 10699, the MVPSF and Ramon S. Ang of SMC had pledged P5 million each for Olympic silver medalist.
After settling for silver, Phoenix Petroleum via Siklab Atleta Pilipinas Foundation is sending Paalam a P3 million financial bonus too, raising his present total cash incentives to P18 million.
“Carlo put up a magnificent fight, and we are proud of his overall performance as a Filipino Olympic boxer,” Phoenix Petroleum Senior Vice President Raymond Zorrilla said in a statement.
“His win inspires us to continue supporting Filipino athletes because they give honor to our country, and prove that we are truly world-class. This year’s Olympics has been a great opportunity to display Filipino supremacy in sports.”
Phoenix also awarded the Philippines’ first ever Olympic gold medalist weightlifter Hidilyn Diaz with P5 million cash incentives plus a lifetime free fuel, while it will be giving women’s featherweight boxer Petecio P3 million for her silver and men’s middleweight Eumir Felix Marcial P1 million for his bronze.
This is the Philippines’ largest Olympic medal haul — one gold, two silvers and a bronze — since the 1932 Olympics, and the first-ever multiple Olympic silver medal wins of the country.
Meanwhile, the flag carrier Philippine Airlines (PAL) has rewarded Paalam 60,000 Mabuhay miles per year for life as a show of appreciation for bringing home a silver medal.
PAL congratulated and also thanked Paalam for bringing pride and honor to the country.PAL’s 60K miles-per-year-for-life reward is equivalent to: Four Roundtrip domestic flights or two Roundtrip regional flights or one Roundtrip flight to any of the following: Australia, Middle East and Honolulu.
PAL earlier awarded Olympic Gold Champion in Weightlifting Hidilyn Diaz 80,000 Mabuhay miles per year for life and women boxing silver winner Petecio with 60,000 Mabuhay miles per year for life. Philippine Airlines also gifted Marcial a 40,000 Mabuhay miles per year for life for taking the bronze.