A measure has been filed in the Senate seeking tax exemptions for prizes to Filipino Olympic medalists, which would apply retroactively to Tokyo 2020 winners Hidilyn Diaz and Nesthy Petecio.
The bill filed by Sen. Pia Cayetano seeks to remove the 6% donor's tax on prizes from the private sector and make them tax-free, like incentives from the government.
It aims to amend the National Athletes and Coaches Benefits and Incentives Act to exempt bonuses, rewards and other emoluments received by Olympic medalists and their coaches from taxes, regardless of whether they come from public funds or private entities.
"Given that there is an outpouring of support from the private sector, this bill seeks to provide tax exemptions from both public and private sources... thus recognizing the pivotal role of private companies and individuals as government's partners in supporting Filipino athletes," Cayetano said.
Diaz ended the Philippines' 97-year-long wait for an Olympic gold medal when she emerged as champion in the women's 55-kilogram weightlifting competition at the ongoing quadrennial games.
Petecio snagged silver in the women's featherweight event, becoming the first Filipino woman to win an Olympic medal in boxing.
Following their respective victories, a number of private donors have pledged cash incentives and other rewards for the two athletes. Diaz is set to take home rewards amounting to at least P43 million, while Petecio is expected to receive at least P17 million in pledges.
Apart from Diaz and Petecio, bronze medals are also guaranteed for boxers Eumir Marcial and Carlo Paalam.