On Wednesday, August 21, 2024, the House of Representatives passed House Bill 10723. This is a ground-breaking piece of legislation that exempts Filipino athletes and their coaches from paying taxes on rewards, incentives, bonuses, gifts, donations and other forms of emoluments they receive or have received for winning medals and honors in international competition. This bill introduced by Speaker Ferdinand Martin Romualdez, received full approval from all 203 lawmakers and is expected to provide significant assistance and incentive to the country's athletes.
Once President Ferdinand Marcos Jr. signs House Bill 10723 into law, it will amend Republic Act 10699, also known as the National Athletes and Coaches Benefits and Incentives Act. This amendment ensures that all rewards, donations, and bonuses received by athletes will be exempt from national or local taxes, fees, and charges, effectively maximizing the financial benefits that athletes and their coaches receive from their hard-earned victories on the international stage.
Philippine Olympic gymnasts Emma Malabuyo & Aleah Finnegan are at the House of Representatives. They will be presented with a copy of the resolution commending our athletes in the Paris Olympics. @gmanews @gmanewsbreaking pic.twitter.com/Eq2I5b1Usz
— Tina PanganibanPerez (@tinapperez) August 21, 2024
The primary aim of this bill is to further encourage Filipino athletes who compete and excel in international sports competitions, as well as their respective coaches. By exempting these individuals from tax liabilities on their rewards, the bill seeks to alleviate some of the financial burdens associated with achieving success at the highest levels of competition. Additionally, the legislation aims to incentivize donations that fund the training and competition-related expenses of these athletes by granting donors tax exemptions and corresponding deductions from gross income.
Speaker Martin Romualdez, a staunch advocate for supporting Filipino athletes, expressed his satisfaction with the bill's passage. He emphasized the importance of enhancing the benefits for athletes who bring glory and honor to the country. Romualdez has also been a key proponent of granting a monthly pension to all Filipino Olympic medalists, starting at the age of 40, further underscoring his commitment to ensuring that athletes are well-supported throughout their lives.
“It is clear that Filipino athletes are world-class, and our performance in international competitions affirms this. That is why now more than ever, it is imperative that Congress does its part in pro-actively supporting our athletes that will help them attain their full potential. We hope to further encourage various sectors to support our athletes by exempting donations, endowments, or contributions directly and exclusively for state youth and sports development programs and competitions from taxes,” Romualdez stated.
One of the key components of House Bill 10723 is the focus on incentivizing the preparation of athletes. Speaker Romualdez highlighted the importance of preparing athletes well in advance of competitions, noting that "Champions are not made overnight." The bill not only provides tax exemptions for rewards and incentives but also includes provisions for exempting donations that fund the entire training process of athletes. These donations must be made through accredited organizations such as the Philippine Olympic Committee (POC), the Philippine Sports Commission (PSC), and the Philippine Paralympic Committee (PPC) to qualify for tax exemptions.
By providing these tax incentives, the bill aims to foster a culture of sustained support for athletes, ensuring that they have the necessary resources to excel on the world stage. This approach recognizes the long and often arduous journey that athletes undertake to reach the pinnacle of their respective sports and seeks to ease their financial burdens.
The approval of House Bill 10723 comes on the heels of the Philippines' remarkable performance in the 2024 Olympic Games, where the nation secured four medals—two gold and two bronze. This achievement marked the country's most successful Olympic campaign in history and solidified its reputation as a rising powerhouse in international sports.
Carlos Yulo, the standout star of the Philippines' Olympic contingent, made history by becoming the country's first-ever multi-gold medalist at the Olympics. Yulo won his second gold medal in the vault competition just 24 hours after securing his first gold in another gymnastics event, cementing his status as the greatest Olympian in Philippine history. His extraordinary feats at the Bercy Arena on August 4, 2024, will be remembered as one of the defining moments in Philippine sports.
Boxers Nesthy Petecio and Aira Villegas also contributed to the Philippines' medal haul, each winning bronze medals in their respective weight divisions. Their achievements ensured that the Philippines emerged as the best Southeast Asian nation in the Olympics and finished 37th in the overall rankings. This was the country’s highest Olympic Games ranking since 1964, a testament to the progress and dedication of Filipino athletes.
In recognition of their outstanding achievements, the Philippine Senate recently conferred the chamber’s Medal of Excellence on the 2024 Olympic Games medalists—Carlos Yulo, Nesthy Petecio, and Aira Villegas. These athletes, along with 10 other Filipino Olympians who participated in the Paris Olympics, were honored in a special ceremony at the Senate halls, where they received accolades from the nation's leaders.
In addition to the symbolic honors, the Senate also awarded substantial financial rewards to the medalists. Carlos Yulo received PHP 3 million for his two gold medals (PHP 1.5 million for each medal), while Nesthy Petecio and Aira Villegas were awarded PHP 1 million each for their bronze medals. These rewards not only recognize the athletes' achievements but also serve as a tangible expression of the nation's gratitude for their dedication and success.
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