Pagcor hands P7.9-M incentives to Asiad, YOG medalists

MANILA, Philippines - As part of its support to Philippine sports, PAGCOR recently turned over P7.9 million in total cash incentives to Filipino athletes and their coaches who won in major international competitions this year.

Of this amount, P2.5 million went to 16-year-old Luis Gabriel Moreno who clinched a gold medal in the archery competition during the 22nd Youth Olympic Games in Nanjing, China last August. PAGCOR also awarded P5.4 million to 15 Filipino athletes and their coaches who bagged gold, silver and bronze medals in the 17th Asian Games in Incheon, Korea from Sept. 19 to Oct. 4.

PAGCOR president and COO Jorge Sarmiento said the cash incentives are meant to motivate the national athletes to train harder and compete on a higher level whenever they represent the country.

“Rewarding our national athletes after they emerge triumphant in any international event is not only recognizing them for what they have achieved but a demonstration of PAGCOR’s sincere appreciation for the efforts they have exerted to carry the nation proudly on their shoulders,” Sarmiento said.

PAGCOR’s release of cash incentives is in compliance with Republic Act 9064, otherwise known as the Sports Benefits and Incentives Act of 2001. The law grants monetary rewards to Filipino athletes and their coaches who win in major sports events. Under the agency’s incumbent administration (from July 2010 to September 2014), PAGCOR has already released almost P50 million in cash incentives.

Apart from the monetary rewards, Sarmiento said PAGCOR also provides funds to the Philippine Sports Commission  as mandated by Republic Act 6847. The said law created the commission to encourage and sustain the development of Philippine sports.