MANILA, Philippines - National mainstays stand to enjoy a P3,000 increase in their monthly allowances in 2016.
According to Philippine Sports Commission chairman Richie Garcia, beginning January, P1,000 will be automatically added to the monthly take of each athlete on the PSC payroll while the remaining P2,000 will be deposited to a “trust fund” that can be claimed upon retirement.
“We thought it’s about time to increase the basic allowances of athletes,” said Garcia. “Out of the P3,000 (total increase), P2,000 of that will be deposited to a certain account that can only be withdrawn when an athlete retires. So if for example, he will retire in three years he’ll get P72,000 from the said account. That’s not counting the interest the account will earn,” said Garcia.
Coaches, for their part, will get a P5,000 hike next year.
“They will have a P5,000 increase in salary across the board. There won’t be forced savings on the part of the coaches as we believe they need the money more and most of them are qualified to get pensions already,” he said.
This Christmas season, members of Team Philippines will be gifted with a “13th month” bonus. Traditionally, the athletes and coaches get P3,000 each as Christmas bonus from the PSC but this time, they will receive an amount that’s equivalent to their monthly – ranging from P7,200 to a high of P40,000 in the priority program.
“Employees in companies and government agencies receive a 13th month pay so decided to do the same for the athletes,” said Garcia.