After the triumph of Filipino gymnast Carlos Yulo, the House Committee on Monday essentially passed the bill to grant all national athletes a tax exemption for all incentives, rewards, or donations, applicable to all athletes who compete and win in selected international sports competitions.
The bill aligns with the Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act, said the House Ways and Means Chair Joey Sarte Salceda.
Representative Salceda authored last 2020 the ‘Hidilyn Diaz Law’ after the first Olympic Gold medalist in weightlifting won in the Tokyo Olympics.
This year, Salceda also passed the bill, wanting to name it after the double Olympic medalist Carlos Yulo, after clinching his two consecutive gold medals in artistic gymnastics last August 3 & 4.
House Bill No. 421 not only exempts post-victory prices but to exempts donation monetary for training expenses for national athletes.
The House said that the exemptions made also include donations through the Philippine Sports Commission or the Philippine Olympic Committee.
Rep. Salceda shared that genuine support should be made through investments in the athlete’s journey, rather than posting celebratory gestures for the national athletes.
“What we need to incentivize is the investments being made on the athletes who are still working on winning medals for the country,” Salceda said.
Photo Courtesy: One Sports, Joey Sarte Salceda/Facebook