Striking gold: What will Hidilyn Diaz get after historic Olympic win?
When weightlifter Hidilyn Diaz returns home from her historic win in Tokyo, Japan, she can expect a hero's welcome -- minus the customary grand parade because of COVID-19 -- from a grateful nation happy to have witnessed the first Filipino Olympic gold medalist in their lifetime.
She can also expect her fortune to take a complete turnaround the moment she set foot on Philippine soil.
With the victory, Hidilyn is entitled to receive a significant amount of cash amounting to millions plus a slew of other incentives in the form of non-cash assets.
Money
On top of the cash incentives to come Hidilyn's way is the hefty reward as stated in the National Athletes and Coaches Benefits and Incentives Act or Republic Act No. 10699.
The law stipulates that Filipino athletes competing in the Olympics are eligible to receive P10 million for winning a gold medal, P5 million for a silver medal, and P2 million for a bronze medal.
House Representative Mikee Romero promised to add another P3 million to the pot.
It only gets lucrative from there as businessmen Manny Pangilinan and Ramon Ang joined in on the parade by committing P10 million each for gold medal winners.
Hidilyn will also be receiving another P2.5 million from her hometown of Zamboanga City.
Phoenix Petroleum Philippines Inc. via its Siklab Atleta program will pitch in P5 million plus lifetime free fuel.
That brings her total cash prize to a whopping P40.5 million.
In an article written by sports lawyer Mickey Ingles for the sports website Spin.ph, he noted that Section 32 (B) (7) (d) of the Tax Code states that “prizes and awards granted to athletes in international sports competitions sanctioned by the respective national sports associations are excluded from the athlete's taxable income.”
Implementation of tax laws, though, can be quite complex and some aspects of it can be contested based on the interpretation of the Bureau of Internal Revenue (BIR).
Still, and no matter what happens, Hidilyn is expected to cash in big time on her history-making performance.
It's also fair to say that Hidilyn will get more monetary rewards both from the public and private sectors plus potential earnings from sponsorship deals once she's back.
Not bad for someone who, for the longest time, struggled to finance her training that she almost gave up.
Properties
As for tangible assets, Hidilyn will receive a house and lot in Tagaytay courtesy of Philippine Olympic president Abraham “Bambol” Tolentino.
Not to be outdone, property firm Megaworld pledged to give Hidilyn a condominium unit worth P14 million.
“This epic moment is about 97 years in the making, this is our way of saying thanks to Hidilyn for making us all proud. We believe that it's just right to give our first-ever Olympic gold medalist a home in our first-ever township, Eastwood City,” said Kevin Tan, chief strategy officer for Megaworld.
PHirst Park Homes under Century Properties also announced that it will reward Hidilyn with a house and lot worth P4 million.
Xtreme Appliances promised to provide appliances to Hidilyn's new homes.
Meanwhile, AirAsia Philippines happily announced that it is awarding Hidilyn a lifetime free flights and thanked her for “being an inspiration” and “uplifting our spirits.”
Gold medal
The gold medal, of course, is another valuable asset now in Hidilyn's possession.
“The medals resemble rough stones that have been polished and now shine, with 'light' and 'brilliance' their overall themes. The medals collect and reflect myriad patterns of light, symbolizing the energy of the athletes and those who support them,” said in the Tokyo 2020 Olympic Games official website.
“Their design is intended to symbolize diversity and represent a world where people who compete in sports and work hard are honored. The brilliance of the medals signifies the warm glow of friendship symbolizing people all over the world holding hands.”
The gold medal contains more than six grams of gold plating on pure silver.
A study by CNBC reveals that the present Olympic gold medal has an estimated value of $820 at current metal prices. That's around P41,000 in Philippine currency.
The significance attached to Hidilyn's gold medal far outweighs its monetary value by a mile.
It is, after all, a priceless piece of history that the country will forever cherish for generations to come.
For more stories like this, head over to GMA's Lifestyle page.
In the meantime, get to know the other Pinoy athletes competing at this year's Olympic Games in Tokyo, Japan.