Filipino Olympic champion Carlos Yulo’s incentives for twin golds surpass $2M

Filipino gymnast Carlos Yulo. Photo from International Gymnastics Federation’s Instagram

The Manila Times reported that the latest contribution to Carlos’ incentives, amounting to 3 million pesos, was provided by the local food chain Chooks-to-Go on Friday.

Previously, Carlos received 20 million pesos through Republic Act 10699, also known as the National Athletes and Coaches Benefits and Incentives Act, which awards 10 million pesos for each gold medal a Filipino Olympian wins. He was also awarded 14 million pesos by the House of Representatives and 10 million pesos from the Manny V. Pangilinan Sports Foundation.

PhilNews reported that the Bureau of Internal Revenue has declared Carlos exempt from paying taxes on these incentives.

In addition, businessman and former politician Chavit Singson has offered an incentive of 5 million pesos to the gymnast, contingent upon reconciliation with his family. This offer follows a highly publicized dispute between Carlos and his mother Angelica Poquiz Yulo, allegedly arising from accusations Carlos made in a TikTok video on August 6. In the video, he claimed his mother mismanaged his finances, misled him regarding his gymnastics rewards, and falsely accused his girlfriend, content creator Chloe San Jose, of financial exploitation.

Carlos, 24, is acknowledged as the most accomplished Filipino gymnast ever, according to Forbes. He is the second Filipino to secure a gold medal and the first to clinch multiple golds at the Olympics.

Additionally, he has been promised gifts from prominent business figures and major companies in the Philippines, including a condominium in Manila and lifetime supplies of free buffets, baked mac and cheese, and chicken inasal.