The House of Representatives has approved a bill granting tax exemptions to double Olympic gold medalist Carlos Yulo and other national athletes who have competed in international sports events.
House Ways and Means Chairman and Albay Representative Joey Salceda confirmed the approval. The bill, known as House Bill No. 421, was initially proposed during the 18th Congress and referred to as the “Hidilyn Diaz Law.” However, it did not pass in the Senate at that time.
Salceda stated that the bill should also honor Yulo, the first Filipino Olympian to win two gold medals, by naming it after him. The bill proposes tax exemptions not only for the prizes Yulo received from brands and companies following his victories but also for donations used to support his training one year prior to the competition.
Salceda emphasized that the objective of the bill is to incentivize not just the awards but the preparation required to become a champion, which is not achieved overnight. The committee has also approved making the tax exemption retroactive from January 1, 2024.
Additionally, Salceda proposed that donations to the Philippine Sports Commission or the Philippine Olympic Committee should also be tax-exempt.
Let me emphasize this once again: it is mere tokenism and public relations to celebrate victories after they have been achieved. What we need to incentivize is the investment made in athletes who are still striving to win medals for the country
Rep Joey Salceda | Chairman, House Ways and Means