Bill for athletes pushed
A HOUSE of Representatives committee on Monday approved a bill that seeks to exempt from tax donations to athletes representing the country in international sports events.
Under the consolidated bill endorsed by the ways and means committee to the plenary, also covered by the exemption are prizes given by brands and companies.
“Its most important provision is that it exempts donations toward their training one year before the competition,” Albay Rep. Jose Maria Clemente S. Salceda said in a statement.
The committee approved the measure after gymnast Carlos Edriel P. Yulo won two gold medals in the 2024 Summer Olympics in Paris.
His historic double gold medal win has been celebrated across the Philippines, with businesses showering the athlete with gifts, including cash and a new house.
Mr. Yulo is only the second Filipino athlete to win an Olympic gold, after weightlifter Hidilyn F. Diaz-Naranjo in Tokyo in 2021.
The House is looking at doubling its cash prize for the gymnast to P6 million, Speaker and Leyte Rep. Ferdinand Martin G. Romualdez told reporters. — Kenneth Christiane L. Basilio