House bill exempting athlete gifts from taxes OKd
THE HOUSE of Representatives on Wednesday passed on second reading a bill that seeks to exempt from taxes rewards and incentives given to athletes competing in international sports events.
In a voice vote, congressmen agreed to exempt all gifts from taxes to encourage donations from private companies, which athletes can use for their training.
“All incentives, rewards, bonuses and other forms of emoluments… whether from public or private persons or entities received by national athletes who compete or win in international sports competitions… shall be exempt from any and all national or local taxes,” according to House Bill (HB) No. 10723.
The bill will retroactively take effect in January, covering the incentives received by athletes who competed in the recently concluded 2024 Paris Summer Olympics.
Congressmen rushed the passage of the bill after Filipino 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 the second Filipino athlete to win an Olympic gold, after weightlifter Hidilyn F. Diaz-Naranjo in Tokyo in 2021.
Speaker and Leyte Rep. Ferdinand Martin G. Romualdez earlier said the House would double its cash prize for the gymnast to P6 million.
“No words can express how proud we are of you, Caloy. You have achieved gold for the Philippines not once, but twice. Filipinos all over the world stood united, cheering and rooting for you,” said Mr. Marcos.
Meanwhile, Party-list Rep. Alfredo C. delos Santos said the government should support the local sports with the same effort as promoting foreign investments if it wants to field more Olympic-level athletes.
“We should promote the sports sector the same way we attract foreign investments in manufacturing, information technology, business process outsourcing and industrial estates,” he said in a statement.
“We need sports economy policies for that,” he added, citing the need to formulate long-term efforts in sports development programs.
Mr. Delos Santos said the state should support sports where Filipinos can excel including weightlifting, athletics and football. — Kenneth Christiane L. Basilio
