National Unity Party chairman and Camarines Sur Rep. L. Ray Villafuerte requested tax exemption on cash rewards and donations from the government and the private sector to Filipino athletes who won medals in the Olympic Games.
How Olympic Athletes Make Money
Villafuerte said this is “in recognition of the pride and honor that these super athletes bring to our country and our people by establishing themselves as among the best in the world in the sport.”
The House Finance Committee on Monday began deliberations on Bill 8226, which would exempt donations and rewards to Olympic medalists and their coaches from taxes.
Villafuerte said the swift passage of HB 8266 at the committee level and later in plenary is the best tribute the 19th Congress can give to gymnast Carlos Yulo, “our back-to-back gold medalist” and other Filipinos who are on track for a podium finish at the 2024 Paris Olympics.
