House panel OKs tax exemption for national athletes' emoluments

On Monday, the House committee on ways and means approved a bill granting tax exemptions to rewards, donations, bonuses, and other forms of emoluments received by national athletes competing in international sports competitions.

The proposal was introduced by Albay Representative Joey Salceda shortly after Filipino gymnast Carlos Yulo won his second Olympic gold medal, marking him as only the second Filipino athlete to achieve this feat following weightlifter Hidilyn Diaz-Naranjo.

Salceda emphasized that the tax exemption aims to support athletes' training and preparation, rather than rewarding them solely for their achievements, and proposed making the exemption retroactive to January 1, 2024.

The bill seeks to amend Republic Act (RA) 10699, which grants benefits and incentives to medalists, including PHP10 million for each Olympic gold medalist.

Committee chair Salceda also suggested exempting donations made through the Philippine Sports Commission or the Philippine Olympic Committee regardless of time, emphasizing the importance of long-term investments in athletes' training.