House approves bill exempting national athletes' cash grants from taxes

A bill seeking to exempt cash grants and rewards given to national athletes competing in international events from taxation has been approved on second reading at the House of Representatives.

House Bill No. 10723, a consolidation of six proposals, aims to amend Republic Act No. 10699 to include tax exemptions for athletes and coaches who compete or win in international sports competitions, retroactively effective from January 1, 2024.

The bill states that all incentives, rewards, bonuses, and other emoluments received by national athletes and their coaches shall be exempt from taxes, fees, and charges, with provisions allowing deductions for training expenses and donations made to the Philippine Sports Commission or the Philippine Olympic Committee.

During a Congressional Reception for the Philippine delegation to the 2024 Paris Olympics, House officials thanked the athletes and provided cash grants totaling over P14 million for Olympic medalists Carlos Yulo, Nesthy Petecio, and Aira Villegas.

Speaker Ferdinand Martin Romualdez assured athletes that the House would review laws like R.A. No. 10699 to provide more support for sports development in the country, emphasizing the need to improve existing legislation to better serve the Philippine sports community.