Cash incentive for Olympic medalists

Cash incentive for Olympic medalists "After watching the recent Olympics coverage and hearing the news about the cash incentives received by Filipino medalists, I wonder what is the legal basis for this under the law and what, if any, is the rule in case of team sports. Do the members individually get the same amount or is it divided among them? I'd like to hear your opinion about it. Thank you for any information about this.ZiroDear Ziro,Republic Act (RA) 10699, known as the ""National Athletes and Coaches Benefits and Incentives Act"" is the governing law that is the primary basis for the cash incentives given to Olympic medalists. This law was passed to promote excellence in sports by looking after the welfare of national athletes and coaches competing for the country and by providing benefits and incentives for national athletes and other athletes who win in international sports competitions and bring honor and recognition to the country. (Section 2, RA 10699)Under this law, Olympic medalists are entitled to cash incentives in the amount of P10 million for gold medalists, P5 million for silver medalists and P2 million for bronze medalists. Regarding your concern for the cash incentives for team sports, RA 10699 differentiates between team events with less than five participants and those with five or more participants. (Section 8.b, Id.)According to the Implementing Rules and Regulations of RA 10699, for competitions with less than five participants per team, the team shall receive the same cash incentives for individual medal winners to be divided equally among the team members actually present during the competition. (Section 3, Rule IV) On the other hand, for competitions with five or more participants per team, each team member shall receive 25 percent of the cash incentives for individual medal winners. (Id.)We hope that we were able to answer your queries. This advice is based solely on the facts you have narrated and our appreciation of the same. Our opinion may vary when other facts are changed or elaborated." - https://www.affordablecebu.com/