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Gymnast Carlos E. Yulo from the Philippines landed a gold medal at the Summer Olympics in Paris. In doing so, he cashed in in a BIG way.
The athlete not only earned a monetary reward for his talents on the mat, but he now boasts a new home and a lifetime supply of food. Not too shabby!
Yulo won first place in his floor exercise in early August to become the country’s first ever male Olympic gold medal winner. At the age of 24 years old, his life has suddenly changed.
Not only will fame and history come along with his victory in Paris, but similar to 2020 Philippines gold winner Hidilyn Diaz, he’ll be set for life upon returning home.
According to CNBC, the Philippine government will give him $172,519 while the House of Representatives is offering an additional $103,511. Real estate company Megaworld has pledged a $414k condominium (fully furnished) in the largest condo development in the city of Taguig.
If that wasn’t enough, he’s also landed a lifetime supply of ramen, along with other perks!
Yulo will also be able to take advantage of a lifetime supply of ramen from various restaurant chains in the country and a gastroenterologist has even offered Yulo free consultations and colonoscopies for life. The University of Mindanao has offered the gold medalist free university credits.
Carlos Yulo’s payout is much larger than what US gold medalists will see.
American winners will earn $37,500, with payouts going down for silver ($22,500) and bronze ($15,000). While those winnings aren’t taxed in most cases, unlike some other countries, the numbers pale in comparison to many – this Philippines reward included!
For that reason, we’ve seen US celebrities do their part to help out.
Former NFL stars Shannon Sharpe and Chad Johnson are paying $25k to gold medal winners from their own bank accounts and going as high as $50k for world record beaters.
Others, like Flavor Flav, are fronting the bill for entire teams’ trips to Paris.
Depending on the sport of choice, the payouts can be make or break Team USA Olympians and their next round of training. For Carlos Yulo, though, he should be able to live quite lavishly when he gets back home to the Philippines.