A Philippine brand has pledged its support to over 1,000 Filipino athletes and will invest 10.5 million pesos (US$202,372) in the team’s journey to the 2020 Tokyo Olympics.
On Thursday during a special ceremony, Max’s Group Inc.(MGI) gave the Philippine Olympic Committee (POC) an investment pledge, which includes a three million peso incentive for a gold medalist, Philippine News Agency reported.
“With our partnership with MGI for Tokyo 2020, we will be able to ground a new wave of Filipino pride for the world to see,” POC President Ricky Vargas said.
According to MGI President Robert Trota, MGI will adjust the 10.5 million peso budget and give more funds should there be more gold medal winners after the Olympics. The athletes’ families will also derive benefits from MGI while they are in training.
“They don’t have to worry about their welfare while they train for and compete in the Olympics,” Trota said.
The Philippines has so far won 10 Olympic medals, including three silvers won by boxers Anthony Villanueva in 1964 and Mansueto ‘Onyok’ Velasco in 1996, and weightlifter Hidilyn Diaz in the 2016 Rio de Janeiro Games. However, the country has yet to win an Olympic gold medal since it first began participating in the modern Olympics in 1924.