I Love Pinoys

MANILA, Philippines - Tobacco magnate Lucio Tan pledged P1 million to the Filipino gold-medal winner in the Beijing Olympics.

That means the landmark triumph will net the Games champion at least P6 million, an amount that includes the mandatory P5 million the government will award according to the Incentives Act Law.

Tan met with Philippine Olympic Committee officials Friday at the Century Park Hotel to finalize the deal.

Tan and POC president Jose Cojuangco Jr. also signed a memorandum of agreement naming the Philippine Airlines as the country’s official carrier in this year’s Olympics.

Tan’s Olympic initiative is the second to come from a private entity following Microsoft-Philippines’ decision to support Filipino Olympians through the “Olym-Pinoy” program launched in February.

No Filipino in the history of the Olympics has ever won a gold medal. The country’s best finish has been a silver, which was reached in 1964 and 1996. GMANews.TV