Panel chairman Rep. Joey Salceda said House Bill 421, approved by his committee yesterday, "exempts not just the prizes that are handed out by brands and companies after the win,' but also "the donations toward their training one year before the competition." HB 421, originally dubbed the "Hi-dilyn Diaz Law" in the 18th Congress (2019-2022), didn't make it in the Senate.
Salceda said the measure should also be named in honor of gymnast Carlos Yulo, who won two gold medals in the ongoing Paris Olympics. Weightlifter Diaz won the country's first gold medal in the 2020 Olympics in Tokyo.
"What that teaches us is that the prize is never won on the day of the competition itself, but years before.
Hard work, determination, and sheer grit through many years of training wins over talent," Salceda said, recalling Yulo’s interview when he was 12 years old that winning the Olympics was his “dream.”
“It follows the philosophy I have espoused as Albay governor: rescue is a bad word, because there is no need for rescue when all preparations have been made. Capacity is everything. The approach is to incentivize not the prize, but the preparation. Champions are not made overnight,” Salceda said.
Salceda’s committee also approved making the bill’s exemption “retroactive to Jan. 1, 2024.”
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Inflation forecasts cut for next 2 years
Private sector economists expect the prices of basic goods and services to grow at a slower pace this year before easing further in 2025 and 2026, according to the Bangko Sentral ng Pilipinas (BSP).
DOTr endorses terminal shakeup at NAIA
The Department of Transportation (DOTr) backs the proposal to reshuffle airline assignments at the Ninoy Aquino International Airport (NAIA), even dangling the idea of designating Terminal 3 as the new home for international flights.
Robinsons targets new segments as it ramps up acquisition mode
Robinsons Retail Holdings Inc. (RRHI) is looking to diversify into new market segments with a number of brands currently on its add-to-cart list of potential acquisitions.
Singapore-based fund to invest up to $10 M in Phl solar company
Solar firm Upgrade Energy Philippines is seeing brighter growth prospects after securing a substantial investment from Singapore-based Clime Capital Management Pte. Ltd.
PLDT Group, First Gen expand RE partnership
The leading telco and the top renewable energy (RE) producer in the Philippines have joined forces anew to energize six network facilities across Mindanao with green power.
Upward bias seen as market targets 7,000
The local market is expected to make another push toward the 7,000 level this week, fueled by the momentum gained from a slower August inflation reading.
Dollar reserves climb to $106.9 B in August
The country's foreign exchange buffer increased slightly in August, rising to its highest level in more than two years, mainly due to income generated from the Bangko Sentral ng Pilipinas (BSP)'s investments abroad.
Arvin triple-double fuels B-Pier past Dyip
Ten days removed from firing a career-high score of 51 points, NorthPort's Arvin Tolentino carved another personal milestone by netting his first triple-double in the PBA.
AMIT WORLD CHAMPION ONCE AGAIN
There are so many reasons why the Philippines is considered the billiards epicenter of the planet.
7 hurt in Kentucky shooting; manhunt underway
A manhunt was underway early yesterday as police searched for a gunman in a rural area of southeastern Kentucky near Interstate 75, according to authorities who said seven people were hurt in the shooting and a vehicle accident that accompanied the violence.
