The Presidential Communications Office (PCO) confirmed on August 14 that Mr. Marcos awarded Carlos Yulo 20 million pesos (more than 8.7 billion VND) in bonus, double the amount stipulated by law. The Philippine President also awarded the male athlete the Presidential Medal of Merit to honor the country's best sportsman in 100 years. Mr. Marcos also awarded an additional 2 million pesos to Villegas and Petecio.

"The prize money is beyond what is prescribed by law. It is the president's recognition of the hard work and dedication of the athletes who have brought joy and pride to the entire nation," PCO said.

Under the National Athletes and Coaches Benefits and Incentives Act, an Olympic gold medalist will be entitled to an incentive of P10 million; an Olympic silver medalist is P5 million; and a bronze medalist is P2 million.

President Marcos also presented P1 million to the 2024 Olympic athletes and P500,000 to each of their coaching staff. Earlier, on August 13, the Philippine presidential family also welcomed Carlos Yulo and the 2024 Olympic athletes at the Malacanang Palace. He acknowledged the athletes’ hard work and sacrifice, noting that they have shown the great Filipino spirit in this year’s Olympics. The Philippine president said their performance and success means a lot to all the Filipinos who cheered throughout the event.

The Philippines finished the 2024 Olympics in 37th place in the medal tally, the best among Southeast Asian nations.

The Philippine House of Representatives held a reception on August 14 to honor Carlos Yulo and the 21 Olympians. Yulo received at least P14 million from the House for his efforts to win two gold medals, while Petecio and Villegas each received P2.5 million for their bronze medals. The remaining Olympians who did not win medals were also given consolation prizes of P500,000 each.

In addition to honoring the athletes, Philippine House Speaker Martin Romualdez also took the opportunity to call for amendments to the National Athletes and Coaches Benefits and Incentives Act.

The Philippine Olympic delegation was also warmly welcomed with a parade in Manila with the participation of thousands of people on the afternoon of August 14. The parade ended at Rizal Memorial Stadium, where a ceremony was held to honor the athletes.