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FINANCIAL LITERACY AID FOR NAT’L ATHLETES URGED

The Puwersa ng Bayaning Atleta (PBA) Party-list is calling for the institutionalization of support and financial literacy training for national athletes as it hailed the rags-to-riches story of boxer and Olympic silver medalist Carlo Paalam.

“Carlo Paalam’s story is an inspiration to us all, especially for the athletes striving to make it big in the global arena,” PBA Party-list spokesperson Atty. Migs Nograles said.

The Davaoeña lawyer said the Philippine Sports Commission (PSC) should institutionalize the online financial literacy seminar it conducted in 2020 exclusively for national athletes and coaches and hold it on a regular basis.

“Carlo used the rewards and incentives he received wisely and look at him, from a scavenger, he is now the proud owner of a 200-square meter lot with a two-story commercial building in Cagayan de Oro. He is proof that investing money wisely could assure our athletes of a financially stable future even when they retire from their sport,” she added.

Paalam’s bronze medal finish in the flyweight division of men’s boxing in the 2018 Asian Games earned him P950,000. He received P850,000 for his gold medal at the 2019 Southeast Asian (SEA) Games, while he scored a whopping P24.5 million for his Olympic silver medal in Tokyo.

The boxer said he bought the lot in 2018 after the Asian Games but construction began after the 2019 SEA Games. The building was completed using his earnings from the Tokyo Olympics.

Paalam’s commercial building includes his very own mini-grocery and has nine rooms that could be rented out as residential pads on the second floor as well as commercial spaces for lease with an adequate parking space on the first floor.

“They won’t be athletes forever. They will retire one day in the future and when that time comes, they should have something to fall back on, just like what Carlo has now. He is an exemplary model for all our athletes.”

Meanwhile, Nograles also backed the call of Olympic Gold medalist Hidilyn Diaz for financial literacy among athletes. Diaz has since partnered with Banco de Oro to champion financial education, not only for her fellow athletes but also for the unserved and underserved markets including overseas Filipinos.

“They won’t be athletes forever. They will retire one day in the future and when that time comes, they should have something to fall back on, just like what Carlo has now. He is an exemplary model for all our athletes,” Nograles said.

The Davaoeña lawyer said the Philippine Sports Commission (PSC) should institutionalize the online financial literacy seminar it conducted in 2020 exclusively for national athletes and coaches and hold it on a regular basis.

“Maganda itong program na ito ng PSC. They should consider holding it regularly, say twice a year or as often as possible. Aside from the basics of financial management, they could also do seminars on stocks and other investments, as well as starting your own business,” she said.

The PSC partnered with renowned Registered Financial Planner (RFP) and journalist Salve Duplito for the two-day webinar.

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