Phoenix Petroleum, through Siklab Atleta Pilipinas Foundation, is giving a P3 million financial incentive to Carlo Paalam after winning a silver medal in the flyweight boxing competition at the Tokyo 2020 Olympics.
“Carlo put up a magnificent fight, and we are proud of his overall performance as a Filipino Olympic boxer,” said Phoenix Petroleum Senior Vice President Raymond Zorrilla. “His win inspires us to continue supporting Filipino athletes because they give honor to our country, and prove that we are truly world-class. This year’s Olympics has been a great opportunity to display Filipino supremacy in sports,” he also stated.
Carlo earned his silver finish against Galal Yafai of Great Britain. It comes after fellow Filipino athletes, Hidilyn Diaz, Nesthy Peticio, and Eumir Marcial, also earned podium finishes, and were likewise assured of their own incentives from Phoenix. His win brings the Philippines’ total medal to four–the county’s largest Olympic medal haul yet since the 1932 Olympics, and the first-ever multiple Olympic silver medal wins of the Philippines.
Since 2018, Phoenix, through Siklab Atleta, has been active in supporting Filipino athletes in their quest to bring an Olympic gold medal to the country. A separate campaign called Buhayin ang Laban Para sa Ginto was also launched that same year to drum up more support for the athletes as they prepare for the Olympics, in the hopes of finally bringing home the Philippines’ first-ever top finish. The drought was recently ended by Diaz who won gold in the women’s 55-kg weightlifting category.