The bonus for the first Filipino Olympic gold medallist has reached 9.5 million pesos (214,000 U.S. dollars) after a new reward pledge came to light on Friday.

Sports apparel company No Fear, through former Wushu Federation Philippines president Jimmy Ong, has made an additional 1-million-peso (22,600-dollar) pledge as reward to the first Filipino athlete who will win the country's breakthrough gold medal in the Beijing Olympics set to begin on Aug. 8, Philippine TV network GMA News reported.

No Fear became the fourth private firm to pledge a financial reward bringing to 9.5 million pesos the total incentives to be given the first local athlete who can end the country's 80-year gold-medal hunt in the quadrennial Games.

"Our athletes are well prepared for the Beijing Games and we hope that the incentive will push them beyond their limits," said Philippine Olympic Committee spokesman Joey Romasanta.

Private firms who have pledged rewards before including Microsoft Philippines, Chevron and Filipino-Chinese business tycoon Lucio Tan. All three have promised to give 1 million pesos.

Filipino boxing icon Manny Pacquiao has also pledged 1 million pesos.

An additional 500,000-peso reward will come from the Philippine Sportswriters' Association.

The government through the Incentives Act will give 5 million pesos for every Olympic gold won.

A total of 15 athletes will banner the country in seven sports with boxer Harry Tanamor and taekwondo jins Tshomlee Go and Ma. Antoinette Rivero being picked favored to bring home an Olympic title.

The Beijing organizers will officially recognize Philippines entry to the Olympic village on August 4 where the raising of the Philippine flag will be held at 1 pm local time (0500 GMT).

Source:Xinhua