Philippines offers $220,000 for 1st gold medal
July 25, 2008 05:17 EDT

MANILA, Philippines (AP) -- An official in the Philippines says the government and private sector are joining forces in offering $220,000 to any athlete who brings home the country's first-ever Olympic gold medal.

The Philippines has not won an Olympic gold since first taking part in the games in 1924 in Paris. Its most recent medal of any color was a silver in boxing, 12 summers ago in Atlanta.

A spokesman for the Philippine Olympic Committee says, "This is an incentive. The first gold winner will get the money."

The government is pledging $116,000 and the rest is coming from private donations.

The Philippine Daily Inquirer reports donors include Microsoft Philippines, a business tycoon and a boxing champ.