PSA president Aldrin Cardona, sports editor of The Daily Tribune, said after the amount was approved by Brickroad Gym and Aspen Spa general manager May Robles, who helped raise the fund with the PSA and other partners from the Sta. Lucia Group of Companies.

With this cash incentive, a Filipino gold medal winner in the Beijing Olympics now stands to be rewarded a total of P8.5 million. Broken down, P5 million will come from the government and the rest from the P1 million cash reward offered each by Manny Pacquiao, Microsoft Philippines and businessman Lucio Tan.

"It has been our dream to see a Filipino winning a gold medal in the Olympics. And with our partnership with the PSA, we helped raise P500,000 to honor the very first Filipino gold medal winner, which we hope would come from our delegation to Beijing," Robles said.

Philippine Olympic Committee (POC) spokesman Joey Romasanta played a key role in the My Olympic Dream Project. He encouraged the PSA to look for a company willing to give a cash incentive to the gold medal winner.

"The POC welcomes all offers that could help boost the fighting spirit of our athletes competing in Beijing," Romasanta said. "The PSA, being a long-time partner of the POC, can surely uplift the athletes’ morale, especially with this offer."

Romasanta said POC President Jose "Peping" Cojuangco is encouraging other private firms to raise similar funds to help inspire the 15-athlete delegation to Beijing.

Athletes tipped to have a fighting chance to win a gold medal in the Beijing Olympics are boxer Harry Tanamor, and taekwondo jins Tshomlee Go and Mary Antoinette Rivero.