MVP spent more than P1B just to revive RP basketball

More than P1 billion had been reportedly infused to revive the listless Philippine basketball in the past 10 years – will it sail rough weather without business tycoon Manny V. Pangilinan at the steering wheel?

That is now the P1-billion question after Pangilinan ended his 10-year term as Samahang Basketbol ng Pilipinas president.

Pangilinan reportedly spent a whopping P1.3 billion in a bid to resuscitate the basketball program after the two-year suspension meted by Fiba on the Philippines during the time of the Basketball Association of the Philippines.

Pangilinan has described his 10-year stay in the federation as having grown “10 years older and a billion pesos poorer.”

A huge amount of money had been infused in the country’s failed bid to host the 2019 Fiba World Cup which the Philippines lost to China amounting to P48 million. Another P43 million was allotted for the Gilas team which participated in the Fiba Asia Olympic qualifying tournament.

Meralco’s EVP Al Panlilio now heads the SBP.

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