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    SBP seeks P1.5B from government for Fiba World Cup hosting

    SBP says amount is 40% of P3.7B budget for hosting
    Oct 10, 2022
    Senator Bong Go, Willie Marcial, Noli Eala, Bambol Tolentino, Sen. Alan Peter Cayetano, Joel Villanueva
    PHOTO: PBA Images

    THE Samahang Basketbol ng Pilipinas (SBP) has sought financial support from the government amounting to P1.5 billion for the hosting of the 2023 Fiba Basketball World Cup.

    The SBP made the request during a Senate Committee on Finance hearing presided over by Sen. Bong Go where the proposed budget of the Philippine Sports Commission (PSC) and the Games and Amusements Board (GAB) for 2023 was discussed.

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    Speaking on behalf of the federation, SBP vice-president Ricky Vargas said the amount is 40 percent of the total budget of P3.7 billion earmarked by the organizing committee, with the 60 percent to be shouldered by the private sector.

    Vargas said the government’s share in the budget will benefit the economy as it will be used for operating expenses such as accommodation, transportation, security, and allowances of volunteers.

    “We are seeking the help of the government in a way where we think that there will be values for what money they will give us in terms of values that would redound to the economy as well,” said Vargas.

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      If approved to be part of the General Appropriations Act, the government money will be coursed through the PSC, which will release the funds to the SBP.

      Vargas said the SBP is aiming to stay within budget that was pegged when the country won the hosting in 2019 despite the inflation rate. He added that the federation has already spent P1.2 billion, but still has to cover P2.5 billion.

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      PSC chairman Noli Eala has expressed support to help the SBP in the hosting.

      “It’s our mandate to support amateur sports and since this is technically an NSA that is seeking assistance, kami po ang may mandate na tulungan ang NSA. Kung ito ay mamarapatin ng Senado at Kongreso na bigyan ng pondo ang NSA through a financial assistance ay kami po ay tutulong sa hosting ng Fiba World Cup,” said Eala.

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      PHOTO: PBA Images
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