IT may sound as a joke to many but the truth is, Manny V. Pangilinan was just being honest when he said he’s ‘a billion pesos poorer’ after his 10-year term as president of the Samahang Basketbol ng Pilipinas (SBP) formally came to an end on Monday.
A check with the SBP certified Pangilinan spent about P1.3 billion in trying to resuscitate the country’s basketball program from the rubbles of the two-year suspension meted by Fiba on the Philippines about a decade ago during the reign of the Basketball Association of the Philippines.
Jay Adalem, whose term as treasurer of the federation also ended by the time Pangilinan stepped down, confirmed the figures were spot on, but could even go higher, once the 2016 financial report is included.
“Wala pa yung 2016 niyan, and part of it is the Olympic Qualifying Tournament which is very expense-driven,” said Adalem during a break in the SBP national congress and election of officers held at the Dusit Thani Hotel.
He estimated the expenditure used during the hosting of the OQT as somewhere around P150 million.
“Yun ang ginawang puhunan (P150 m) para patakbuhin yan, pero kumita,” he said.
In his farewell speech as SBP chief, Pangilinan describes his 10-year stay in the federation as having grown ’10 years older and a billion pesos poorer.’
The numbers don’t lie.
In his financial report approved by the SBP, Adalem showed the federation spent more than P108 million in 2015 alone.
A bulk of the expenses or about P48 million went to the country’s failed bid to host the 2019 Fiba World Cup which the Philippines lost to China, while P43 million was allotted for the Gilas team that trained and competed in the Fiba Asia Olympic qualifying tournament.
Also getting a chunk of last year’s budget is the 3x3 basketball program, Batang Gilas, part of the OQT, and the national women’s team.
Just like any business, Adalem said the SBP had its own share of profit and losses, although he hinted about Pangilinan churning out more financial aid for the cage body.
He said the remaining financial statement for the year is yet accounted for, but made known that it no longer falls under his jurisdiction.
“Yung year-end financial statement ng 2016 hindi na namin sakop yun. Kalahati na lang ang sakop ko dun. So I will turn it over to the new treasurer,” said Adalem, referring to his successor Ricky Palou.
New SBP president Al Panlilio could only hope the cage body could get the same financial support or even more than his predecessor.
“We hope to get the same support since we know Filipinos love basketball,” said Panlilio, also the executive vice president of Meralco and head of the MVP Sports Foundation.