The Philippines’ role as one of the three hosts of the 2023 FIBA World Cup for Basketball will come at a cost of P800 million.
Philippine Sports Commission chairman Richard Bachmann said this, now that part of the proposed budget has been approved for the Samahang Basketbol ng Pilipinas, which is hosting the event.
An initial amount of P200 million will be available by the end of the second quarter of the year, said Bachmann.
“Budget for the SBP has been approved already. And that’s a total of P800 million,” said Bachmann, who also the chairs the inter-agency task force for the country’s World Cup hosting.
The approval of the budget took place after a PSC-led task force met on Wednesday at the Malacañang Conference Room in Manila.
The Philippines is co-host the FIBA World Cup with Japan and Indonesia from Aug. 25 to Sept. 10.
At the moment, the draw for the tournament is set on April 29, with all 32 participating nations set to find out their opponents for the event.
The event will take place at 7:30 p.m. at the Araneta Coliseum.
Argentina legend and FIBA Basketball World Cup 2023 Global Ambassador, Luis Scola, will be on stage to assist with the draw.
He will be lined up alongside German superstar Dirk Nowitzki, Central Board Member and Chair of the FIBA Players’ Commission.
The draw will involve the 32 qualified teams, putting them into eight groups of four teams each.