The social media is getting crazy on the report that the Philippine Arena is for sale.
The news started when economist Federico Salgado told DZBB radio on Monday that the massive structure will eventually gone into oblivion because it does not host regular events and don’t have resident teams.
“In the United States, stadiums and arenas used by the National Basketball Association (NBA) teams can suffer big losses if a certain team leaves the arena,” Salgado said.
“Take for instance the Highmark Stadium and Rose Garden in Portland Oregon – the home of Portland Trailblazer. The later filed for bankruptcy after debt of the arena went over the limit despite the stadium is regularly hosting basketball games. Having an event in the Philippine area is extremely expensive and only high-profile concerts can be done in there” Salgado added.
“Unless the operator Maligaya Development Corporation asks its parent, the Iglesia ni Cristo to put more money to maintain the building, it can survive. But the amount needed to maintain the arena is massive and INC members should pay the price”, Salgado said.
Facebook user Sherlock also posted that the fund used to build the arena was borrowed from certain major banks and that the operator is still paying for the P5 billion-peso loan.
Report said Glicerio Santos Jr. (aka Jun Santos) was offering to sell the arena to certain multinational corporations.
The Philippine Arena may be a Philippine pride, but its cost to maintain is bigger that anyone can imagine.
“With the current internal problems of the influential church that reached the Supreme Couth, the arena is getting harder to get maintenance funds from devoted members”, Salgado said.
Federico Salgado PhD is an economist and a professor at Asian Institute of Management. He is also a former Iglesia Ni Cristo member for 36 years who converted to humanist. He is also a founding member of the Humanist Association of the Philippines.
/Contributed by Jovic Fuentibella – Pasay City/