Basketball is an equal-opportunity sports...anyone can play it anytime, anywhere - be it in the streets, in the rice fields, in the schoolyards or in some fancy gym. And yes, despite our height, Filipinos are actually good at it. There was a time when we ruled the basketball world in Asia.
Basketball (PBA & NBA too) also enjoys high TV ratings, and its viewership cuts across gender, age & economic lines. Its popularity is most evident among the teens who all think (or dream) of becoming the next superstar. Most people here would think soccer sucks. Most of Filipinos favor basketball over soccer.
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Boxing is famous in the Philippines in the first place because of what Manny Pacquaio achieved.