While the NBA is struggling to put an end to the Lockout that they are experiencing, the PBA on the other hand has finally increased the team and player salary caps.
The proposal to have a 20 percent increase in the team and player salary caps was approved in a special meeting of the league's Governors yesterday. The said increase will take effect immediately in the PBA Season 37 which will open on October 2, 2011.
In the said 20 percent increase, a player's monthly salary will be increased from the original 350,000 pesos to 420,000 pesos. The Team's annual cap on the other hand will also be increased from the original 36,000,000 million pesos to 42,000,000 million pesos.
The reason behind the said increases was summed up by Mr. Mert Mondragon of the Rain or Shine Elasto Painters. He said that:
“We realized that for us to retain our prized players and get some marquee players, we have to
have the increase.”
Thus, by increasing the team and player salary caps, the PBA hopes to attract more quality players to join the respective PBA teams. The increase will also challenge the current PBA players to play better for their team because if they will not perform well, their team now has the luxury to recruit better players who are more capable and who are more willing to play their hearts out in the PBA.