2021 FilBasket Subic Championship

The FilBasket Subic Championship, also known as the FilBasket Subic Championship – Cocolife due to sponsorship reasons, was the inaugural tournament under FilBasket, now known as AsiaBasket. It was also the only tournament held in 2021. The tournament began on October 28, 2021, with the playoffs running from November 16 to 21, 2021. The entire tournament took place at the Subic Bay Gymnasium, located in the Subic Bay Freeport Zone.

The tournament was won by AICC Manila after defeating the San Juan Knights, two games to one, with Hesed Gabo winning Finals MVP honors.

Subic 2021 is also the only FilBasket / AsiaBasket tournament that is not under professional status, but that in itself has been disputed before and in the months after the tournament began by the Games and Amusements Board (GAB).

Teams
Eleven teams participated in the inaugural FilBasket tournament:

Format
All participating teams played in a single round-robin format, where each team plays one game against all other teams, for a total of ten games.

The top eight teams then advanced to a three-round, single-elimination playoff bracket. The Quarterfinals gives higher-seeded teams a twice-to-beat advantage, needing them only one win to advance. The Semifinals is a single game while the Finals is a best-of-three series.

Game 3
Hesed Gabo was declared as the Finals MVP of the tournament.

Professional status dispute
League organizers have stated that FilBasket at that time is amateur league and that there are plans to turn professional in future tournaments. This, however, has been disputed by the Games and Amusements Board (GAB), contending that FilBasket is a professional league hence it should fall under its jurisdiction. Although the organizers were able to push through with the Subic Championship, after the tournament concluded in November, the GAB issued a cease and desist order against FilBasket, once again contending the league's status and ruling the tournament as "unlawful".

Resolution
On January 19, 2022, the GAB declared it would not pursue legal action but noted that it will continue to monitor the league. FilBasket organizers then subsequently submitted its intention to start the transition to professional status, which would be granted on February 23, 2022, in time for the league's next tournament: the 2022 Summer Championship.