FedEx signs Ritualo to P10.5M- deal

Ren-Ren Ritualo, the sweet-shooting guard of the FedEx Express in the Philippine Basketball Association, yesterday inked a new three-and-a-half year pact worth P10.5 million with the Bert Lina-owned franchise, excluding bonus and business packages, making him one of the team’s certified franchise players.

The figure could actually shoot up to a few more millions as Ritualo was also provided for by the Express management a business opportunity to handle a Mail & More franchise of his chosen location.

"We are ecstatic that Ren-Ren chose to stay as an Express player. I hope this partnership will inspire him more to give his all-out performance for our team," said Bert Lina, owner and chairman of the FedEx ballclub in the PBA.

"Ren-Ren is one of those players who can be a role model for our youth on and off the court. This is the reason why FedEx is honored to be the team that can further nurture his God-given skills," added Lina, who took time out from his busy schedule to attend to the signing of Ritualo.

Lina even gave the 25-year-old player a lecture in the "economics of living," urging him to take care of his finances wisely.

The need to sign Ritualo, easily one of the league’s purest shooters, was made more imperative when the FedEx Express let go veteran star player Vergel Meneses. Ritualo’s signing may have opened the gates for a more active role in the team’s offense.

"I hope this will challenge Ren-Ren to further become the impact player that he is. I know that he will blossom into one the league’s certified stars. It’s just a matter of time," said Lito Alvarez, Air21 president and FedEx Express team manager, who also promised him the playing time he richly deserves.

Under the three-and-a-half year contract signed by the former La Salle star player, who was represented by his mother Baby Ritualo, the 6-foot-2 guard will earn P225,000 a month in the first year, which will increase to P250,000 in the next one and a half year. In the final year of his contract, Ritualo shall receive P275,000 monthly.

What prompted him to re-sign with the Express is the 30 percent tax shield that Mrs. Ritualo bargained for. This means that the young Ritualo will get all of his earnings in full with the Express shouldering his taxes, which could amount up to P3.3 million.

"But of course, it’s not all about money. I believe in the Air21 company, I subscribe to their nature of business. Malinis ang business nila at mababait sina Mr. Lina and Mr. Alvarez. They know how to handle their players," Mrs. Ritualo said.