After missing the first FIBA Basketball World Cup (known through 2010 as the FIBA World Championship) that was held in 1950 in Argentina, the Philippines participated in the 1954 FIBA World Championship held at Rio de Janeiro, Brazil. The Philippines finished with a 5–2 win-loss record in the Final Round games, and captured the bronze medal. The third place-finish is still currently the best finish by an Asian country in the World Cup. Carlos Loyzaga finished as the world tournament's third leading scorer (148 points/16.4 points per game) and was named in the FIBA World Mythical Five Selection.