MANILA -- (UPDATED) Goldwin Monteverde has been named the new head coach of the University of the Philippines' (UP) men's basketball team weeks after the resignation of Bo Perasol.

"Chancellor Fidel Nemenzo has officially announced the appointment of Coach Goldwyn Monteverde as the new UP Men's basketball Head coach," read a memorandum released by UP College Of Human Kinetics on Friday.

Monteverde, the son of Regal Films matriarch Mother Lily Monteverde, is a successful high school basketball coach.

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He has become the top choice considering his record of leading
Chiang Kai Shek College, Adamson University and National University to their respective juniors titles.

UP, meanwhile, said Perasol has agreed to remain with the team as its development program head.

"The CHK Varsity Sports Program will work closely with Coach Goldwyn, Coach Bo and the team management to ensure the transition and work on sustaining the program moving forward will be realized," UP said.

In a separate statement, Perasol said several factors were considered before reaching the decision to appoint Monteverde.

"The decision is a difficult one as UP has a very unique program in terms of management and community support. Obviously, there are alumni supporter whop have played massive support in the resurgence of the program," he said.

"It should be noted that a a UP head coach takes both coaching and management functions. All these factors have to be considered in addition tot he coach's competence, experience an disposition. Personally, is it the right decision under the present circumstance."

UP's alumni group NowheretogobutUP has assured its support for the new head coach.

Founding chairman Renan Dalisay said the entry of Monteverde is a beginning of new era for UP.

"The alumni group will continue to support this program and will accord the new head coach the same passion and fervor that will help the team become competitive and viable in all the upcoming seasons of the UAAP," Dalisay said in a separate statement.