MANILA, Philippines -- The Philippines dropped to No. 41 in the latest edition of the FIBA World Rankings, released by the world governing body for basketball Monday.

The country dropped eight places from its previous rank of 34. It's the third-biggest drop among Asian countries, after Qatar (14 spots to No. 90) and Hong Kong (11 spots to No. 123).

The national men's basketball team, Gilas Pilipinas, is coming off a tough stretch that saw them miss out on the quarterfinals of the 2022 FIBA Asia Cup. They currently have a 3-3 record in the FIBA World Cup Asian qualifiers.

Olympic champion United States is still ranked at No. 1, closely followed by Spain. Australia is at No. 3 worldwide and No. 1 in Asia.

Argentina and France wrap up the top five in the world rankings.

In Asia, Australia is followed by Iran, New Zealand, China, and South Korea in the rankings. The Philippines ranks eighth in the continent, with Lebanon giving chase at No. 9.

Team USA's ranking points is less than two above Spain, and according to FIBA, the No. 1 spot in the rankings will be at stake during the last two windows of the FIBA World Cup qualifiers. The United States has never fallen out of the top spot since the rankings were introduced.

FIBA considered the FIBA AmeriCup, the FIBA Asia Cup, the EuroBasket, as well as the last two windows of the World Cup qualifiers in the latest rankings.

Related video:

Watch more News on iWantTFC