The induction will be held on August 23 in Manila a few days before the 2023 FIBA World Cup where the Philippines, Japan and Indonesia will host from August 25 to September 10.
Loyzaga who passed away in January 2016 was a famous basketball player in his time.
Its San Beda University team became a three-time champion three times in the NCAA from 1951, 1952 and 1955.
He led the Philippines to the 1954 FIBA World Championship where the Philippines finished in third place, the highest finish of any team in Asia.
He is also a two-time Olympian who participated in 1952 and 1956.