Although the reasons haven’t been given, FIBA-Asia has decided to have Lebanon host the 2011 basketball qualifiers for the 2012 London Olympics:

Reelected Fiba-Asia president Sheikh Saud, secretary-general Dato Yeoh and deputy secretary-general Hagop Khajirian awarded the right to host the important event to the Lebanese association.
The SBP [Philippines Basketball Association] campaigned to bring the tournament to Manila not only to show Fiba-Asia that Philippine basketball is now in order, but also to give Filipinos the opportunity to witness top-level Asia basketball in action.
The champion in the 2011 championships will represent the continent in the London Olympics.

Comments left on the website seem to suggest that race had to do with the choice:

I don’t know Why middle eastern Arabs favors fellow Arab countries regarding on hosting the fiba event parang nagiging unfair ata sa east Asian countries like Sokor,China and Philippines.

Well, it is true that Sheikh Saud is Qatari and Hagop Khajirian is Lebanese – basically means that 2 out of the 3 heads of FIBA-Asia are from Arab countries. That is one way to look at it. But it could help that team Lebanon is 3rd in the men’s division ranking in Asia (24th rank worldwide) while the Philippines ranks 9th in the women’s division and is not present in the top 10 Asia men’s division.

Sheikh Saud bin Ali Al-Thani: Beirut to host 2011 FIBA Asia Championship

Sheikh Saud bin Ali Al-Thani: Beirut to host 2011 FIBA Asia Championship