This is the real reason IMO. The "too expensive" reason the CEO said is just an excuse to hide the real reason since they actually spent some money on the team production.
They want the PH market, but they just disband their LoL : WR division so Valo is their only PH division now. Making it a full Indo would means quitting the PH market and they probably don't want that since they already investing on GH, staff, etc. That's why they just recently open MLBB PH division so if they want they can switch to full Indo roster for valo.