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By Edwin Espejo Aug 22, 2011 11:22AM UTC
http://asiancorrespondent.com/63034/...meets-the-eye/
Counting the upsides from all his previous fights since 2006 (pay per view receipts, TV rights, live gate proceeds, fight merchandise, commercial endorsements, etc), Pacquiao should have already accumulated well over US$150 million in gross earnings.
By Filipino standards, he should be a billionaire as his latest statement of assets and liabilities (SAL) filed before the House of Representative indicated he is at the moment.
But Pacquiao coach Freddie Roach was reported to have said his ward is now broke and he has to continue fighting.
Until an audit of Pacquiao’s financial records is made public, nobody will ever know if Roach was telling something many already suspect to be the case.
Pacquiao’s generosity, sometimes to a fault, has been widely reported and his ever growing entourage whenever he travels here and abroad has not escaped the attention of the press and ordinary observers.
But his biggest expenditures may be in politics where he spent huge amounts of his personal money in two consecutive election campaigns, 2007 and 2010.
If reports and media accounts are to be believed, Pacquiao spent well over P500 million (US$10 million) in these elections.
That figure should hardly put a dent on his gross earnings but one must also take into account the taxes he had to pay with the US Internal Revenue Service and the Bureau of Internal Revenue (Philippines) which ate up considerable percentages of his income.
Added to that are his high-flying lifestyle and high maintenance costs that go along with it.
That Pacquiao continues to fight despite having already secured his dream of becoming a member of the House of Representative may give some credence to Roach’s statement that he is now broke. Maybe not dirt poor broke but he could be headed into that direction unless things are straightened out.
With all his previous earnings Pacquiao should be living on interest. Or is he now living on cash advances?
There is more than meets the eye in Roach’s statement, if it is true. But only Pacquiao knows. Inscribed in one of his signature T-shirts, incidentally, is a big “PACMAN KNOWS”.
http://asiancorrespondent.com/63034/...meets-the-eye/
Counting the upsides from all his previous fights since 2006 (pay per view receipts, TV rights, live gate proceeds, fight merchandise, commercial endorsements, etc), Pacquiao should have already accumulated well over US$150 million in gross earnings.
By Filipino standards, he should be a billionaire as his latest statement of assets and liabilities (SAL) filed before the House of Representative indicated he is at the moment.
But Pacquiao coach Freddie Roach was reported to have said his ward is now broke and he has to continue fighting.
Until an audit of Pacquiao’s financial records is made public, nobody will ever know if Roach was telling something many already suspect to be the case.
Pacquiao’s generosity, sometimes to a fault, has been widely reported and his ever growing entourage whenever he travels here and abroad has not escaped the attention of the press and ordinary observers.
But his biggest expenditures may be in politics where he spent huge amounts of his personal money in two consecutive election campaigns, 2007 and 2010.
If reports and media accounts are to be believed, Pacquiao spent well over P500 million (US$10 million) in these elections.
That figure should hardly put a dent on his gross earnings but one must also take into account the taxes he had to pay with the US Internal Revenue Service and the Bureau of Internal Revenue (Philippines) which ate up considerable percentages of his income.
Added to that are his high-flying lifestyle and high maintenance costs that go along with it.
That Pacquiao continues to fight despite having already secured his dream of becoming a member of the House of Representative may give some credence to Roach’s statement that he is now broke. Maybe not dirt poor broke but he could be headed into that direction unless things are straightened out.
With all his previous earnings Pacquiao should be living on interest. Or is he now living on cash advances?
There is more than meets the eye in Roach’s statement, if it is true. But only Pacquiao knows. Inscribed in one of his signature T-shirts, incidentally, is a big “PACMAN KNOWS”.
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