PACQUIAO WATCH: Manny's millions
By Edwin G. Espejo
PhilBoxing.com
Thu, 03 Jul 2008
AMAZING but come to think of it. Manny Pacquiao has already raked in more than one billion pesos in gross earnings over the last four years.
Granting a half of them went to the IRS of the US and the BIR of RP and costs of training, it is safe to presume that he has netted half a billion pesos since he lost to Erik Morales in 2005.
Of course, Manny's accountant would neither confirm nor deny that figure.
But the fact that Manny reportedly spent nine figures, that's over a hundred million pesos, for his failed bid to win a seat in Congress last year, and spent another eight figures to build his mansion, speak volume.
His income now not only comes from purses and share of every pay per view fights he had top billed in 11 of his last 12 fights dating back to his 11th round conquest of Marco Antonio Barrera in 2003.
He earns millions more in TV rights, which his lawyer Jeng Gacal adroitly negotiated since Manny Pacquiao became a big hit and after re-signing up with top Rank's Bob Arum, ads and product endorsements and paid personal appearances.
He now also co-promotes his fights with Top Rank through his MP Promotions and thus gets a share of the PPVs on top of his purse and share as featured fighter.
If his latest fight against David Diaz would generate at least 300,000 buys (which is not bad given the latter's lack of box office appeal), Manny should gross no less than US$5 million - a cool 200,000,000 in Philippine currency.
On the flipside, however, Manny's new found fame and wealth also meant high maintenance and profligate spending.
Manny has to maintain a coterie of paid armed bodyguards for himself, his wife and kids and even his mother. He apparently hired more than a squad of household help and farmhands for his cock farm.
Of course, he also has to look after his father who is estranged from his mother and his other siblings.
Not to mention the maintenance of a fleet of vehicles, a handful of condominiums, apartments and other houses which he acquired and built during the course of his winnings.
His noted benevolence and penchant to share some of his wealth to friends and even strangers are also well reported.
But what will apparently eat up most of his hard earned cash are the freeloaders and sycophants eager to cash in on Manny's wealth.
It is no secret that Manny again plans to run for public office in 2010, egged perhaps by those who also have their own political ambitions and desperately wanting to have a free ride on Manny's money machine.
Manny's well-intentioned desire to help the poor should not be questioned.
But what must be exposed are those who profess to be the same but have their sights on the champ's pocket and bank accounts.
This may be the one fight that Manny will not be able to win ? warding off opportunists who have endeared themselves to him for their own motives.
Click here to view a list of other articles written by Edwin G. Espejo.
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