{"id":2765,"date":"2013-09-01T20:22:10","date_gmt":"2013-09-01T20:22:10","guid":{"rendered":"http:\/\/www.philippinesentinel.org\/?p=2765"},"modified":"2013-09-01T20:22:10","modified_gmt":"2013-09-01T20:22:10","slug":"is-pacquiao-going-bankrupt-abs-cbnnews-com","status":"publish","type":"post","link":"https:\/\/www.philippinesentinel.org\/?p=2765","title":{"rendered":"Is Pacquiao going bankrupt? ABS-CBNnews.com"},"content":{"rendered":"

MANILA, Philippines<\/span><\/strong> \u2013 Is Manny Pacquiao, whose rags-to-riches story has captured the imagination of fight fans around the globe, going bankrupt?<\/p>\n

Rex \u201cWakee\u201d Salud, a long-time confidante of the Filipino boxing superstar, revealed Pacquiao\u2019s financial status in an interview with Sun Star Cebu\u2019s Erwin Lirazan<\/a>.<\/p>\n

He did not just lose his money, he lost all of it,” said Salud, who has known Pacquiao since he started boxing in the mid-’90s.<\/p>\n

Pacquiao rose to superstardom by beating some of the biggest names in boxing including Oscar de la Hoya, Miguel Cotto, Ricky Hatton, Marco Antonio Barrera and Erik Morales.<\/p>\n

He earned millions of dollars through those victories and became one of the top paid boxers in the industry.<\/p>\n

Forbes Magazine even listed Pacquiao as the 14th highest paid athlete this year with estimated earnings $34 million from boxing purses and endorsement deals.<\/p>\n

However, the boxer doesn\u2019t seem to know how to manage his riches, as he is known to be very generous especially to the poor, according to Salud. He helped a lot of people, and he didn\u2019t know how to refuse,\u201d said Salud.<\/p>\n

The Filipino boxer is also known for his flamboyant lifestyle as he reportedly owned several mansions in Laguna, General Santos City and Forbes Park, Makati City.<\/p>\n

He also owns an extensive collection of expensive cars, including a Ferrari 458 Italia, which he reportedly bought for $309,000 (P13.367 million).<\/p>\n

However, some of his biggest expense went to politics.<\/p>\n

According to ESPN\u2019s Nigel Collins, Pacquiao spent approximately $8.6 million (around P379 million) in campaign funds for the 2010 and the 2013 elections.<\/p>\n

\u201cHe spent an estimated $6.6 million on his successful 2010 campaign to become the congressional representative of the district of Sarangani,\u201d Collins said in his ESPN column<\/a>.<\/p>\n

\u201c[His] wife Jinkee and brother Rogelio also ran for office [in 2013], and it cost Pacquiao approximately $2 million to finance the campaigns,\u201d the analyst said.<\/p>\n

Salud hinted that Pacquiao is now motivated to fight because of money.<\/p>\n

He always ran out of money when he was still actively fighting, even more so when he stopped fighting for almost a year now,\u201d said Salud.<\/p>\n

The last time Pacquiao fought was in December 2012 when he lost to Juan Manuel Marquez via a shocking sixth-round knockout.<\/p>\n

He had to take a long furlough from boxing because of the way he got knocked out. Just recently, ABS-CBN North America News Bureau\u2019s Steve Angeles reported that Pacquiao is selling off his Los Angeles mansion<\/a> for $2.7 million. The boxer bought the five-bedroom Mediterranean style home for $2.17 million in 2009.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA, Philippines \u2013 Is Manny Pacquiao, whose rags-to-riches story has captured the imagination of fight fans around the globe, going bankrupt?<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[65],"tags":[],"_links":{"self":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/2765"}],"collection":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2765"}],"version-history":[{"count":0,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=\/wp\/v2\/posts\/2765\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.philippinesentinel.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}