Pacquiao denies losing millions

ABS-CBN News

Posted at Jul 22 2011 02:11 AM | Updated as of Jul 22 2011 11:03 PM

Pacquiao denies losing millions 1
Manny Pacquiao
MANILA, Philippines – Boxing superstar and Sarangani congressman Manny Pacquiao denied that he has been losing money amid reports on the internet that his net worth is merely $26 million.

Despite reportedly earning $20 million from his recent fight against Shane Mosley, Pacquiao’s latest net worth is just over $26 million, noted the The Boxing Tribune.

The author of the report, Paul Magno, said: "Pacquiao is still a very wealthy man and will likely remain one for the rest of his life, but it’s worth noting that some people, somewhere are enjoying the money that, rightfully, belongs to him."

The $26-million figure is based on Pacquiao’s Statement of Assets, Liabilities and Net Worth (SALN), which showed that his total net worth as of December 31, 2010 is P1.134 billion or around $26 million.

Pacquiao, however, laughed off reports that he's losing money.

“Ah, talaga? Kaya pala nakabili ako ng bahay sa Forbes. (Oh, really? So that's why I was able to buy a house in Forbes.),"  Pacquiao said, referring to the P388-million mansion he purchased in Forbes Park in Makati City.

Based on Nevada State Athletic Commission (NSAC) figures, Pacquiao earned $3 million against Juan Manuel Marquez in March 2008; $3 million against David Diaz in June 2008; $6.6 million against Oscar de la Hoya in December 2008; $7.4 million against Ricky Hatton in May 2009; and, $7.5 million against Miguel Cotto in November 2009.

He also received an estimated $12 million for his fight against Joshua Clottey in 2010; $20 million against Antonio Margarito in 2010; and, $20 million against Mosley in 2011.

Revamped business team

The report about his "shockingly" $26 million net worth fueled speculations on the recent changes in Pacquiao's business team.

In a press release from Pacquiao’s official website, www.mp8.ph, it was announced that Pacquiao had hired the firm of VisionQwest Resource Group, Inc. and VisionQwest Accountancy Group from Los Angeles to handle the accounting, personal and business tax, audits and examinations and contract reviews.

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Manny Pacquiao's business adviser Michael Koncz

The press release also noted that VisionQwest reports directly to Pacquiao, and that the firm is examining all of the boxer’s contracts from 2005 onwards.

With the hiring of VisionQwest, Canadian business adviser Michael Koncz will no longer be responsible for the handling of Pacquiao’s business dealings.

Pacquiao, however, denied firing Koncz.

"Darating si Michael Koncz tomorrow morning. Dala niya yung kontrata nung fight namin ni Marquez, para matigil na yung issues na I fired Michael Koncz," he said.

Pacquiao gives away 3-hectares of land

Meanwhile, Pacquiao took part in giving away lands to the homeless in Sarangani province.

The 8-division champion gave away 3 hectares of his property in coordination with Habitat for Humanity.

"Sumali ako sa Habitat for Humanity dahil naniniwala akong marami silang matutulungan at marami akong matutulungan sa Sarangani province na magkaroon ng bahay (I joined Habitat for Humanity because they will help me provide homes to my constituents in Sarangani province)," said Pacquiao.

Pacquiao was honored as “Habitat Hero Ambassador” for his gesture.

"Binili ko yung lupa at binigay ko sa mga tao para magkaroon sila ng sariling bahay... sariling pera ko ang ibinili ko roon, kasi kung gobyerno pa 'yun, marami pang proseso," he said.

(I bought the property and gave it away... I used my own money because it would require some processing if we rely on the government). -- With a report from Karen Davila, ABS-CBN News