Manny Pacquiao’s purse for the Jorge Solis fight was $ 2 million (about P96 million) but the boxer said during a TV interview yesterday that 35 percent of the prize (about $ 700,000 or P33 million) will be deducted by American tax authorities.
Pacquiao’s purse had remained a mystery as his promoter, Bob Arum of Top Rank, refused to disclose the details of the financial arrrangement though Arum hinted the boxer will receive no less than $ 5 million.
But when asked by Mel Tiangco in the news program “24 Oras,” how much he got from the fight, Pacquiao said “$ 2 million.” Then the fighter quickly added that 35 percent of the amount will go to US coffers.
Asked further if the purse will also be subjected to Philippine tax laws, Pacquiao, speaking in Pilipino, said “Yes, but not as much.”
Pacquiao’s income for the fight is expected to increase further when all other deals are added up.
Before he left for the fight, Pacquiao also signed an exclusive television deal with Solar Sports and GMA 7 for a reported P40 million. He is also expected to earn from the proceeds of the pay-per-view the amount of which will be determined by the number of buys. Then there’s also income from DVDs and CDs.
Pacquiao returned home yesterday to a victory parade through Manila, vowing to keep on boxing even as he battles for a congressional seat in May elections.
“I will continue boxing, because first of all, it brings pride to our country,’’ he told reporters after arriving from the U.S.
Pacquiao, 28, stopped Mexico’s Jorge Solis with a powerful right hand in the eighth round Saturday night in San Antonio, Texas. He holds the WBC international super featherweight belt.
Thousands of well-wishers lined the streets of downtown Manila as Pacquiao, standing in an open pickup truck, waved back.
“It is for all, not only for me. That’s my livelihood. I will not make a career out of politics,’’ he said.
The former baker and construction worker has become a national hero and an inspiration to many after becoming world champion despite his poor upbringing. Nearly half of the Philippines’ 88 million people live on US$ 2 (about P96) a day.
He is now running for the House of Representatives seat of his South Cotabato province under the pro-administration wing of the Liberal Party in the May 14 polls.
“I can do both as long as I have self-discipline,’’ he said, referring to juggling boxing and politics.
After touching down in Manila, Pacquiao met with President Arroyo, who hailed him as “the people’s champion’’ who “once again brought victory and pride to the nation.
“His physical strength is matched by a tenacious will to uplift his countrymen with every win,’’ Arroyo said in a statement. “We welcome him home as the people’s idol, and this generation’s shining light.’’
Arroyo gave him a cake in the colors of the Philippine flag with a molded boxing glove on it. She also said the victory raised the morale of her husband, who is a big Pacquiao fan and was at ringside for his last victory in Las Vegas, as he recovers from major heart surgery. —With additional report from the Associated Press
