MANILA, Philippines ? While being the richest House of Representatives member in 2013, based on his latest Statement of Assets, Liabilities, and Net Worth (SALN), boxing champ and Sarangani Representative Manny Pacquiao recorded the biggest drop in wealth compared to 2012.
His net worth of P1.77 billion (US$40 million)* in 2012 dipped to P1.35 billion ($31 million) in 2013. It’s one of the biggest drops among members of Congress who served in the past 2 years.
A comparison of Pacquiao’s 2012 and 2013 SALNs shows his net worth dropped by around 24%, equivalent to roughly P400 million ($9 million). Real Assets Personal Assets Total Assets Liabilities Net Worth 2013 1,109,036,197.00 763,623,500.00 1,872,659,697.00 527,160,122.00 1,345,499,575.00 2012 1,037,909,792.00 990,656,980.00 2,028,566,772.00 258,000,000.00 1,770,566,772.00
The value of Pacquiao’s total assets decreased, despite earning US$20 million (about P875.4 million) from his victory over Timothy Bradley. Forbes said this fight brought his total career earnings to over $300 million.
The Bureau of Internal Revenue (BIR), however, ordered his bank accounts frozen due to an alleged P2.2-billion tax liability, leaving him financially paralyzed. The BIR claimed Pacquiao failed to declare his winnings from his 2008 and 2009 boxing matches in his income tax returns for the same years.
Despite the big drop, he still remains the wealthiest ? in fact, the only billionaire ? lawmaker in the House of the Representatives.
Pacquiao is one of the 167 incumbent congressmen who had served in the 15th Congress and was re-elected in the present 16th Congress. Among those re-elected, the net worth of 52 congressmen dropped in 2013, including Pacquiao’s.
