MANILA, Philippines (The Adobo Chronicles) – He may be the only billionaire among his colleagues in the Philippines’ congress, and one of the highest paid world athletes, but Filipino champion boxer Manny Pacquiao is not on the Forbes list of richest Filipinos. His estimated net worth of 1.3 Billion pesos is not good enough.
But his assets are enough to buy an airline company — or at least one of its aircraft.
Today, the Malaysian budget airlines Air Asia unveiled the prototype logo that will be painted on the fuselage of its entire fleet. While still bearing the old Air Asia symbol, most of the aircraft is emblazoned with Manny Pacquiao’s name and photo. Flights will be coded ‘Pacman 101,’ Pacman 577,’ and so on.
Reliable sources said that Pacquiao has recently signed a deal buying the majority stocks of Air Asia. The sources declined to mention any purchase price, although they have indicated that Pacquiao’s expected earnings from his May 2 championship fight with Floyd Mayweather has already been committed towards the purchase.
Upon hearing the news, Bureau of Internal Revenue Commissioner Kim Henares ordered an investigation of the sale to determine if the boxer had assets that have not been declared and that needed to be taxed. ThePhilippines’ tax woman has been after Pacquiao for alleged non-payment of taxes for several years now.
Just recently, Pacquiao purchased a $12 Million Beverly Hills mansion formerly owned by rapper Sean Combs, also known as Diddy.
Manila, Philippines (The Adobo Chronicles) – The Aquino government blasted a recent article in Forbes magazine claiming that the Philippines’ economic boom is a bubble waiting to burst.
The articlewas authored by economic analyst Jesse Colombo who writes that the Philippines’ economic progress and status as an emerging market — often touted by President Aquino in his state of the nation address and speeches abroad — is deceiving. Colombo points to the continued disparity between the few rich people and the rest of the population and that investors’ insatiable hunger for emerging market debt has caused the Philippines’ external debt to spike in recent years.
Specifically, Aquino’s Budget Secretary Florencio Abad challenged the claim by Colombo that the Philippine government has been running a budget deficit since 1999, which includes the last 5 years of the Aquino administration.
Pointing to the graph showing the deficit years, Abad said Forbes magazine seems to have inverted the graph, and that the bars showing the deficit should be pointing upwards instead of downwards. He said this is how the graph should look like:
It appears that Abad failed to recognize the source of the graphic — the Aquino administration’s own Department of Finance.