Tag Archives: Manny Pacquiao

OLYMPIAN MICHAEL CHRISTIAN MARTINEZ PLACED ON PHILIPPINE TAX AGENCY ‘WATCH LIST’

Photo Credit: Lucy Nicholson/Reuters
Photo Credit: Lucy Nicholson/Reuters

Manila, Philippines – Benjamin Franklin once said, “there are only two things certain in life: death and taxes.”  The Philippines’ tax collector-in-chief is making sure the Bureau of Internal Revenue (BIR) lives up to its name.

BIR Commissioner Kim Henares has confirmed reports that she has ordered Michael Christian Martinez, the lone Filipino athlete who competed in the Sochi Winter Olympics, to be placed on the agency’s “watch list.”  Although the 17 year-old figure skater did not win any medal in the skating competitions, Henares said that Martinez’s increasing popularity in the Philippines and abroad will certainly result in multi-million peso offers from commercial companies for product endorsements and advertisements. “We just want to make sure that the BIR will not miss out on taxes due from Martinez’s potential earnings, so we will be watching very closely,” Henares said.image13.jpg

This is not the first time that the BIR has gone after high-profile cases.   It has gone after the earnings of world boxing champion Manny Pacquiao as well as the prize money and recording contract income of Rose Fostanes, the Filipino caregiver in Tel Aviv who recently won the top prize in the reality TV show, X Factor Israel.

“We would have preferred Michael to win the Olympic gold medal because gold commands a very high price in the stock market right now, but there’s always that  possibility in 2018,” Henares told reporters.

MANNY PACQUIAO CONFLICTED ABOUT HIS FUTURE

imageSarangani, Philippines – Manny Pacquiao: world champion boxer, Philippine Congressman, Karaoke King, millionaire. He’s got it all, you’d think. But what lies ahead in his future?

In an exclusive interview with The Adobo Chronicles, “Pacman” reveals the great dilemma he is facing regarding what’s next after he leaves the boxing ring. He has already made known his intention to run for president of the Philippines in 2016, but he seems to be having a change of heart.

His new movie, featuring himself and narrated by Liam Neeson, is set to be released this spring and Pacquiao seems to have found his new love – Hollywood. He makes no secret about his ambition to be in the company of Oscar Award nominees, or better still, winners.

His advisers, though, are saying that there is no reason for Pacquiao to be conflicted, even if he becomes an Oscar award-winning actor. After all, in the Philippines, it is not uncommon for movie actors to be elected mayors, governors, congressmen, senators, even president.

PHILIPPINE TAXWOMAN GOES AFTER THE BIG FISH: MANNY PACQUIAO AND ROSE FOSTANES

L-R: Pacquiao, Fostanes, Henares
L-R: Pacquiao, Fostanes, Henares

Manila, Philippines – Got money? Watch out,  Kim Henares will go after you.

Henares is the commissioner of the Philippines’ Bureau of Internal Revenue (BIR), the counterpart of the U.S. Internal Revenue Service (IRS).  She has gained the reputation of going after the big fish – Filipinos like world boxing champion Manny Pacquiao and newly-crowned X Factor Israel winner Rose Fostanes. Henares wants a chunk of their earnings abroad.

Analysts say that Henares’ actions are a desperate attempt to  save her tax agency from bankruptcy. The BIR, which many Filipinos consider among the most corrupt agencies, continues to face declining revenues due to  widespread tax evasion schemes especially among the country’s richest tycoons.

However, The Adobo Chronicles learned that Pacquiao and Fostanes are joining hands to challenge Henares in court and prevent her from taxing their foreign earnings. In papers to be filed in court  today, Pacquiao and Fostanes claim that the BIR has no authority to collect taxes from their prize money earned in the U.S.  and Israel, respectively.

“That is why the agency is called Bureau of INTERNAL Revenue,” lawyers said, so earnings outside the Philippines should be off limits to  the tax agency.”

Makes perfect sense.