Palawan | The Adobo Chronicles

Palawan, Philippines (The Adobo Chronicles) – Yesterday, The Adobo Chronicles reported that the Philippines’ Commission on Audit (COA) has raised some red flags during its audit of the government funds raised from the natural gas extraction project off the coast of Palawan province.

The private service contract provides for a production-sharing scheme in which the government gets 60 percent of earnings from the operation. Part of the government’s share — 900 Million pesos — was allotted for the rehabilitation of farms in 97 towns devastated by powerful storms. Instead, COA alleged that the amount was siphoned off and channeled to questionable non-governmental organizations (NGOs).

(See full story here.)

Well it turns out that even before COA began the audit, the operators of the project already had raised many red flags over the offshore rig (see photo) which led to the fund scam inquiry.

Sometimes, banners do the trick!

Sarangani, Philippines (The Adobo Chronicles) – Manny Pacquiao: world champion boxer, congressman, soon-to-be basketball player and coach, potential 2016 presidential candidate, billionaire and tax evader. What’s next for ‘Pacman?’

Today, Pacquaio announced his retirement plans to buy an entire island in Palawan, the southwestern Philippine province known for its pristine beaches, breath-taking land formations and world-class resorts and tourist destinations. There he will build his retirement home, or is it palace?

Immediately following the announcement, Bureau of Internal Revenue Commissioner Kim Henares put out a “keep an eye advisory” to the tax agency’s Palawan branch to make sure that Pacquiao will pay the appropriate property and other applicable taxes in connection with his planned island purchase. Previously, Henares had charged Pacquiao of failing to pay taxes for his earnings in the boxing ring.

Pacquiao has dominated the headlines lately. In addition to his tax woes, he is reportedly eyeing the Philippine presidency come the 2016 elections. He has sealed an advertising agreement with KIA and signed up to be the Korean car company’s basketball player and coach in the Philippines’ professional basketball league. It was also revealed that Pacquiao remains to be the only billionnaire member of Congress, not to mention being the number one absentee.

Pacquiao is also known as ‘karaoke king, ” but almost everyone knows that already.

Pacquiao is still deciding which island in Palawan he will purchase.