Tag Archives: Richest Filipinos

PHILIPPINE TAXWOMAN CAN’T WAIT TO LAY HER HANDS ON MANNY PAQUIAO

Henares, left, and Pacquiao
Henares, left, and Pacquiao

MANILA, Philippines (The Adobo Chronicles® ) – The Philippines’ tax woman, Bureau of Internal Revenue Commissioner Kim Henares, just can’t wait to lay her hands on Filipino champion boxer Manny Pacquiao, a member of Congress.

Pacquiao is the richest member of the House of Representatives and the only billionaire.

Based on his 2014 statement of assets, liabilities and net worth (SALN), Pacquiao is worth P1.6 Billion, an increase by P343 Million from the year before.

However, the figure does not include the reported $150 Million Pacquiao earned from his fight with American Floyd Mayweather last May. That alone is equivalent to P6.6 Billion which is six times his net worth in 2014.

In a statement following the release of Pacquiao’s 2014 SALN, Henares told reporters, “I want Pacquiao to pay up now and not wait for next year.  We need the money to cover the billions of pesos we lost in last year’s pork barrel scam involving businesswoman Janet Lim Napoles, senators and other elected officials.”

Henares said Pacquiao should show that he is sincere in his role as a public servant and elected official by voluntarily paying all taxes due.  “He should do it now, and not wait for next year,” she added.

Seven of the richest members of the House of Representatives have grown richer by a combined P1 billion, while former first lady Imelda Romualdez Marcos of Ilocos Norte has gone poorer by P5 million.

Still, Marcos is the third wealthiest House member and is worth P917.8 million, based on her 2014 SALN.  She became poorer because she increased her liabilities from P10 million in 2013 to P15 million. The value of her real properties remained the same at P920 million and personal assets at P12.8 million.

The second richest congressman, Speaker Feliciano Belmonte Jr., grew his wealth by P102 million, from P819.7 million to P921.6 million.

MANNY PACQUIAO BUYS MALAYSIAN BUDGET AIRLINE AIR ASIA

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Photo credit: Eugene Caccam

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. The Philippines’ 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.