How much does Manny Pacquiao spend?
December 12, 2008 by dragon
With our most recent MannyP article about his net worth, it is only logical that we do one that touches on his not so frugal spending. Here are a few of his documented expenses:
He reportedly sends his children to Brent International School in Laguna. He sponsored a 9-ball billiard game for the Philippines' best players to compete. At the pot is a million pesos stake to the tournament winner.
His trio of American co-managers receives usually 20 percent of his purse, while Pacquiao’s trainer Freddie Roach earns 10 percent of the purse. A chunk of his purse also goes to to the U.S. Internal Revenue Service (IRS) for taxes, and promotional fees to Top Rank.
Initially. the Filipino superstar has admitted to philboxing.com that he has spent around $550,000 or roughly P27.5 million on tickets that were given away to his friends to watch him fight Oscar dela Hoya on December 6.
After this, according to the Cebu Daily News:the running total for superstar Manny Pacquiao’s expenses for freeloaders who have asked him for tickets for his December 6 showdown with Oscar De la Hoya has now reached $640,000 or a staggering P32 million.
The figure was taken as of last Thursday, and it seems that can breach the $700,000 mark by fight night.
Pacquiao was visibly upset over the figure, which he and chief of staff Joe Ramos kept reviewing in the presence of this writer inside Pacquiao’s unit at the Palazzo, the upscale residence of Hollywood actors, actresses and celebrities.
The Visayan Daily Star has quoted Pacquiao's personal secretary Bren Evangelio as saying that the boxing icon had shouldered in the past Bacolod City Mayor Evelio Leonardia’s travel expenses, ticket for the fight and hotel accommodation, except for his pocket money.
Davaotoday.com writes that Manny was apparently upset that he was defeated in his congressional bid and that his “principals” in Manila have so far failed to reimburse him the 140 million pesos he supposedly spent in the elections, boxing hero Manny Pacquiao reportedly instigated what amounted to a mini bank run after he withdrew all his remaining money from three banks. According to BusinessMirror, “Informed sources said Pacquiao withdrew all his money from a bank in General Santos City as he conducted a personal audit and found he spent more than P140 million in election-related expenses but was still trounced by his diminutive political opponent.”
Pacquiao's trainer Freddie Roach had commented earlier about his concerns of Pacquiao's late night lifestyle and warned that the boxer is in danger of losing both his edge and his focus. Roach noted that there are too many distractions surrounding Pacquiao in the Philippines, including sponsorship deals, personal appearances, nocturnal activities as well as his circle of friends.
His promoter Bob Arum predicted he will take the windfall $11M plus PPV revenues back to the Philippines and go bust.
However, this isn't just your classic tale of a boxer wasting every penny he makes.
The charity, through outlays of food and cash, goes on at all hours. People line up outside Pacquiao's home in General Santos City, waiting for handouts. And the champ provides.
Rafaelmartel.com writes, the gambling habits and heavy debts of the champion are commonly known.
In a pacquiao watch article, eeportal writes: Manny has to maintain a coterie of paid armed bodyguards for himself, his wife and kids and even his mother. He apparently hired more than a squad of household help and farmhands for his cock farm.
Of course, he also has to look after his father who is estranged from his mother and his other siblings.
Not to mention the maintenance of a fleet of vehicles, a handful of condominiums, apartments and other houses which he acquired and built during the course of his winnings.
His noted benevolence and penchant to share some of his wealth to friends and even strangers are also well reported.
But what will apparently eat up most of his hard earned cash are the freeloaders and sycophants eager to cash in on Manny’s wealth. It is no secret that Manny again plans to run for public office in 2010, egged perhaps by those who also have their own political ambitions and desperately wanting to have a free ride on Manny’s money machine. Manny’s well-intentioned desire to help the poor should not be questioned.
But what must be exposed are those who profess to be the same but have their sights on the champ’s pocket and bank accounts. This may be the one fight that Manny will not be able to win – warding off opportunists who have endeared themselves to him for their own motives.
These are just some of his documented spending, probably just the tip of the iceberg. Think of his daily and monthly cost in upkeeping his mansion, renewing his wife Jinky's appearance, putting jewelry on his mother, and feeding and catering to the whims of his over a dozen posse!
Money begets… expense.
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I suggest that after retirement in his boxing career, he should live and settle in the U.S. and do business there with his boxing promotion. Take all his family there and live a life without having bodyguards everywhere he goes. If he stays here after his career, maybe 5-10 years we’ll see Navarette part 2.
[...] finance manila stocks, and life in the metro [...]
i think manny will always have money he helps the poor hr is a good man thats why god blesses him but he needs to be careful how he choses his friends becuse all they want is his money.
from selling dounuts to millions i asmire that man.
admire
BUT HOW MUCH DOES MANNY EARNS IN HIS SHOWBIZ CAREER?