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Tuesday, November 26, 2013

Manny Pacquiao borrows money for super typhoon Yolanda victims


Is Manny Pacquiao really broke?

Filipino boxing icon Manny "Pacman" Pacquiao is fresh from his impressive victory against Mexican/American brawler Brandon "Bam Bam" Rios this weekend in Macau, China. Pacman's reported guaranteed purse is around USD 18M for this fight plus his PPV revenue shares.

However, Manny Pacquiao borrowed PHP 1M for super typhoon Yolanda victims, according to a report written by Dennis Gasgonia of -- Philippines' giant TV network website.
Hindi ako makapag-withdraw ni isang singkong sentimo sa sarili ko pong pera, hindi ko magamit para man lang makatulong.” (I can't withdraw a single cent from my own money; I can't even used to help).

Pacquiao promised to typhoon Yolanda survivor that he will help and visit Tacloban.

Pacquiao's bank accounts were garnished by the Bureau of Internal Revenue (BIR) because he allegedly failed to declare the P2.2 billion in taxes, which he paid to the US Internal Revenue Service for the years 2008 to 2009.

In a live interview by Noli de Castro, also from ABS-CBN during their primetime news, Pacquiao told that he already gave to BIR copy of documents to prove that he already paid the IRS, but the BIR didn't honored.

In a separate interview, BIR Commissioner Kim Henares told ABS-CBN that Pacquiao provided only a letter coming from Top Rank. Henares pointed out that what the BIR need is the IRS income tax return that Pacquiao paid in the US.

Henares added that when BIR issued 'garnished order' to the banks -- to freeze Pacquiao accounts -- only two banks replied in which Pacquiao had only PHP 300,000 and PHP 800,000 deposited.
Ang pagka alam ko ho… dalawang banko lang ang nag sabi na may pera sya (Pacquiao) sa kanila at ito ay isang 300,000 at isang 800,000 pesos, so ito ay 1.1 million pesos… (In my knowledge… two banks only said that they have money from him (Pacquaio) and one amounting 300,000 and one amounting 800,000 pesos, so this is [total] 1.1 million pesos)

We are only talking 1.1 million pesos, which is way too little compared to what Pacquiao earned, Henares told in Filipino.

So, if for the amount mentioned above, Manny Pacquiao was appealing to BIR to lift the 'freeze order', does it mean that Pacquiao had no other source of money? If so, then yes he is broke. But then Pacquiao's desire to help didn't stop here. He still help even if it means he will borrow money.

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