Manny Pacquiao Says He’s Broke, Owes Philippine Govt $50 Million In Back Taxes

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Manny Pacquiao may have to fight until he’s 50 to avoid going broke, and possibly to jail.

According to ESPN.com, Pacquiao says he’s broke, and had to borrow money just to make a donation to the helpless victims of the recent typhoons in his country.

Despite returning like a hero from beating Brandon Rios over the weekend, Manny Pacquiao said Tuesday he has no money to keep his promise to help typhoon victims because Philippine revenue authorities have frozen his bank accounts.

The Bureau of Internal Revenue says Pacquiao hasn’t proved he paid taxes in 2008-2009. It has assessed that Pacquiao, once one of the world’s highest paid athletes, owed 2.2 billion pesos ($50 million) in back taxes as of July.

Pacquiao, the wealthiest member of the Philippine Congress, said Tuesday he borrowed over 1 million pesos ($22,700) to purchase relief supplies before his fight Sunday with Rios in Macau and will borrow more to keep his word to typhoon victims. Pacquiao said he plans to provide aid to more than 10,000 families.

“I appeal to them to remove the garnishment so that I can move and pay for my staff’s salaries,” Pacquiao told reporters in his southern hometown of General Santos city. “I am not a criminal or a thief.”

He said his wife’s accounts have also been frozen.

Pacquiao said if he had not paid the right taxes in the United States, he would have been arrested during one of his visits there.

“The money that was garnished by (the Bureau of Internal Revenue) is not stolen,” he said. “This came from all of the punches, beatings, blood and sweat that I endured in the ring.”

It has gotten so bad that he had to take advances from Bob Arum (with interest) before some of his fights. Now, even though he just made $18 million tax free dollars (but apparently not tax free as you will see below) from his fight with Brandon Rios, he is saying he doesn’t even have enough money to help the typhoon victims in the Philippines.

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