As everybody knows, Manny Pacquiao has made a fortune being one of the greatest boxer if not the greatest boxer of all time. He is not only great in the ring but also outside. He has been kind, gentleman and honest in and out. No wonder why in the Philippines, he is the endorser of almost all products. Beer, deoderant, shoes, socks, energy drink, battery, cellphone networks, milk, you name it. To top it all, Manny Pacquiao does not only endorse local products but also global ones like the latest HP TouchPad and Nike products. He made millions of dollars for endorsing these global brands. Reports said that Pacquaio made $7 million for the HP commercial. The Nike commercial is coming up soon and that is another million dollars right straight to the pocket of the Pacman. And of course, Manny makes another at least 20 million dollars in the Marquez fight.
To cut the story short, Manny Pacquiao has a lot of money and his problem now is not money but how to spend it. Unfortunately I hate the spending idea especially that this has been what Pacquiao doing with his money. Reports said that he bought a 300 million pesos worth of house in Forbes park. That is 1/3 of his reported net worth which according to reports is just a bit higher than 1 billion pesos. A house and lot worth 300 million pesos sounds very lavish and impractical. I know it's not my money but Manny's. However, I can't help but criticize that this is one of the worst decisions he made regarding money. 300 million pesos just blew my mind when i first heard about it.
If I were Pacquiao I would not have bought a house and lot worth that much. I would rather have bought a house worth at most Php 50 Million. And if I were him I would invest my money to the poor by financing houses and financing the studies of poor Filipino students. I am not saying giving away money to the poor but lending them money and let them pay it back with a low interest. Instead of putting his money in a bank by which only the banks and the already rich get richer from his money, Pacquiao is better off lend his fortune to the needy but willing to repay him of course. I discourage giving away money to the poor but lending them money and teaching them how to pay it back with discipline. Manny can finance livelihood projects by having his own microfinance company that will lend to small businesses. Instead of buying luxury cars and houses, Manny Pacquiao should invest his money to the poor if he is indeed serious in alleviating poverty in this country.
