Senator seeks special tax incentive for Pacquiao

MANILA, Philippines - Sen. Aquilino "Koko” Pimentel III is filing a bill that will grant a special tax exemption to Sarangani Province Rep. Manny Pacquiao, to inspire the Filipino world champion in his history-making megafight with American boxer Floyd Mayweather.

“Manny being a Filipino promotes the Philippines,” said Pimentel, adding the special tax incentive is a fitting tribute to the priceless package proudly promoting the country once again in the international map.

“The marketing value for the country is priceless,” he said in a statement.

Pimentel justified his proposal granting a special tax exemption to Pacquiao from his earnings in the world welterweight unification bout on May 2 in Las Vegas.

Pacquiao will stake his World Boxing Organization title while Mayweather, undefeated in 47 fights, will stake his WBC and WBA belts in the much-awaited fight which is worth between $250 million and $400 million on early estimates.

Pimentel said Pacquiao, the former eight-division world champion, needs all the support and inspiration he could get during his training preparations for the fight that took more than five years in the making.

“During his training, let us inspire Manny by way of passing a special tax exemption act for this particular fight. Anyway we are not blind that a substantial part of his boxing proceeds goes to the people through Manny’s helping hand,” said Pimentel.

Pimentel said the honor and world recognition the country will generate is unprecedented considering the tremendous publicity and promotion that will mark the run-up to the fight.

“Manny is now part of our history and of world sports history. Let’s give him this tax incentive in recognition to his invaluable efforts to promote boxing and the country around the world,” said Pimentel.

Boxing fans had wanted to see the fight as early as 2009, but it did not materialize until only recently when Mayweather finally agreed to tangle with the Filipino, who has a 57-5-2 win-loss-draw record.