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Monday, January 17, 2005
Editorial: Manny's fortune
AFTER his bout with Mexico's Erik "El Terrible" Morales on March 19, Manny Pacquiao will establish a record as the only Filipino boxer, and athlete for that matter, to have earned the biggest paycheck in a single fight or tournament in his career.
With a guaranteed purse of $1.75 million plus his share in the proceeds of his pay-per-view fight at the MGM Grand in Las Vegas, the Filipino boxing idol will come home a multi-millionaire many times over, no matter what.
And if he wins, which oddsmakers are saying he will, there is no telling that he could be a billionaire (in peso) by the time he will decide to hang up his gloves and bask on his glory and fortune.
Though that is at least three or four years from now, Manny should start mulling his future and that of his family, however.
One devastating loss will definitely depreciate his value in the boxing world.
And once he is on the downhill, should he not decide to quit while he is ahead, those sycophants and freeloaders would be gone and he would soon realize he has a few friend left.
Good thing Manny has in laws that are adept at interpreting provisions of his contract.But it would be better still if Manny starts putting his earnings in the most secure way.
He should hire for himself a trust manager to ensure that he will get enough to spare from his winnings and invest these in worthy business ventures.
As it is now, Manny had already purchased several real properties. These should be complemented with other business ventures.
Otherwise, when he runs out of cash, these would be gone in seconds.
It is also time for Manny to slow down on his profligate spending and Robin Hood image.
While doling out cash gifts even to strangers is a good publicity stunt and Manny's way of showing his kind naturedness, he should be told that for every one he pleases, there are ten others who will be more than willing to take advantage of his generosity.
The epitome of a Filipino world boxing champion whose career was manage very well was that of Gabriel "Flash" Elorde.
Though Elorde died at the young age of 54, he left behind a stable life for his family.
One might say that Elorde was fortunate to have his promoter, the late Lope Sarreal Sr., as father in law, there is no preventing Manny from fixing his finances to ensure that he will grow to cherish his prize winnings.
(This page is updated every Monday)
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