Manny Pacquiao is richest Philippine lawmaker with net worth of Dh160m

Manila: Boxing icon Manny Pacquiao topped the list of richest House of Representatives member with former First Lady Imelda Marcos coming in at a distant second.

In the summary report on the Statement of Assets, Liabilities and Net Worth (SALN) submitted by the more than 350 House members of the 15th Congress last year, Pacquiao declared a total net worth of P1.8 billion pesos (Dh157.9 million) of total assets against P558 million in listed liabilities.

Pacquiao represents the province of Sarangani in Southern Philippines. Prior to becoming a lawmaker, he had been an accomplished boxer who earned millions of dollars in prize fights.

He is reputed to be the second highest paid athlete in the world and among the country’s top taxpayers.

Coming in second to Pacquiao in the richest lawmakers list is Imelda Marcos, the 83-year-old widow of the former Philippine President Ferdinand Marcos Sr.

Imelda, who represents the province of Ilocos Norte, declared P922.8 million in her SALN.

On third is House Speaker Feliciano Belmonte of who declared a net worth of P817.5 million while fourth is Alfredo Benitez with P702.1 million and Julio Ledesma IV with P590.6 million.

Benitez represents the third congressional district of Negros Oriental and Ledesma is from the first congressional district.

Both are scions of families with large land holdings in the Central Philippines island.

Placing 20th in the list of richest House of Representatives member is Gloria Macapagal-Arroyo who declared a net worth of P120,513,236.

The Philippines legislature has long been known to be a bastion of powerful political clans and ruling politico-economic elite.

Pacquiao however broke convention-he was already earning big money in his fights way before he became a member of the House of Representatives.