Manny Pacquiao vs. the Taxman

News of Manny Pacquiao's assets being frozen spread like wildfire the day after he beat Rios.  His victory, coming after a calamity, is seen to raise spirits of many Filipinos.  Yet, he faces another difficult fight back home.  The Philippine taxing authority wants Php2.2 billion from him in alleged back taxes.  That amount is larger than his net worth.  In U.S dollars that around fifty million.

Taxing authorities in the Philippines have been way more aggressive lately and that probably helped the country to achieve its investment grade rating from all three major ratings agencies: Standard and Poor, Moody's, and Fitch.   (see: http://www.philstar.com/business/2013/10/03/1240995/moodys-gives-phl-3rd-major-investment-grade-rating)


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