EDITORIAL - Revelation

According to the director of the records management service of the House of Representatives, Rep. Manny Pacquiao has declared assets worth more than one billion pesos. The declaration makes Pacquiao, who is expected to fight Shane Mosley on Saturday (Sunday in Phl) and thus earn many many millions more, the richest member of Congress.

That is, of course, only on paper. The truth of the matter is, there are many other lawmakers who are not only richer than Manny Pacquiao, but are far wealthier many times over. But as most Filipinos know, there are ways of hiding a person’s true net worth, so that the required statement of assets, liabilities and net worth is actually not worth the paper it is written on.

Even Pacquiao is not expected to disclose everything he owns. But his declared net worth should be closer to the truth than he may actually care to disclose. That is because he has little or no choice. Much of his earnings are derived from his fights, and his prize money is often part of the details written about such fights.

Another major source of Pacquiao’s earnings is product endorsements. Most other high profile personality endorsers cannot be compelled to disclose their earnings, except to the BIR. Not so with Pacquiao. Even what he gets from product endorsements often is part of what is written about him, such a hot copy that he is.

Most people thus have a fairly good idea of just how rich Pacquiao is, making it difficult for him to make a public disclosure of his net worth that is far different from what is perceptively accountable about his wealth. Pacquiao has no choice but to hew as closely as possible and practical to a net worth people can believe.

Other lawmakers and politicians are not so “disadvantaged” as Pacquiao. They are not before the public in the same manner that Pacquiao is. They may be public officials but they definitely have more privacy than one of the most recognizable faces in the world. Where they make their money and how much can fairly be hidden with greater ease than Pacquiao.

But the near-accurate figures that Pacquiao submitted could prove to be a great revelation. If Pacquiao is a billionaire, why cannot this senator be or that congressman? They certainly have been around much longer than the “poor boy” from Dadiangas in a profession that, inexplicably, requires millions in campaign funds just to win an office that pays a pittance.