Pimentel said granting Pacquiao a special tax exemption is just a “fitting tribute to the priceless package proudly promoting the country once again in the international map.”

The Pacquiao-Mayweather fight, dubbed as the biggest and priciest fight in boxing history to date, is expected to earn at least $250 million from ticket and pay-per-view sales. Under the contract the boxers have signed, Mayweather will get 60 percent of the purse while Pacquiao will get the remaining 40 percent.

“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,” Pimentel said.