Manny Pacquiao

Boxing legend Manny Pacquiao is officially hanging up his gloves.

The eight-division world champion and Philippines senator on Wednesday announced his retirement from the ring,

"I would like to thank the whole world, especially the Filipino people, for supporting Manny Pacquiao. Goodbye boxing," the 42-year old said in a 14-minute video posted on his Facebook page. "It is difficult for me to accept that my time as a boxer is over. Today I am announcing my retirement."

Pacquiao finished his 26-year, 72-fight career with 62 wins, eight losses and two draws. Of those 62 wins, 39 were by knockout and 23 by decision. He won 12 world titles and is the only fighter in history to win titles in eight different weight classes.

His retirement from boxing followed a disheartening defeat to Yordenis Ugas in Paradise, Nevada on Aug. 21. The younger Cuban boxer beat Pacquiao by unanimous decision, retaining his WBA welterweight title. It was Pacquiao's first fight in more than two years.

"Thank you for changing my life, when my family was desperate, you gave us hope, you gave me the chance to fight my way out of poverty," Pacquiao said in the video. "Because of you, I was able to inspire people all over the world. Because of you I have been given the courage to change more lives."

Pacquaio had hinted at retirement recently. It also had been expected because he is setting his sights on a bigger political battlefield. Earlier this month, he accepted his political party's nomination and declared that that he will run for Philippines president in the May 2022 elections.

He has accused the administration of President Rodrigo Duterte, his former ally, of making corruption worse in the Philippines. He promised to fight poverty and warned corrupt politicians they will soon end up in jail.

Pacquiao's rags-to-riches life story and legendary career brought honor to his Southeast Asian nation, where he is known by his monikers Pacman, People's Champ and National Fist.

He left his impoverished home in the southern Philippines as a teenager and stowed away on a ship bound for Manila. He made his professional boxing debut as a junior flyweight in 1995, at the age of 16, fighting his way out of abject poverty to become one of the world's highest-paid athletes.

Eddie Banaag, a 79-year-old retiree, said Pacquiao was his idol as a boxer and he watched almost all of his fights. But he believes the boxing icon should have retired earlier.

"He should have done that right after his victory over (Keith) Thurman," Banaag said of Pacquiao's win over Thurman on July 20, 2019 in Las Vegas, Pacquiao's second-last fight. "It would have been better if he ended his boxing career with a win rather than a loss."

Still, Pacquiao believes he will always be remembered as a winner. Hundreds of millions of dollars in career earnings and his record in the ring leave no doubt.

"I will never forget what I have done and accomplished in my life," Pacquiao said Wednesday. "I just heard the final bell. The boxing is over."

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