“The time is now — we are ready to rise to the challenge of leadership,” said Pacquiao, as he accepted the nomination of a rival faction in President Rodrigo Duterte’s ruling party.

The eight-division world champion and beloved national hero made the announcement weeks after losing what could be his last professional fight against Cuban Yordenis Ugas in Las Vegas.

Pacquiao, who entered politics in 2010 as a congressman before being elected to the Senate, has long been expected to make a tilt for the country’s highest office.

The 42-year-old is deeply admired in the archipelago nation for his generosity and hauling himself out of poverty to become one of the world’s greatest and wealthiest boxers.

His boxing credentials along with fighting poverty and corruption are likely to be the key themes of his campaign.

“For those asking what are my qualifications, have you ever experienced hunger?” Pacquiao asked the national assembly held by the anti-Duterte faction of PDP-Laban.

“Have you ever experienced having nothing to eat, to borrow money from your neighbours or to wait for leftovers at a food stall? The Manny Pacquiao that is in front of you was moulded by poverty.”