Manny Pacquaio admits money is the motivation for comeback against Jessie Vargas

Manny Pacquaio's return to the boxing ring is motivated by money. The former eight-division world champion was elected to the Senate of the Philippines in May, but recently announced he was coming out of retirement to fight WBO welterweight champion Jessie Vargas in November.

Pacquaio, 37, said his salary as a politician was insufficient to support his lifestyle and he has, therefore, decided to make a money-spinning return to the ring.

"Boxing is my main source of income. I can't rely on my salary as a public official," said Pacquiao, according to the BBC. "I'm helping the family of my wife and my own family, as well. Many people also come to me to ask for help."

Michael Koncz, Pacquiao's manager, has announced a promotional tour for the fight will be held in September in Los Angeles. However, a venue for Pacquiao's return to the sport is still to be confirmed.

Pacquiao (58-6-2, 38 KOs) has also confirmed he will return to the Philippines after his promotional duties in order to focus on his job in politics. "My entire training camp will be held here in the Philippines so I can attend to my legislative work. This is my campaign promise and I'm determined to keep it," he explained.

Pacquaio won his last bout against Timothy Bradley in Las Vegas in April by a unanimous decision. Prior to that, however, he was defeated by the unbeaten and now-retired American fighter Floyd Mayweather in the most lucrative bout in boxing history.