Manila, Philippines - Boxing star Manny Pacquiao announced on Wednesday he will be hanging up his gloves, more than a week after he launched his bid to be president of the Philippines.

"It is difficult for me to accept that my time as a boxer is over," the 42-year-old eight-division boxing champion said in a video message posted on his Facebook page. "Today, I am announcing my retirement."

"I never thought that this day would come," he added. "Goodbye, boxing."

Pacquiao, a current member of the Philippine Senate, started his professional boxing career when he was 16 years old. He has since won 12 major world titles in eight different weight divisions, over four separate decades.

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His final record as a professional stands at 62-8-2, with 39 of his wins coming by way of knockout.

His biggest fight took place in 2015 against fellow boxing legend Floyd Mayweather Jr., losing by unanimous decision, followed by four fights against Juan Manuel Marquez – often called his biggest rival in the ring.

Many would say his biggest win came in 2008 against boxing Hall of Famer Oscar De La Hoya, which earned Pacquiao his first welterweight title.

He also became the oldest welterweight champion in history when he defeated Keith Thurman in 2019.

His last career fight, unfortunately, ended in a surprising loss to Yordenis Ugas in August.

He thanked his family, supporters, coaches, and members of his team for helping him in his career, as well as boxing fans all over the world.

"Boxing has always been my passion," he said, adding that the sport gave him the chance to change his life and inspire people to change their own.

Already a senator, Pacquiao has a line in on his country's political system, encouraging him to recently announce his candidacy for president of his homeland.

The Philippines will hold its presidential election in May 2022.