Boxing legend Manny Pacquiao has announced he is quitting the ring after a career that delivered 12 world titles across 8 weight divisions.

The 42-year-old is to run for President of his native Philippines next year.

His retirement follows a defeat to Yordenis Ugas in a WBA Welterweight title bout last month.

It draws to a close a career that saw Pacquiao win 62 bouts, draw two and suffer eight losses over 26 years.

He won 12 world titles, eight of them across different weight categories.

Pacquiao's first world title was earned in 1998 when he claimed the WBC Flyweight belt.

In July of 2019, he defeated Keith Thurman to win the WBA Super Welterweight title at the age of 40.

Pacquiao posted a 14-minute video to his Facebook page to announce the decision.

“I would like to thank the whole world, especially the Filipino people for supporting Manny Pacquiao. Goodbye boxing.

“It is difficult for me to accept that my time as a boxer is over. Today I am announcing my retirement.”

“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.

“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. I will never forget what I have done and accomplished in my life that I can’t imagine. I just heard the final bell. The boxing is over."

Pacquaio is currently a senator in the Philippines.