By Lou Aguila (staff@latinospost.com) | First Posted: Aug 29, 2013 11:08 AM EDT

Former eight-division world champion Manny Pacquiao kicked off preparation for his fight with Brandon Rios by doing some works on the mitts and punching bags on Tuesday at MP Tower Gym in Manila.

Pacquiao, who recently suffered a mild ankle sprain while playing pick-up basketball on Monday, didn't show any sign of pain during his pre-training camp workout. The former world champion showcased the same power and speed despite not hitting the gym for roughly eight months.

His trainer Freddie Roach is expected to arrive early October to officially begin his seven-week camp ahead of his fight with Rios on November 24 at Venetian Macao in Macau, China.

The Filipino fighting congressman is out to prove that he remains an elite boxer, even though he's coming off the worst setback of his career after absorbing a devastating sixth round knockout loss to Juan Manuel Marquez last December.

Many boxing fans and analysts feared Pacquiao will never recover from the brutal loss, but the 34-year Pacman insisted he's still at the top of his game and has two or three years left in the tank.

Meanwhile, the boxer finally broke his silence on the reports about him being allegedly bankrupt.

Pacquiao quickly downplayed the rumors that he already lost all of his money he earned from boxing, adding his detractors are just using the issue to put down his reputation.

"I don't know how to say this in a way that will not be misinterpreted by anybody. We are not bankrupt, we have enough resources for our needs. I think the stories came about because we put our LA property on the selling block," Pacquiao told Gulf News.com the reason why his Mediterranean style mansion is currently on sale.

"That is only because we rarely use it and are planning to move to Beverly Hills. We regularly visit the US for business and leisure and it only makes sense for us to have a place where we can stay, especially since when we travel we do so with a lot of people. It is disappointing how some people can just think of stories to put us down," Pacquiao added.

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