Boxing great Manny Pacquiao has announced his retirement from the sport as he shifts focus on becoming the next Philippines President after he accepted his political party’s nomination and declared that that he will run for the top job in the May 2022 elections.

Pacquiao finished his 26-year, 72-fight career with 62 wins, eight losses and two draws. Of those 62 wins, 39 were by knockout and 23 by decision. He won 12 world titles and is the only fighter in history to win titles in eight different weight classes.

“I just heard the final bell. Boxing is over,” said the 42-year-old Pacquiao, now a Philippines senator, drawing a flood of reactions from fans ranging from disbelief to gratitude.

“I would like to thank the whole world, especially the Filipino people, for supporting Manny Pacquiao. Goodbye boxing,” the 42-year old said in a 14-minute video posted on his Instagram page. “It is difficult for me to accept that my time as a boxer is over. Today I am announcing my retirement.”

His retirement from boxing followed a disheartening defeat to Yordenis Ugas in Paradise, Nevada on Aug. 21. The younger Cuban boxer beat Pacquiao by unanimous decision, retaining his WBA welterweight title. It was Pacquiao’s first fight in more than two years.

“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,” Pacquiao said in the video. “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.”

Pacquiao came from impoverished beginnings as a ship stowaway who started fighting on the streets as a boy, with prizes of $2 a fight. His net worth was $63 million last year, according to his Philippines statement of assets.

He is widely rated as among the best pound-for-pound fighters in history, better than Muhammad Ali, veteran promoter Bob Arum said in 2010.

With his six-year term as a senator ending next year, Pacquiao this month presented himself as the best person to succeed President Rodrigo Duterte and lead the Southeast Asian nation of 110 million people.