Excuse the almost inevitable alliteration. From the Philippine Daily Inquirer:

[T]he ring icon has formally petitioned the Commission on Elections (Comelec) to accredit his organization—called the People’s Champ Movement—as a "local political party."

As a local party, the PCM would field candidates for local government positions in General Santos City and the surrounding province.

The article goes on to speculate the Pacquiao himself will likely make another run for the House of Representatives or perhaps for mayor of General Santos in 2010.

Pac's political ambitions are real and longstanding, but I hope he decides to defer them for the near future, at least. Still, Freddie Roach has said Manny is looking for only a couple more bouts, so that could make a late 2010 electoral campaign a real possibility.