Well, I think that Pacquiao should fight, and the weight category should not exceed 160lb, so he still has a lot to prove, I don't know very well if he is still focused on politics,..............
He has retired already, he will not get back in professional boxing anymore, maybe more exhibition fights, that way he can still earn millions. Pacquiao though not anymore in Politics but his family is, and I'm pretty sure he is the one supporting them, maybe next election, we will see Pacman winning the senatorial race again.
Yes, Manny can still fight professionally if he chose to do so but he knows well that he ain't the same Manny anymore that the people knew and his skills are not the same when he was still in his prime. It's still a good idea to do some fights in the form of exhibition fight and that way he can still do his passions in boxing.
Maybe soon, we can see him running for a senatorial seat or maybe he will go back and run as a congressman.