Manny Pacquiao has confirmed he will come out of retirement to take on Jessie Vargas in November and stressed that he needs the money boxing provides for him.

The 37-year-old's manager Michael Koncz first revealed the comeback fight against WBO welterweight champion Vargas, 27, last week and the Filipino himself has now announced his return after meeting with promoter Bob Arum in Manila on Tuesday.

Pacquiao retired in April after impressively beating Timothy Bradley on points to recover from his defeat to Floyd Mayweather Jr and earn a 58th career victory, citing the need to focus on his political career.

However, Pacquaio will now get back in touch with his "passion" in a title bout with  Vargas, which will take place in Las Vegas despite Dubai having been considered as a possible location. 

Pacquaio told reporters: "Yes, the fight is on. I have agreed to a November 5 fight with reigning WBO welterweight champion Jessie Vargas.

"Boxing is my passion. I miss what I had been doing inside the gym and atop the ring.

"I can't rely on my salary as a public official - Boxing is my main source of income. 

"I'm helping the family of my wife and my own family, as well. Many people also come to me to ask for help and I just couldn't ignore them."

Pacquiao has enjoyed a long and fruitful relationship with hall of fame trainer Freddie Roach but he suggested he will not conclude his preparations at the 56-year-old's famed Wild Card gym in Los Angeles this time around, with his political commitments set to keep his camp in his homeland.

"My entire training camp will be held here in the Philippines so I can attend to my legislative work," he added. "This is my campaign promise and I'm determined to keep it."

Vargas has a solitary defeat – to Bradley in June 2015 – in his 28-fight career and won his title against Sadam Ali in April.