Nike terminated its endorsement contract with boxer Manny Pacquiao on Wednesday after he made derogatory remarks about same-sex couples.

"We find Manny Pacquiao's comments abhorrent," the company said in a statement. "Nike strongly opposes discrimination of any kind and has a long history of supporting and standing up for the rights of the LGBT community."

Based on Pacquiao's comments, a spokesman confirmed that he is no longer on the company's endorsement roster. Pacquiao, 37, had endorsed Nike for a little more than eight years.

On Thursday, Pacquiao said he respects Nike's decision to drop him but stood pat on his opposition to same-sex marriage and added that he is happy that "a lot of people were alarmed by the truth."