President Noynoy Aquino who was sworned into office as the country’s 15th President last June 30 has receieved his 1st paycheck, covering the month of July. A net total of Php 63,002.17 went straight to the bank. The President receives a gross monthly income of Php 95,000, or Php 1.14 million a year. The wooping Php31,997.83 deductions went to his withholding tax, contributions for the Government Service Insurance System (GSIS), Pag-ibig fund and PhilHealth.
Aquino’s withholding tax is high because he has no dependents, being single.
The President, who receives the highest salary among elected government officials, having a salary grade of 33, got Php 38,000.00 more than what the former President used to receive at Php 57,750. The raise was in consonance with Executive Order No. 900, signed into law on June 23, by then President Gloria Macapagal-Arroyo, which raised the salary of the President by 64.5 percent from P57,750 to P95,000.
This however excludes, some other allowances and bonuses receive by his office, including Representation and Travel Allowances (RATA), Additional Clothing Allowances (ACA), 13th-month and Christmas Bonuses, among others.
President Aquino who is described by Secretary Herminio “Sonny” Coloma of the Presidential Communication Group as “thrifty and simple”, looked happy as he hold his LandBank check last Monday, his 1st paycheck as President.
In his text message sent to GMA News, Aquino said he will use the money to pay for his utility bills.