By Thea Alberto, Yahoo! Southeast AsiaPresident Benigno “Noynoy” Aquino III has received his first paycheck amounting to P63,002 (roughly $1393) for being the country’s chief executive, Presidential spokesperson Edwin Lacierda confirmed Wednesday.
Aquino’s salary suffered a huge cut because he has no dependents. His taxes, including other mandatory government contributions, amounted to at least 35 percent of his gross income which is said to be close to P100,000.
The check, dated July 30, has been deposited to Aquino’s personal bank account. The president received it August 2.
“He might use some of his pay to buy music CDs or magazines,” one of the government sources said when asked about Aquino’s plans for his salary.
Another government source added Aquino used some of his savings to pay for renovations of the new presidential residence, Bahay Pangarap.
At present, Aquino holds the record of being the highest-paid President. Aquino enjoyed the increase his predecessor ordered.
Last year, former president Gloria Macapagal-Arroyo issued Executive Order 611, ordering a salary increase for government officials and personnel, subsequently boosting her salary to about P95,000 from P63,525. As mandated by this EO, Aquino would also enjoy two more salary increases.
By 2011, Aquino’s pay would reach P107,000 a month and P120,000 by 2012.
Despite the relatively small pay, the president has a lot of privileges, including allowances and access to government funds. Most of his needs related to the position will also be charged to the government.
Photo courtesy of Malacanang Photo Bureau
