When President Benigno Simeon "Noynoy" Aquino III draws his first pay as President this month, he will be getting nearly 65 percent more than what his predecessor received when she was still in power.
President Aquino’s monthly salary is pegged at P95,000/month a jump from P57,750/month, which was former President Gloria Macapagal-Arroyo’s last salary as president.
It may seem that he would have given himself a pay rise after entering office but you would be mistaken. President Arroyo just days before her term ended, signed Executive Order No. 900 implementing an increase in the basic pay in all government salary grades, including the President’s. Although its a huge pay rise its still a drop in the ocean compared to an executive salary who can easily be earning several times the amount.
Prime example is Ayala Corporation which has its top executives averaging P1.3 million per month. Excluding perks and allowances.
According to the Finance Office of the Office of the President, the chief executive’s salary is also subject to mandatory deductions such as withholding tax, Philhealth, Pagibig, and GSIS life and retirement insurance premiums.