Aquino gets first paycheck of P63,002

ABS-CBN News

Posted at Aug 04 2010 06:03 PM | Updated as of Aug 05 2010 09:22 AM

MANILA, Philippines - President Benigno "Noynoy" Aquino III has just received his first paycheck -- P63, 002.17 after taxes (about  $1,392) -- for the month of July.

A photo of Aquino holding his paycheck was released by the Malacañang Photo Bureau on Wednesday. The check was dated July 30 but was released on Monday, August 2.

Presidential spokesman Edwin Lacierda admitted Wednesday that Aquino had already received his first paycheck after a month in office. He said, however, that he will ask the President how he plans to spend his money.

Aquino's salary is pegged at over P90,000, equivalent to Salary Grade 33 (SG 33), which is accorded to the highest position in the Philippine government, according to Republic Act 6758 or the Compensation and Position Classification Act of 1989.

However, the Chief Executive gets a 35% pay cut from his monthly salary due to mandatory deductions such as withholding tax, Pag-IBIG, Philhealth and GSIS.

Aquino is the first unmarried Philippine president as well as the first president with no children. He is set to move into the Bahay Pangarap Malacañan, a one-bedroom villa which had to be renovated to allow staff to stay with the president. -- with a report from Willard Cheng, ABS-CBN News