Summary
If you make ₱ 23,232,040 a year living in Philippines, you will be taxed ₱ 8,396,919. That means that your net pay will be ₱ 14,835,121 per year, or ₱ 1,236,260 per month. Your average tax rate is 36.1% and your marginal tax rate is 37.9%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of ₱ 100 in your salary will be taxed ₱ 37.91, hence, your net pay will only increase by ₱ 62.09.
Bonus Example
A ₱ 1,000 bonus will generate an extra ₱ 621 of net incomes. A ₱ 5,000 bonus will generate an extra ₱ 3,105 of net incomes.