Article: "So, are you rich?"

[ghosthunter]

http://www.abs-cbnnews.com/search/no...%20rich?page=1

[SIZE="5"]So, are you rich?[/SIZE]
abs-cbnNEWS.com
Posted at 07/05/2010 11:04 AM

MANILA, Philippines - This year, to be counted in the country's elite segment, a family must earn at least P199,927 a month -- or about P2.39 million annually.

This is a leap from the minimum monthly income requirement of P166,673 (or about P2 million every year) back in 2006.

Romulo Virola, secretary general of the National Statistical Coordination Board (NSCB), said the latest figure was drawn from special computations using the results of the 2000, 2003 and 2006 Family Income and Expenditure Survey (FIES) and Consumer Price Indexes.

FIES is a survey conducted by the National Statistics Office once every 3 years.

"Since the results of the 2009 FIES have not been released, this study will use the results of the 2000, 2003 and 2006 FIES," Virola said in his latest column at the NSCB website. (Read his column here)

In 2006, Virola noted that only 19,738 families -- or 0.1% of the estimated 17.4 million families in the country -- belonged to the Philippines' elite segment.

A number of rich families in the country were lost to the lower-income groups through the years, just like the middle-class families. (Read story here)

"It would have not been so bad if the decrease in the share of the high-income class families actually translated to an expansion of the middle class. However, as pointed out...only the share of the low-income class families consistently expanded between 2000 and 2006," Virola said.

High spenders

Based on the latest data, elite families don't only earn more -- they also spend more.

According to the 2006 FIES, a high-income family spends an average of P21,184 a month. This is 2.4 times the amount spent by middle-income (P8,702) families, and 5.7 times more than what low-income (P3,687) families spent on food per month during the same year.

For transportation and communication, families from the elite segment spent about P12,694 per month in 2006. The amount is a far cry from what low- and middle-income families spent on a monthly basis in the same year at P305 and P2,212, respectively.

Virola noted that most low- and middle-income families use public transport so they get to save on gas and car maintenance expenses.

"Malaki siguro ang matitipid nila kung matututo silang mag-MRT o pedicab (The rich could have saved more money if they know how to ride the MRT or the pedicab)," he said.

High-income families also spent more on non-basic commodities, such as durable furnishing, in 2006.

Giving back?

Despite this, Virola said it's also worth noting that elite families gave more back to society through the years.

He said that they spent an average of P2,800 on gifts and contributions per month in 2006, up from P1,300 in 2003 and P767 in 2000.

The amount includes gifts and assistance to private individuals outside the family, contributions to church and religious institutions, and contributions and donations to other institutions.

"The grouchy may consider this a pittance, but it must indicate the growing conscientization of the rich," Virola said. -- Karen Flores, abs-cbnNEWS.com

[jom's]

199,927 pesos/month lang pala rich family na! at considered elite class!

this is the first time I have read something about this and its kinda cool seeing the numbers, sana meron din for other classes ng makita kung saan class ka talaga belong he he ...

[niky]

Wow. I am so not rich.

[TholitzReloaded]

Wow. I am so not rich.

Muntik na ako kung napaaga siguro ako ng gising baka napasama ako sa elite. =)

[chua_riwap]

Walang umaamin ah.......

[Starex_Gold]

Walang umaamin ah.......

No Comment nalang

[frenchtower]

Is P199,927 gross or net monthly earnings? Some people who belongs to high-income bracket are heavily taxed by the government. Look at local celebrities as an example.

[Leif Edward]

Wow!!! muntik na sa level of elite class, pero mahirap din kong puro nalang kayod kayod.....pa relax naman.

[Leif Edward]

Is P199,927 gross or net monthly earnings? Some people who belongs to high-income bracket are heavily taxed by the government. Look at local celebrities as an example.

a [SIZE=4]family must earn at least P199,927 a month[/SIZE] -- or about P2.39 million annually. Gross ata to...Patok na patok dito ang mga OFW lalo na mga Seaman with Management level class, Tax excepted sa government, kaso nga lang pag naka-uwi at tambay na one day millionaire kasi sila.....hehehehe,,,,Marami pa bang ganitong style sa kapitbahay ninyo?

[uls]

a well-run family business can give you that kind of income

real estate agents can make that kind of money too