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

[fourtheboys96]

Wow. I am so not rich.

Don't be sad. I'm with you.

[badsekktor]

What if 20k nga lang income ko, wala naman akong utang, hindi naman ako mahilig sa mga gadgets at iba pang mga luxuries kumbaga hindi ako materialistic. At hindi rin ako naiinggit sa ibang tao. Simple lang mga damit ko. Halimbawa isa akong misyonaryo o di kaya isa akong matinong public servant na kuntento at ang fulfillment lang sa buhay ay magserbisyo sa iba. Yung tipong "making a difference" ang dating ng pag-iisip.

Sa 20k, palagay ko kayang bumuhay ng simple na yan ng family of 3 at syempre uunahin ko ang savings bago expenses then invest ang savings to earn more than the inflation rate. Baka makakasapat na rin yan para sa retirement ko in the future, probably sa age na 60-65.

So, am i rich?

sad to say you are not rich if you live that life. Even if you save all your monthly earnings, that would only cost lets say 20000 salary X 12 months X 40 years fo work which is 9.6 million when you retire, that is if you save your whole salary in your lifetime which is not too much. Then you need a house at least... kahit wala ng sasakyan. So mababawasan kaagad yun, then yun inflation which will affect the true vallue of your money. Paano pa yun daily expenses mo at yun healthcare ng buong pamilya mo?

Yes mabubuhay ka pero you're not rich. Rich people probably have 3 cars , no consumer debts (business debts is okay especially for capital spending) except credit cards which will be paid in full anyway at the end of the billing period, tapos a nice 500 sqm house and lot in a gated village. Of course its just my idea of a rich person...

i dont think the number of cars and the size of the lot would suffice.... Filipinos, especially OFWs tend to acquire a pretty house on a good village plus a number of cars and live on a meager pension when they retire.

i don't use number-of-cars to determine if someone is rich

there are people who own 2 or 3 late model cars pero nagrerent lang ng apartment

inuna ang oto

well, kasi yan ang nakikita ng mga tao

di naman nakikita kung saan sila nakatira

I agree... meron ako kilala, di makabayad ng utang, pinambayad sa min yun exped saka navigator.... tsk! ang gagara ng oto wala pala pera......

yep

pati gadgets status symbol

ang babaw

the really rich don't look at those things

automobiles are depreciating assets

lalo na gadgets

it's not the cars or the gadgets

it's the buildings

how tall is your building?

how big is your mall?

kasi pre hindi nga naman mabibitbit para ipagyabang di kagaya ng gadgets.

Cars, houses, appliances, and gadgets for me are liabilities. You have to shed money to keep using them.

I would say I am rich if i see my name in the forbes list....

[uls]

I agree... meron ako kilala, di makabayad ng utang, pinambayad sa min yun exped saka navigator.... tsk! ang gagara ng oto wala pala pera......

haha dami ganyan dude

kaya sabi ko wala sa sasakyan yan