Richest 10% owns 1/3 of incomes in the Philippines
January 12, 2008
An Inquirer article published today reported that the richest 10% of families in the Philippines holds more than a third of the country’s total income.
According to the National Statistics Office, the richest 1.74 million families earned 36% of the aggregate family income of around P3 trillion ($74 billion) in 2006.
Who are these families? Well, they include the Ayalas, the Sys, the Tans, the Tys, and the rest of the 40 richest Filipinos.
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How about the family of Juan de la Cruz? According to the same report, the average income of a Filipino family is $12 a day or $4,380 a year, or roughly P180,000 per year.
Only goes to show how the income disparity between the poor and the rich in the Philippines just keeps on getting bigger.
Although the government should be tasked to help uplift the lives of the poor, the poor themselves should also strive harder to make money. Rather than irresponsibly spending hard-earned money on malls that only makes the Ayalas and the Sys richer, people should invest and grow their money or use it to start their own business.
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January 17th, 2008 at 10:03 am
Yup, it’s been that way not just in the Philippines but also in other countries. But it gets more alarming if the income disparity widens, and that’s when the government should really step in. Still, although I believe the government has a hand on this thing, the people themselves should not just wait until the government helps them. They should not just rely on the government and instead try to help themselves.
Be in the Richest 40 in the next 10 years, Moonburst? That’s not impossible! I’m sure you can do it. Let us know once you’ve gotten into the list. ;)
January 15th, 2008 at 4:46 pm
I think that it will always be that way. The rich getting richer and the poor getting poorer. We do need the help of the government the most. We also need to keep our skilled people here in the Philippines instead of witnessing the exodus of talented and skilled people. When that will happen? I don’t know, but hopefully we can change it soon. Maybe I will be in that top 40 in the next 10 years? Hehe, here’s to hoping.