Rich people in the Philippines own 1/3 of incomes

James Ryan Jonas

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.
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.
You should also read the following:

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.