NEDA: Only 1% of Pinoy families enjoying comfortable life
While the economy may have posted record growth, only one percent of Filipino families are capable of enjoying a “comfortable” life, according to the National Economic and Development Authority (NEDA).
In a study, NEDA said a family should have at least a gross monthly income of P120,000 to enjoy a “comfortable” life – that is being able to own a car and a mediumsized house, have enough money for day-to-day needs, send children to college, spend leisure time with friends and take occasional trips around the country.
“It turns out that only less than one percent of Filipinos can afford this. Even if you put in the underestimation in the upper class, you could probably be looking at one to 1.2 percent only of Filipinos enjoying this right now. So this has got to change,” NEDA deputy director general Rosemarie Edillon said at yesterday’s AIM Policy Center’s Towards a Shared Prosperity Conference.
“For every Filipino family to be able to enjoy this ‘matatag, maginhawa at panatag na buhay’ (stable, comfortable, peaceful life) will require fiscal policy, monetary policy and regulatory policy,” Edillon added.
NEDA in March this year unveiled its Ambisyon Natin 2040 survey, which sought to determine the medium-term and short-term aspirations of Filipinos regarding standard of living, finances, security and ease of transacting with the government. “It’s about having a matatag
na buhay. It’s a life together with the family, time with family and friends. There’s worklife balance and travel opportunities. It’s about having a comfortable lifestyle, free from hunger and poverty, there’s secure ownership and they don’t have to worry that they will be evicted the next day.”
But she said the P120,000 minimum income level requirement for a “comfortable” living may be brought down to P57,000 if public transport system greatly improves or if more parks and vacation sites are opened where families can spend leisure time for less.
Greater competitiveness in construction, housing and other enterprises can bring down consumer goods and enable families to live comfortably at less cost.
In the first quarter of the year, growth domestic product expanded by 6.9 percent, making the Philippine economy the fastest growing among 11 selected Asian economies, even outpacing China’s 6.7 percent.