Filipino families earned an average of P313,000 in 2018, results of the Philippine Statistics Authority’s (PSA) 2018 Family Income and Expenditure Survey (FIES) showed.
The PSA, in a report on Wednesday, said Filipino families’ expenditure for the same year averaged P239,000.
“These figures translate to an average annual savings of P75,000,” it added.
PSA said that adjusting for inflation between 2015 and 2018, at 2012 prices, the average annual family income in 2018 would be valued at P267,000 while the average annual family expenditure for the same year would be P203,000.
“The 2018 Family Income and Expenditure Survey (FIES) is a nationwide survey of households undertaken every three years. It is the main source of data on family income and expenditure, which include among others, levels of consumption by item of expenditure as well as sources of income in cash and in kind,” PSA said.
“The results of FIES provide information on the levels of living and disparities in income of Filipino families, as well as their spending patterns,” it added.
PSA said the average family income ranged from P109,000 (for the lowest 10 percent income group) to P832,000 (for the highest 10 percent income group).
Across regions, families in the National Capital Region had the highest average annual family income at P460,000 while families in the Autonomous Region in Muslim Mindanao had the lowest average annual income at P161,000.
PSA said that in terms of the pattern of spending among Filipino families, the bottom 30 percent income group spent 59 percent on food, compared to those in the upper 70 percent income group with 40 percent.
In 2015, the average family income was estimated at P268,000 while expenditure was at P216,000.
PSA said this translates to an average savings of P52,000 in 2015. Anna Leah E. Gonzales