A family income and expenditure survey (FIES) conducted by the National Statistics Office (NSO) showed that Filipino families increased their income from P173,000 to P206,000 in three years time, from 2006 to 2009. This translates into a 19% family income growth.
However, with the increased in family income comes increased family expenses.
The same survey showed that expenses grew from P147,000 in 2006 to P176,000 in 2009, or an equivalent of 19.7%.
The survey, though, is only preliminary and did not include the poor families. In some cases, the increased income of P206,000 is a combination of the earnings of the husband, wife, and children.
The 2009 FIES showed that the average Filipino family has an annual savings of only P30,000, which is equivalent to P2,500 per month savings. [If you and your family are unable to save P2,500 per month, does it mean you are in a worse position than the average Filipino family? J]
Question: when the breadwinner or one of the income earners of an average Filipino family is unable to work due to illness, accident, disability or death, would the family picture be brighter or dimmer? What should the Filipino family do in order to avoid financial catastrophe in case an income robber comes, i.e., accident, illness, death, emergency or disability (AIDED)?
Your comments are most welcome.
- Sun.Star Cebu, December 14, 2010, p.A8
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