'P120K' monthly budget the minimum for a family of 4 - NEDA


Every Filipino family aspires for a simple and comfortable life -- where food, shelter, education, and a slew of material possessions such as car are considered. That is before leisurely things such as travel are factored in.

But that may not be so simple, as National Economic and Development Authority (NEDA) estimated that for a family of four, a gross monthly income of at least P120,000 is needed to make life easier for themselves.

Expounding on the results of its Ambisyon Natin 2040 survey which had its soft launch in March, NEDA director general Emmanuel Esguerra said the lifestyle aspired for by most Filipinos (79 percent of survey respondents) is actually that of a middle class living standard centered on the family.

"In speaking about these aspirations in life, words like ‘magulang,’ ‘anak’ and ‘pamilya’ were often used. At first, we thought we were just getting modest aspiration goals but these are actually middle class aspirations," said the NEDA chief during the Ambisyon Natin 2040 Media Forum with the Economic Journalists Association of the Philippines (EJAP).

The 'P120,000' monthly figure came up, factoring in the car and house and lot amortizations, as well as taxes that would have to be paid and allowances for emergency needs and exigencies.

The respondents defined "simple and comfortable life" as the type that is free of worry and hardships with their families.

NEDA deputy director general Rosemarie Edillon said most Filipinos fail to attain this kind of lifestyle partly because many are trapped in the cycle of poverty as parents have failed to secure a comfortable retirement, thus burdening their children, who themselves fail to secure their own future.

Such a cycle, she said, leads to missed demographic dividend.


As such, she said it is important for Filipinos to be financially literate and for women to have increased participation in the labor force.


Source: Philstar

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