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Manila Bulletin devider Business devider DOF: Average Filipino income will double to P378,000 by 2030

DOF: Average Filipino income will double to P378,000 by 2030

Published May 27, 2024 10:41 pm

The Department of Finance (DOF) has projected that the average yearly income of Filipinos is on track to almost double in the next six years to around P378,000, propelled by the expanding middle class.

Currently, Finance Secretary Ralph G. Recto revealed that the average income per person in the Philippines stands at $3,541, or roughly P206,000 annually.

Given the current pace of economic growth, Recto said that the typical income for Filipinos could nearly double by 2030, reaching $6,500, equivalent to P378,150 at the present exchange rate.

Recto attributed this rapid income growth to robust local labor market that is driving consumer spending, which accounted for over 70 percent of the economy.

“All our labor force indicators–unemployment and underemployment rates–continue to decline to historically low levels and are even better than pre-pandemic,” Recto said.

“In addition, more and more Filipinos are engaged in formal and stable jobs, constituting the largest portion of our workforce,” he added.

According to the Philippine Statistics Authority, the unemployment rate dropped to 3.5 percent in February.

During the same period, the job quality also improved, with the underemployment rate declining to 12.4 percent.

Recto said enhancing the quality of employment for Filipinos is crucial for the growth of the middle class and “reinforces the Philippines’ path towards becoming an upper-middle-income country next year.”

The DOF chief also cited other key driver of domestic consumer demand—the steady flow of remittances from overseas Filipino workers.

While comprising only four percent of the labor force, he noted that overseas Filipinos contribute remittances equivalent to nine percent of the gross domestic product (GDP) annually.

Recto said these remittances not only serve as a reliable source of income for their families but is also fueling the growth of small businesses in local communities.

“The Philippines is expected to become the world’s 13th-largest consumer market by 2030,” the finance chief said.

Related Tags

Department of Finance (DOF) ralph recto Finance Secretary Average Filipino income yearly
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