Monday, April 18, 2011

More Filipinos poorer in 2010

The socio-economic graph of the Philippines remains pyramid-shaped, with the base growing alarmingly wider.

Karen V. De Asis reports on the Friday issue of Philippine Daily Inquirer (B2-4),

"The size of the country's middle class has been declining steadily over the last ten years, according to a consumer research organization.

While the elite AB class has remained stable at 2 percent, what has changed dramatically is the size of the middle and lower income bracket, with the middle C shrinking from 18 percent in 2001 to 12 percent in 2010. On the other hand, the class D income households grew from 56% in 2001 to 64 percent in 2010.

To put it simply, the figure of the middle class decreased and the numbers of the working class are growing. More Filipinos have become poorer in 2010.

In economics, Class D refers to the "working class." These are semi and unskilled manual workers or those employed with below-average incomes, and sometimes including the unemployed.

Kantar Worldpanel also reported that Filipino consumers continue to be bargain hunters. Also, while Filipino consumers remain brand conscious, they are happy to patronize local brands.
Much has been said as to why the Philippines remain third world. Some blame it on bad governance, and there are those who blame it on the complacency of the poor.

Here's just one of varying opinions, as delivered by The Proud Monkey: