Its beginning to cost a lot like Christmas and the rich feels poor while the poor feels poorer.
In June 2018, Socioeconomic Planning Secretary Ernesto Pernia of The National Economic and Development Authority (NEDA) clarified that a family of five in the Philippines needs P42,000.00 or $800.00 a month in order to live above the poverty line or to say,survive. It means that in a family with three children and two working parents, each parent must earn P21,000.00 or $400.00 per month net of tax.
Upon reading the article containing the statement of Secretary Pernia, I am but surprised. P42,000.00 a month will do? How come I don’t feel it? Does it mean that if I have that amount monthly plus the 13th month pay, I can live comfortably without loans? Or “above the poverty line” has another meaning?
With the figure given by the NEDA itself, I decided to make a budget out of it. I used the most practical and cheap estimates, a thrifty family will spend.
Here’s the situation: We have a family of five composing of two minor children, one house-help/nanny and two working parents earning P21,000.00 per month each. In a year, the family is earning P546,000.00 including the 13th month pay of the parents. They don’t have their own car and they are renting an apartment 43-kilometer away from work.
Here it goes:
So what do you think? Decent enough? Well let me think again.