Sunday, September 26, 2010
We are all middle class now?
This year, the Asian Development Bank classified the new Filipino middle class as the following:
1. The lower middle class, numbering 27.43Million people, who consume P86–P172 per person per day.
2. The 17.11 million “middle-middle” class—consumes at P172–P430.
3. The 3.31 million upper-middle class consumes P430–P860 per day.
The ADB key indicators for the Asia and the Pacific also indicate the following profile of the Asian middle class:
A. They have preference for fewer children.
B. They are regionally concentrated where Manila got 22% of the share.
C. They are better educated.
D. They are more likely to invest in the schooling of their children.
E. They spend a larger share of their budget on health and education.
F. They run businesses, usualy small, undercapitalized, have low resource commitments, and are often unprofitable.
G. They are much more likely to work in government and corporations in particular.
H. They have greater support for market competition and perceiving significant
prospects for upward mobility.
I. They create incentives for entrepreneurship and increased productivity through hard work.
J. They have the greatest participation in political activities.