The average full-year income of Filipino families in 2023 is estimated at P353,230, according to the Philippine Statistics Authority (PSA).
This figure saw a 15 percent increase from the P307,190 average family income in 2021.
The latest estimate is also higher than the pre-pandemic average annual family income in 2018 which was recorded at P313,450.
“Income improved (as) wages increased. If we look back at 2021, during COVID-19, unemployment was high. But in 2023, we bounced back, and many jobs were created,” Claire Dennis Mapa, national statistician, said in a press briefing in Quezon City yesterday.
Meanwhile, Filipino families spent an average of P258,050 in 2023, an increase of 12.8 percent compared to the P228,800 expenditure in 2021 amid higher prices during the period.
Prior to the pandemic or in 2018, the average annual family expenditure was registered at P238,750.
Among the regions, the National Capital Region (NCR) registered the highest average annual family income in 2023 at P513,520.
This was followed by Calabarzon at P426,530 and Central Luzon at P375,240. Meanwhile, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the lowest average annual family income at P206,880 followed by Zamboanga Peninsula at P257,140 and Negros Island Region at P266,290.
Similar with average annual family income, NCR recorded the highest average annual family expenditure among the regions in 2023 at P385,050, followed by Calabarzon at P310,320 and Central Luzon at P298,700.
Meanwhile, BARMM, Mimaropa and Eastern Visayas registered the lowest average annual family expenditure at P168,910, P189,770 and P199,910, respectively.
All regions had an increasing average annual family expenditure from 2021 to 2023.
Zamboanga Peninsula had the largest percentage increase in the average annual family expenditure from 2021 to 2023 at 20.8 percent, while the Cordillera Administrative Region posted the lowest increase at 2.1 percent.
