KALIBO, Aklan – The average annual income of families in Aklan rose by 17 percent in 2023, according to the latest Family Income and Expenditure Survey (FIES) by the Philippine Statistics Authority (PSA).
Preliminary data from the PSA showed that the average family income in Aklan increased to PHP 329,010 in 2023, up from PHP 281,070 in 2021.
The rise was attributed primarily to a 5.1 percent increase in salaries and wages from 2021 to 2023, followed by a 0.5 percent increase in earnings from entrepreneurial activities and a 0.4 percent rise in cash receipts from abroad.
Meanwhile, family expenses also increased by 14.5 percent, from PHP 216,230 in 2021 to PHP 247,560 in 2023. This resulted in an average family savings of PHP 81,450 for the year.
In terms of income deciles, the average income of families in the 1st decile (the lowest 10 percent) was PHP 176,000 per year, while families in the 10th decile (the highest 10 percent) earned an average of PHP 812,000.
This means that the richest families in Aklan earned almost five times more than the poorest families.
On the expenditure side, families in the 10th decile spent PHP 475,000 annually, while those in the 1st decile spent PHP 170,000—a threefold difference.
Around 42.4 percent of total family expenses went to food and non-alcoholic beverages, followed by housing, utilities, and fuel at 21.0 percent.
Other major expenses included transportation at 6.5 percent and health at 4.4 percent. Personal care, social protection, and education accounted for 3.9 percent and 3.6 percent, respectively.
The Gini coefficient, a measure of income inequality, dropped to 0.3790 in 2023 from 0.4541 in 2021, indicating a reduction in income disparity between rich and poor families in Aklan.
A Gini coefficient of 0 represents perfect income equality, while 1 signifies absolute inequality.
