Are You Rich?

[OnMyWay]

On 11/1/2018 at 7:42 PM, BrettGC said:

Figured as much... Walking ATMs.  

[OnMyWay]

On 11/1/2018 at 2:33 AM, JJReyes said:

A - PHP1,857,000 (upper class)
B - PHP1,000,000 (upper middle class)
C - PHP603,000 (middle class)
D - PHP191,000 (lower middle class)
E - PHP62,000 (lower class)

I'm just catching up on this thread.  Honestly this seems low, especially on the upper side. p1,857,000 is about USD 35,000.  The upper class in our area certainly seem to make a lot more than that, and the hoards of Manila tourists flooding in here seem to have more.  p2 mil won't even buy you a Fortuner anymore, let alone a Landcruiser or Lexus.  The Triathletes riding $5-10k bikes seem to have a lot.  Hotels here in this 3rd world country (in our area) go for p4000 minimum, and at an average 60% occupancy.  I was just looking at local room rates.  Best Western is p8000 a night!  Where is this money coming from?

 

[OnMyWay]

On 5/21/2019 at 8:20 AM, Jack Peterson said:

It can go on forever but Money doesn't make them any better than anyone else, it can just make a problem go away. As the saying goes "Birds of a feather stick together"  One maid we met at a Birthday party told us Squabble Ha, they will squabble as much as any family and  The Children Well? Nuff said I think because  I am sure None of us can say we know because we don't And if people can say they Rub shoulders with the Top end? what are they doing here on PEF with us mere Poor Mortals

Here in Subic we have a lot of wealthy Filipinos and we are good friends with one wealthy family.  Very down to earth people and apparently they earned their most of their wealth through farm related businesses.  They have the same problems most people have.  I would agree that their attitudes towards life and others might be an exception to the norm.

We also have a lot of wealthy foreigners as neighbors.  I know a lot of them online through two online groups for our neighborhood.  I would say a high % of the ones I think are wealthy are arrogant snobs and look down on others, especially the locals.  The other less wealthy foreigners here are fine and most have laid back attitudes.

[fillipino_wannabe]

1 hour ago, OnMyWay said:

I'm just catching up on this thread.  Honestly this seems low, especially on the upper side. p1,857,000 is about USD 35,000.  The upper class in our area certainly seem to make a lot more than that, and the hoards of Manila tourists flooding in here seem to have more.  p2 mil won't even buy you a Fortuner anymore, let alone a Landcruiser or Lexus.  The Triathletes riding $5-10k bikes seem to have a lot.  Hotels here in this 3rd world country (in our area) go for p4000 minimum, and at an average 60% occupancy.  I was just looking at local room rates.  Best Western is p8000 a night!  Where is this money coming from?

 

Politicians, government employees, OFWs and business owners. There's pretty much zero jobs here that pay $3k per month, I doubt even brain surgeons earn that much on average.

[JJReyes]

1 hour ago, OnMyWay said:

On 10/31/2018 at 11:33 AM, JJReyes said:

A - PHP1,857,000 (upper class)
B - PHP1,000,000 (upper middle class)
C - PHP603,000 (middle class)
D - PHP191,000 (lower middle class)
E - PHP62,000 (lower class)

I'm just catching up on this thread.  Honestly this seems low, especially on the upper side. p1,857,000 is about USD 35,000.  The upper class in our area certainly seem to make a lot more than that, and the hoards of Manila tourists flooding in here seem to have more.  p2 mil won't even buy you a Fortuner anymore, let alone a Landcruiser or Lexus.  The Triathletes riding $5-10k bikes seem to have a lot.  Hotels here in this 3rd world country (in our area) go for p4000 minimum, and at an average 60% occupancy.  I was just looking at local room rates.  Best Western is p8000 a night!  Where is this money coming from?

The amounts are reported income for tax purposes.  It does not reflect what a person actually makes and spends.  Likewise, the figures are the income brackets used by marketing and advertising agencies to target consumers towards certain products.  Automotive commercials are directed to upper middle class and upper class families whose annual declared income might be less than the cash purchase price for an automobile.  

A few years ago, a very aggressive Philippine Commissioner for Internal Revenue targeted private practice medical doctors.  She decided to also look at the expenditure side to determine tax liability.  Her examiners found some clinics reported total income that were less than the rent.  The estimated under reporting was staggering.  The medical associations then went to the president and threatened a boycott.  The BIR had to back down.  However, a few practices have changed.  In the past, you paid hospital bills separate from doctors' bills.  This practice permitted patients to negotiate a discount with their doctors (or for claims by doctors of giving discounts).  Now, the doctors fees are paid through the hospital before discharge.  The BIR has a record of how much the doctors are getting.