It takes a lot of money to be among the high net worth individuals in the Philippines.
If you want to achieve wealthy elite status, you will need around P5,000,000 ($102,436) in annual pre-tax income to be in the 1% and about P1,300,000 ($26,512) to be in the 10%.
Seems achievable? Perhaps, if one can overcome several challenges.
According to the Index of Economic Freedom, the Philippines remained moderately free in 2021. It ranked 73rd in the overall index and 12th among Asia Pacific countries.
The government faces challenges in weaknesses in the judicial system, and its failure to effectively address chronic corruption.
Companies are faced with an overly bureaucratic and costly regulatory environment. The unemployment rate is at 8.7% as of April 2021.
So do you think that there's enough opportunity for you to earn something more significant than what you are currently getting? Do you feel that the country has the right conditions for a common Filipino to prosper?
Have your say in our poll and leave us your thoughts.
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