Philippine poverty falls to record low, but many still feel insecure

Philippine poverty falls to record low, but many still feel insecure Despite cutting poverty to a record-low 9.7 per cent, high costs and climate risks leave millions of Filipino families on edge Yet for families like Vhan Castro’s, there is a big difference between being officially counted as middle class and actually feeling financially secure. The 34-year-old earns an average of 40,000 pesos (US$650) a month for his family of four through a patchwork of side hustles – from renting out a van for long-haul journeys to running a vehicle repair garage. By the official benchmarks, that income places his family in the middle class. But the lived reality – strained by the Philippines’ rising cost of living and fuel prices – is more complicated. The couple have managed to put aside some savings, but healthcare costs and other concerns weigh heavily on them.