The total family income in Bicol Region for the year 2003 reached P90.3 billion at constant 2000 prices. This figure accounted for a 4.3 percent share to the country's total family income generated in 2003. Within the 3-year span, the region's total family income went up by 5.4 percent from P85.7 billion in 2000.
Total family expenditures at constant 2000 prices, on the other hand, was estimated at P79.2 billion in 2003 registering a 6.9 percent increase from the previous reference year's P74.1 billion. This indicates that the Bicolanos generated total savings of P11.1 billion in 2003, lower by 4.4 percent over the P11.6 billion savings made in 2000.
Meanwhile, the average family income declined by 0.7 percent from P95,299 in 2000 to P94,608 in 2003. Average family expenditures, on the other hand amounted to P82,963 in 2003, growing by 0.7 percent from the P82,366 level in 2000. Average savings was estimated at P11,645 registering a 10.0 percent reduction from the 2000 savings of P12,933.
The total number of families rose by 6.1 percent between 2000 and 2003. The total number of families reached 954 thousand, some 55 thousand families more than the 2000 figure.
Number of Families, Total Income and Expenditures Region V: 2000 - 2003