By Robert B. Roque, Jr.
As soaring fuel prices continue to weigh down Filipino consumers, the Philippine Statistics Authority (PSA) points to it as the main driver for the four-percent inflation we’ve seen in March. Analysts anticipate this upward trend in fuel prices to continue and so woe to us who will have to contend with higher prices of goods and cost of living.
Making things worse, energy officials warn of inevitable increases in electricity costs in the coming months. The way it stands now, Filipinos spend more than 61.5 percent of their income to pay for utilities – electricity, gas and water, broadband, and mobile data.
Based on a study done by UK-based energy consultant Utility Bidder, that figure is scary, to say the least. The research firm said that out of the 51 countries mentioned in the report, the Philippines ranked third as the top spender on utilities relative to our country’s average monthly income, which was pegged at $286 or about P14,500.
Interestingly, while we usually hear people complain about their power bills, the same Global Cost of Utilities report showed that only 3.3 percent of Filipinos’ average monthly wages are spent on electricity bills.
So as it turns out, Filipinos spend so much more – about 38.9 percent of monthly income – particularly on gas and water. That makes the Philippines the second biggest spender on cooking gas and water, which presumably includes purchased drinking water.
Of course, it remains lamentable that we have no choice but to spend more than half of our hard-earned money on utilities, given the crucial role they play in our daily lives. Utility Bidder itself acknowledged that “utilities are crucial for societies to function” and “play a vital role in both economic and social development around the world.”
Here’s the hard fact we have to face: While it is sometimes easier to just complain about paying for the energy we use, it may be good to manage our consumption better.
The UK-based energy consultant itself pointed out that “energy bills are still on the rise and set to continue on the same course” with the recent hike in fuel prices and reminded us that practicing energy efficiency by making small changes in habits will be good, not only to the wallet but also to the environment.
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