Education is valued highly by Filipinos. It is viewed as a primary avenue for social and economic upliftment. Like food and other basic needs, a substantial amount is spent for education. In the 2003 FIES, education accounted for 4.0 percent of the total family expenditures of approximately P20 trillion in the said year.

Increase in average annual family income and expenditure

In 2006, the average annual family income of Filipino families (P173 thousand) was 16.8 percent higher than the 2003 estimated average of P148 thousand.

Correspondingly, the average annual family expenditure of families increased from P124 thousand in 2003 to P147 thousand (18.5%) in 2006.

Adjusting for the inflation between 2003 and 2006, the average annual family income in 2006 (P173 thousand) would be valued at P125 thousand at 2000 prices. Likewise, the average annual family expenditure in 2006 (P147 thousand) would be valued at P107 thousand at 2000 prices.