Filipino households with savings rise

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The percentage of Filipino households with savings among a sample group of respondents to the consumer survey conducted for the second quarter of the year by the central bank has increased.

However, not all of those who indicated they had savings replied in the affirmative when asked further if they were setting aside more money to boost their savings for the immediate future.

The results of the latest Consumer Expectations Survey (CES) showed that the number of households with savings, in proportion to the 6,027 households surveyed, rose to 30.3 percent in the second quarter from 28.9 percent in the previous quarter.

The savings were intended for emergencies; health and hospitalization; retirement; education; and business capital and investment.


The CES conducted by the Bangko Sentral ng Pilipinas (BSP) also showed that almost two-thirds, or 65.2 percent of household savers have bank deposit accounts, while 23.5 percent kept their savings at home and 11.4 percent put their money in cooperatives (paluwagan) and other credit/loan associations, as well as in government non-financial institutions, such as the Social Security System, Pag-IBIG Fund and Philippine Health Insurance Corp.

However, the number of those that could or were capable of saving 10 percent or more of their monthly family income declined to 36.3 percent from 43.2 percent in the previous quarter’s survey results, it said.

OFW remittances

The BSP survey said the number of households with savings from remittances received from relatives abroad also went up in the second quarter to the second highest percentage since the nationwide survey started in 2007.

Of the 560 households polled, the percentage of overseas Filipino worker (OFW) households that utilized their remittances for savings rose to 46.6 percent from 45.4 percent in the first quarter.

The survey showed that 96.1 percent of OFW households used the remittances that they received to purchase food.

More than two-thirds or 69.5 percent of the OFW households allocated part of their remittances to education, 64.6 percent to medical expenses and 48.9 percent to debt payments.

Similarly, the survey showed an increase in households with OFWs that allocated some of their remittances to the purchase of consumer durables and investment. Those that set aside remittances for purchases of motor vehicles and property remained broadly steady.

The CES is a quarterly survey of households drawn from the Philippine Statistics Authority-National Statistics Office’s Master Sample List of Households, which is considered a representative sample of households nationwide. The survey was conducted from April 1 to 12 and surveyed 6,027 households nationwide.

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