Filipinos prefer to save more

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More Filipinos are willing to save 10 percent or more of their monthly income based on the latest Consumer Expectations Survey done by the Bangko Sentral ng Pilipinas.

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The survey showed that 38 percent of 6,389 households surveyed plan to save at least 10 percent of income compared with 35.6 percent in the previous quarter.

The survey also showed that while families will continue to buy appliances and other gadgets (consumer durables) less plan to buy new cars.

Close to two thirds or 70 percent save in banks, a third keep their savings at home and the rest put their money in cooperatives, paluwagan and other credit/loan associations.

The survey also mentioned that less households , down by 718 families, plan to save maybe in expectation of holiday expenses.

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

Meanwhile, the percentage of respondents who reported that they could set aside money for savings during the current quarter was broadly unchanged at 35.6 percent from the 34.9 percent in the previous quarter.

The BSP survey said the number of households with savings from remittances received from relatives abroad also went up in the fourth quarter.

Of the 558 households polled, the percentage of overseas Filipino worker (OFW) households that used their remittances for savings rose to 42.1 percent from 39.7 percent in the third 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 72.2 percent of the OFW households allocated part of their remittances to education, 56.3 percent to medical expenses and 42.1 percent to debt payments.

The survey, on the other hand, showed those that allotted their remittances for investment and for the purchase of consumer durables and house remained steady, while those that apportioned part of their remittances to purchase cars/motor vehicles decreased.

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 October 1 to 11 and surveyed 6,389 hous holds nationwide.

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