THE number of Filipino households with savings swung to an all-time high in the second quarter of 2015, according to the results of the latest Consumer Expectations Survey (CES) conducted by the Bangko Sentral ng Pilipinas.
According to the survey, 33.9 percent of 6,151 households surveyed said they had savings during the quarter, up from 31.6 percent in the previous quarter.
More than two-thirds, or 68.8 percent, said they had bank deposit accounts, 38.3 percent kept their savings at home, while the rest put their money in cooperatives, paluwagan (rotating savings and credit association) other credit/loan associations, and as investments.
Respondents said their savings were intended for emergencies; education; health and hospitalization; retirement; and business capital and investment.
Meanwhile, the percentage of respondents who reported that they were able to set aside money for savings during the quarter also reached a record high of 42.4 percent from 40.9 percent in the previous quarter.
The survey also showed that the proportion of Filipinos willing to save 10 percent or more of their monthly income remained broadly steady at 36.5 percent in the second quarter compared to 36.2 percent in the previous quarter.
OFW households with savings up
The CES also revealed that households with savings from remittances received from relatives abroad increased in the second quarter.
Of the 580 households polled, the percentage of overseas Filipino worker (OFW) households that used their remittances for savings climbed to 49.7 percent from 39.4 percent in the first quarter.
The survey showed that 97.2 percent of OFW households used the remittances that they received to purchase food and other needs.
More OFW households allocated part of their remittances for education (71 percent), medical expenses (63.3 percent) and debt payments (43.1 percent).
The survey also showed that respondents’ outlook on buying conditions for big-ticket items such as consumer durables, motor vehicles and housing increased during the quarter.
The survey said the percentage of households that considered the current quarter as a favorable time to buy big-ticket items increased to 30.3 percent.
“The more favorable outlook on buying conditions was due primarily to the improved outlook on buying conditions for real estate,” it stated.
The CES said respondents’ outlook was driven by the view that: real property is a good investment and a means to avoid house rental fees; consumer durables provide family entertainment and convenience; and motor vehicles can be both for business and personal use.
The CES is a quarterly survey of households drawn from the Philippine Statistics Authority Master Sample List of Households, which is considered a representative sample of households nationwide.
The survey was conducted from April 1 to 15, 2015 and surveyed 6,151 households nationwide.