Filipino households with savings continued to increase in the fourth quarter of 2013, according to a Bangko Sentral ng Pilipinas survey.
The recently released Consumer Expectation Survey (CES) showed that household with savings in the fourth quarter of the year went up by 26.2 percent from than the 24.5 percent recorded in the previous quarter.
“The increase in the percentage of surveyed households with savings was observed among the middle- and low-income groups,” it said.
The survey said that the percentage of households with savings increased significantly in Metro Manila, but remained unchanged in areas outside Metro Manila.
The CES said that respondents were saving money for emergency fund, health and hospitalization, retirement, business capital and investment, and education.
It added that majority or 65.1 percent of the respondents with savings had bank deposit accounts.
Meanwhile, 23.8 percent of respondents kept their savings at home, while 10. 8 percent put their money in a cooperative, paluwagan (savings scheme) and credit/loan associations.
The survey also showed that the percentage of respondents that expect to save money in the fourth quarter of 2013 “edged higher” to 34.6 percent compared to the previous quarter’s survey.
“Respondents that expected to save this quarter anticipated higher income, more working family members, and additional work,” it stated.
The CES also said that four out of 10 respondents expected to save at least 10 percent of their income.
The CES is a nationwide survey started in 2007. For the third fourth quarter of 2013, the survey was conducted from October 1 to 12. It has a total sample size of 5,512 households, of which 2,747 were from the Metro Manila and 2,765 from the areas outside Metro Manila. The nationwide survey response rate for the fourth quarter of 2013 was 97.6 percent.