• More households report savings

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    THE number of Filipino households with savings improved in the fourth quarter of 2015, according to the central bank’s latest Consumer Expectations Survey (CES).

    The Bangko Sentral ng Pilipinas (BSP) reported that 30.2 percent of 6,020 households surveyed in October said they had money saved up, an increase from 28.9 percent in the previous quarter.

    About two-thirds, or 66.6 percent, had bank accounts, 40.1 percent said they kept their savings at home, and the rest put their money in cooperatives, paluwagan (rotating savings and credit association) other credit/loan associations and investments.

    Respondents said the savings were intended for emergencies, education, health and hospitalization, retirement, and business capital and investment.

    The percentage of respondents who reported that they were able to set aside money for savings also increased to 41.5 percent from 36.2 percent in the previous quarter.

    The proportion of Filipinos willing to save 10 percent or more of their monthly income was also higher at 35.6 percent in the fourth quarter compared to 30.3 percent previously.

    The CES also revealed that households with savings from remittances increased in the fourth quarter.

    Of the 531 overseas Filipino worker households included in the survey, 41.4% used the money sent home from aboard for savings, an increase from 38.2 percent in the third quarter.

    The latest CES, last October 1 to 15, polled 6,020 households nationwide.

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