Filipino households with savings declined in the second quarter of 2013, according to Bangko Sentral ng Pilipinas survey.
The recently released Consumer Expectation Survey (CES) showed that 22.4 percent of household had savings in the second quarter of the year, lower than the 24.5 recorded in the previous quarter.
“The percentage of households with savings declined among respondents from the low- middle-income groups,” the survey said.
It attributed the said decrease in the number of savers to the expected increases in education expenditures.
Meanwhile, the CES said that respondents were saving money for education, emergency/contingency fund, hospitalization and business capital.
It added that the percentage of households with savings were higher in Metro Manila at 25.6 percent, compared to households in areas outside the metropolis at 21.9 percent.
Furthermore, the survey also showed that 64 percent of respondents with savings had bank deposit accounts, 23.6 percent kept their savings at home, while 11.3 percent put their money in cooperatives, paluwagan and other credit/loan associations.
Paluwagan refers to an organization that pools the participants’ money, by means of daily, weekly, or monthly collections to be collected a leader.
On the other hand, the CES added that the percentage of respondents that expect to save money in the second quarter of 2013 remained steady at 31.9 percent compared to the previous quarter’s survey.
“The expected savings rate of respondents was also unchanged from a quarter ago at 10 percent of their household incomes,” it stated.
The CES is a nationwide survey started in 2007. For the second quarter of 2013, the survey was conducted from April 3 to April 15 with a total sample size of 5,884 households.
Of the total respondents, 3,036, or 51.6 percent were from Metro Manila, while 2,848, or 48.4 percent were from areas outside the metropolis.