September 23, 2019
THE number of Filipino households with savings rose to an all-time high in the third quarter of 2019, data from a nationwide Bangko Sentral ng Pilipinas (BSP) poll showed.
According to the latest Consumer Expectations Survey (CES), 37.5 percent of the 5,488 respondents said they had money set aside, up from 35.3 percent in the previous quarter.
“The higher number of savers was observed across income groups. By area, the number of savers in AONCR (areas outside the National Capital Region) increased, but decreased in NCR,” the central bank said.
Also, the number of respondents who said they had bank accounts rose from 66.9 percent a quarter ago to 67.1 percent.
However, 43.6 percent still keep their savings at home while 32.9 percent put their money in cooperatives, paluwagan (rotating savings and credit association), other credit/loan associations, and investments like insurance.
Respondents said their savings were intended for emergencies, health and hospitalization, education, retirement, business capital and investment and purchase of real estate.
Families with savings from remittances sent by relatives abroad also increased in the third quarter.
Of the 491 included in the survey, the percentage of overseas Filipino worker (OFW) households that used remittances for savings was higher at 37.3 percent from 33.9 percent in the second quarter.
The survey showed that 96.1 percent of the OFW households used the remittances received to purchase food and other needs.
The percentage of OFW households that apportioned their remittances for education, (68.8 percent) purchase of house (11.4 percent) and motor vehicles (6.5 percent) decreased compared to the second quarter survey results.
Meanwhile, the proportion of OFW households that allotted part of their remittances for medical expenses (54.8 percent), debt payments (23.6 percent), purchase of consumer durables (20.6 percent) and investment (7.9 percent) increased compared to the previous survey results.
The latest CES was conducted from July 1 to 13, 2019 with a sample size of 5,488 households nationwide.
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