The Manila Times

NUMBER OF HOUSEHOLDS WITH SAVINGS DROP – SURVEY

MAYVELIN U. CARABALLO

A NATIONAL survey by the Bangko Sentral ng Pilipinas (BSP) showed that fewer Filipino households saved money for emergencies and other requirements in the second quarter (Q2) of this year.

According to its most recent Consumer Expectations Survey, the proportion of households with savings decreased from 31.1 percent in the prior quarter to 29.7 percent in April-June.

“This was observed across all income groups. By geographical area, the number of savers in the NCR (National Capital Region) remained steady, but declined in AONCR (areas outside NCR),” it said.

Among the reasons cited by respondents on why they save money were emergency, health and medical costs, retirement, education, home purchase, and business capital and investment.

The central bank said “respondents with savings kept their money, wholly or partially, in various institutions.”

The percentage of household savers who kept their money in banks fell from 71 percent in the previous survey to 69.3 percent.

Fifty percent of respondents said they kept their money in their houses, but 35.7 percent said they looked into cooperatives, paluwagan (savings clubs), credit/loan groups, investments, and other businesses including microfinance and insurance to safeguard their funds.

“When asked if households would set aside money for savings in Q2 2022, the percentage of respondents that answered affirmatively increased to 34.3 percent from 32 percent in Q1 (first quarter) 2022,” the BSP mentioned.

Notably, it said more people — 31.7 percent compared to 29.3 percent in the previous quarter — would set away between 5 and 9 percent of their monthly gross family income for savings.

The central bank also noted that the proportion of respondents who would save less than 5 percent of their gross monthly family income fell from 35.5 percent a quarter earlier to 33.5 percent.

Meanwhile, it said the proportion of people who will save at least 10 percent of their income remained stable at 34.8 percent, down from 35.2 percent in the previous survey.

Business Times

en-ph

2022-07-04T07:00:00.0000000Z

2022-07-04T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281835762398213

The Manila Times