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Filipinos increased savings in 2nd quarter

MORE Filipino households were able to save money in the second quarter of 2017 compared to the first quarter, results of a latest Consumer Expectation Survey conducted by Bangko Sentral ng Pilipinas during the period show.

The percentage of households with savings increased to 35.8 percent from 34.9 percent in the previous quarter. The percentage of households with savings increased in both the National Capital Region and areas outside NCR.

“According to respondents, they save money for emergencies, education, retirement, health and hospitalization, business capital and investment, and purchase of real estate,” the regulator said.

Almost two-thirds [64.9 percent] of household savers had bank deposit accounts while 44.9 percent kept their savings at home and 28.6 percent put their money in cooperatives, “paluwagan,” other credit/loan associations, and as investment.

Also, the percentage of respondents who reported that they could set aside money for savings during the current quarter declined slightly to 44.9 percent from 45.1 percent for the first quarter 2017.

Moreover, the proportion of those that could set aside 10 percent or more of their monthly gross family income was lower at 38.6 percent from 41.4 percent for the first quarter 2017.

The same survey found out that of the 434 households included in the survey that received remittances from their relatives working abroad for the second quarter, 97 percent used the remittances that they received to purchase food and other household needs.

“The proportion of households that said so as well as those that allotted part of their remittances for education [68 percent], investment [4.4 percent] and other miscellaneous expenses [1.2 percent] declined,” Bangko Sentral said.

Meanwhile, the percentage of oversea foreign worker households who allocated part of their remittances for medical expenses (60.8 percent), savings (45.9 percent), debt payments (43.1 percent), purchase of consumer durables (25.3 percent), purchase of house (16.4 percent), and purchase of motor vehicles (7.4 percent) increased.

Topics: Filipino households , Bangko Sentral ng Pilipinas , Consumer Expectation Survey
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