More Filipino households saved money in the third quarter this year compared with the previous quarter, results of the latest Consumer Expectations Survey conducted by Bangko Sentral ng Pilipinas show.
The survey showed the percentage of households with savings increased to 36.8 percent from 35.8 percent in the second quarter. Respondents said they saved money for emergencies, education, retirement, health and hospitalization, business capital and investment and purchase of real estate.
“Almost two-thirds [65.8 percent] of household savers had bank deposit accounts while 42.4 percent kept their savings at home and 28.7 percent put their money in cooperatives, paluwagan, other credit/loan associations, and as investment,” Bangko Sentral said.
Meanwhile, the percentage of respondents who reported that they could set aside money for savings during the current quarter declined to 43 percent from 44.9 percent for the second quarter 2017. However, the proportion of those that could set aside 10 percent or more of their monthly gross family income was higher at 40.3 percent from 38.6 percent for the second quarter.