More households saved money in the second quarter compared with the first quarter, results of the latest Consumer Expectations Survey conducted by the Bangko Sentral ng Pilipinas show.
The percentage of households with savings rose to 37.4 percent in the second quarter from 36.6 percent in the first quarter. The increase in the number of savers was observed in the provinces while the number of savers decreased in the National Capital Region, the survey found.
Meanwhile, the percentage of respondents who reported that they could set aside money for savings during the current quarter rose to 43.3 percent from 41.8 percent in the first quarter.
Data showed that of the 446 households included in the survey that received remittances from their relatives working abroad in the second quarter, 94.2 percent used the money they received to purchase food and other household needs.
The proportion of households that allotted part of their remittances for education (64.1 percent), medical expenses (46.9 percent), debt payments (22.9 percent), savings (33.9 percent), purchase of appliances/consumer durables (21.1 percent), purchase of house (8.7 percent), and purchase of car/motor vehicle (7 percent) declined.
Meanwhile, the percentage of OFW households who allocated part of their remittances for investment (5.2 percent) and other miscellaneous expenses (4.9 percent) increased.