Filipino household wealth remained largely in non-financial assets, according to a 2021 Consumer Finance Survey (CFS) of the Bangko Sentral ng Pilipinas.
The survey said home appliances and equipment remained the most commonly owned assets (96.6 percent), followed by residential properties (69.9 percent) and vehicles (35.3 percent). Among vehicles, motorcycles (61.7 percent) continued to be the most commonly owned.
A notable shift occurred in homeownership trends, with more families choosing rental accommodations (11.3 percent) compared to the previous survey round (10.2 percent).
Within the appliance category, mobile phones (92.8 percent) continued to surpass televisions (81.1 percent) as the most common household item since the 2018 survey, highlighting the increasing importance of digital connectivity, especially during times of crisis.
Thje BSP said the composition of financial assets revealed interesting patterns of financial behavior. Deposit accounts recorded the highest ownership rates at 35.3 percent, followed by traditional cash savings kept at home (28.7 percent) and the rapidly growing category of e-money accounts (24.3 percent).