Savings rate in PH still low, BSP survey shows
By Michelle V. RemoOnly one out of four Filipino households has savings, indicating the vulnerability of the majority to risks emanating from emergency situations that require spending.
Only one out of four Filipino households has savings, indicating the vulnerability of the majority to risks emanating from emergency situations that require spending.
The proportion of Filipino households that set aside remittances for savings and investments dropped in the fourth quarter from a year ago, highlighting the need to provide financial education to more people in the country.
The “financial quotient” of Filipinos hit an all-time high of 52.6 points in 2011 as more people in the country have been engaging in savings, investments, and better credit management.
How much of my income should I save? How much of my savings should I allocate for retirement, education, emergency funds and other future costs?—Allan Magtoto, corporate employee via e-mail
Visiting personal finance guru Suze Orman sees the Philippines soon shining in the global community as an investment hub and having more of its households emancipated out of their dependence on overseas remittances.
How can I convince yuppies like me to save and invest more?—Christina Soriano Rosales via Facebook
Households that rely on money sent in by acquaintances and family members working abroad appear to have saved less cash in the third quarter, according to the Bangko Sentral ng Pilipinas. In its latest survey, the BSP reported that 35.5 percent of households dependent on remittances from overseas Filipino workers (OFWs) had less savings in [...]
The Department of Energy (DoE) expects to generate as much as P2 billion in savings every year should the industries participating in the Asean Energy Management Scheme (AEMAS) implement the conservation measures suggested to them. Evelyn Reyes, director of the DoE’s Energy Utilization Management Bureau (EUMB), said in an interview that this was equivalent to [...]
Peso-denominated deposits in the country surged further in April, due mainly to rising incomes and growing confidence in the banking sector. The growing deposit base helps ensure that banks have enough resources to fund—through loans—investment and consumption activities of households and enterprises, said the Bangko Sentral ng Pilipinas. Data from the BSP showed that peso-denominated [...]
Bank deposits in the country hit the P5-trillion mark as of the end of the first quarter, as rising incomes encouraged households and enterprises to save more. Philippine Deposit Insurance Corp. (PDIC) said Thursday that total deposits placed in banks reached P5 trillion in end-March, up by nearly 9 percent from P4.59 trillion in the [...]
Question: Why are the citizens of our Asian neighbors much richer than us Filipinos?—Name withheld by request Answer: This is a question that ‘hits the spot,’ as the saying goes. I just read an article stating that Singapore has the highest concentration of millionaires in the world with 16 percent of its households having at [...]
