More Filipinos setting aside money for investments
More households saved up money during the first three months of 2017 partly for potential investments, including property purchases.
The Bangko Sentral ng Pilipinas’ (BSP) consumer expectations survey for the first quarter showed that the percentage of households with savings increased to 34.9 percent from 32.6 percent during the fourth quarter of last year.
“According to respondents, they save money for the following reasons: emergencies, education, retirement, health and hospitalization, business capital and investment, and purchase of real estate,” the BSP said in the report.
The number of respondents who said they could set aside some amount to save during the January to March period also rose to 45.1 percent from 41.1 percent in the previous quarter.
The survey showed that over two-thirds or 67.6 percent of households deposited money in their bank accounts.
Almost two out of five households or 39.6 percent of respondents, meanwhile, kept their savings at home.
More than a fifth or 22.9 percent put money in cooperatives, “paluwagan,” other credit/loan associations, as well as investments in insurance or stocks.
However, the percentage of households receiving money from overseas Filipino workers (OFWs) that were able to save up declined to 36.9 percent in the first quarter from 46.8 percent during the fourth quarter of 2016.
“The decline in the percentage of households that allotted remittances for savings could be due the higher prices of goods and expected increase in expenditures in their basic goods and services,” the BSP said.
OFW households that allocated part of the remittances they received for investments also declined to 6.2 percent from 10 percent a quarter ago, alongside slight declines in the number of those who bought appliances, houses, as well as motor vehicles, the survey showed.
