MANILA -- The number of Filipinos who have set aside some money for a rainy day has risen in the fourth quarter of 2018 compared to the previous quarter, a Bangko Sentral ng Pilipinas (BSP) survey showed.
Results of the Q4 2018 Consumer Expectations Survey (CES) showed that percentage of household respondents who said they have some savings increased from 32.5 percent in the third quarter to 32.8 percent in the fourth quarter of the current year.
The change was registered in the National Capital Region (NCR), it showed. Setting aside funds for emergencies is the main factor why the respondents have savings.
Health and hospitalization came in next and was followed by education, retirement, purchase of real estate, and business capital and investment.
Survey results showed that 68 percent of the respondents have bank accounts, higher than the 66.2 percent in the previous quarter.
As the usual practice, most or about 46.2 percent of these savers put their money at home while 26.5 percent save through cooperatives, “paluwagan,” other credit/loan associations, and as investments like microfinance and insurance.
Asked if the respondents can still set aside money this quarter, 40.2 percent of the respondents said yes, higher than the 37.3 percent in the previous quarter.
“Likewise, the proportion of those that could set aside 10 percent or more of their monthly gross family income was higher at 32.8 percent from 31.6 percent a quarter ago,” it added.
The central bank has strengthened its financial education program to equip more Filipinos the know-how to efficiently use their money and what investments to avail to secure their funds. (PNA)