More households saved money in the fourth quarter compared to the previous quarter, results of the latest Consumer Expectations Survey by the Bangko Sentral ng Pilipinas show.
Data revealed the percentage of households with savings climbed to 30.5 percent in the fourth quarter from 27.5 percent in the third quarter. An increase in the number of savers was observed across all income groups.
The BSP said that by geographical area, the number of savers in the National Capital Region was steady, while the percentage of households with savings in areas outside NCR also increased.
“According to the respondents, they saved money for the following reasons: emergencies, health and medical expenses, retirement, education, housing, and business capital and investment,” the BSP said.
Respondents with savings kept their money, wholly or partially, in various institutions. Among savers, 76.8 percent kept their savings in a bank, a decline from 85.9 percent in the third quarter of 2022. Meanwhile, 64.2 percent kept their savings at home, and 49.3 percent saved in other institutions such as cooperatives, paluwagan, credit/loan associations, investments, and other institutions such as microfinance and insurance for safekeeping of their savings.
