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A look at Filipino money habits

The Bangko Sentral ng Pilipinas released results of the first Consumer Finance Survey (CFS) in the country.
By Joyce Roque |
<> The survey also showed that about a quarter of households owned at least one vehicle. Among those households who owned vehicles, 54.9 percent owned motorcycles, followed by cars/AUV/SUV/vans  (32.2 percent of households), tricycle (19.4 percent) and other vehicles for agriculture-related use such as motorized boats (4.1 percent), “kuliglig”—improvised motorized vehicles (1.9 percent), and tractors (0.8 percent).

  

Deposits

The most popular type of depository institution for Filipinos were commercial banks  at 77.3 percent. The remaining 22.7 percent were: rural/cooperative banks (8 percent), savings/thrift banks (5.3 percent), multipurpose/credit cooperatives (4.9 percent), microfinance banks (2.2 percent), savings and loan associations (1.3 percent), paluwagan (0.5 percent) and others (0.5 percent).

 Not all deposit accounts were interest-bearing though. Only 6 in 10 households had interest-paying deposit accounts. This indicated that a significant number of deposit accounts had an average daily balance below the required amount to earn interest or had earned a negligible amount of interest.

 

Overall, the survey found that there is a pressing need for an inclusive financial system that reaches to those who are otherwise "unbanked." Second, the BSP must continue to educate Filipino households on the advantages of saving in banks and investing in financial instruments.

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To read the full report, click here.


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