More Filipino households are saving up for the rainy day, according to the latest survey released by the Bangko Sentral ng Pilipinas.
However, those with bank accounts declined in the quarterly survey titled Consumer Expectations Survey.
In the first quarter of 2019, 36.6 percent of households were cited to have savings as compared to the 32.8 percent in the previous quarter.
Meanwhile, 63.9 percent had bank accounts, against the 68 percent the previous quarter.
Most household savings were allotted for emergencies, health and hospitalization, education, retirement, business capital and investment, as well as purchase of real estate.
Of 443 households that received remittances from Overseas Filipino Workers, 95.5 percent said they allot the money to buy food and other basic needs.
Breakdown of household remittances spending (multiple choice survey):
65.7% Education
46.3% Medical expenses
33% Savings
21.4% Debt payments
10.2% Purchase of house
3.8% Investment
Percentage of OFW remittances that go to consumer durables (multiple choice survey):
19.2% Appliance
10.2% Cars/motor vehicles
3.2% Miscellaneous expenses
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