MANILA - Filipino households with savings dropped in the fourth quarter of 2017 to 35.6 percent from 36.8 percent in the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said in a statement Friday.
Respondents cited emergencies, education, hospitalization, retirement, investments and real estate purchases for the decline.
Based on the Consumer Expectations Survey (CES), almost two-thirds or 65.4 percent of households have bank savings deposit accounts, while 45.6 percent of households keep their money at home.
Families who said they can save a portion of their monthly gross income dropped to 37.1 percent from 40.3 percent in the third quarter of the year.
In addition, 97.2 percent of households who received migrant workers' remittances in the fourth quarter of 2017 said they spent the money they received on food and other needs.
There was, meanwhile, a decline in the number of households allotting part of money they received for education, consumer durables, housing and investments.
Those who said they spent part of the money they received for medical expenses, debt payments, purchase of motor vehicles and savings increased.