Here are some interesting results from the recent Consumer Finance Survey by the Bangko Sentral (Philippine Central Bank):
The Philippines has a young population. The age distribution of
household members showed that 21.5 percent were 5-14 years old, these
figures also indicated that a significant increase in the country’s
labor force could be expected over the next decade
Only a very small percentage of households owned
securities and investment accounts such as stocks, bonds, mutual funds
and unit investment trust funds (0.4 percent).
Most households that owned their house/house and lot acquired the
property through cash payment and inheritance/gift. Only 6.7 percent borrowed
money for their housing.
About 16.2 percent of households owned at least one other real property aside from their residence.
Eight in ten households (78.5 percent) did not have a deposit
account. Among those with no deposit accounts, the main reason cited by
92.8 percent of households for the absence of a deposit account was that
they did not have enough money for bank deposits.
About 40.6 percent of households owned a farm or business. Businesses
of households were mainly in wholesale and retail trade, and
agriculture, hunting, forestry and fishing
Food and beverages consumed at home accounted for 38.5 percent of the
annual household expenditures.
Majority of respondents would not risk their income to undertake
risk-taking activities that could increase their current level of
income. About 7 in 10 respondents chose to stick to
their current level of sure income of P1,500 per week rather than take
the risk of investing in a new product with a 50-50 chance
of either getting P4,500 (three times their current income) or
suffer a loss of P1,500 (equal to their current income).