SORSOGON UNITED

When we unite, We make our life better

OFW households seen to save less, spend more

By Michelle Remo/Philippine Daily Inquirer

 

THE NUMBER of Filipino households that saved a portion of the remittances they received from migrant family members declined in April, according to the latest survey conducted by the Bangko Sentral ng Pilipinas.

Results of the Consumer Expectations Survey showed that out of 545 households receiving money from abroad, only 38 percent said they had set aside a portion of the remittances for savings.

This was sharply lower than the 50.4 percent registered during the previous survey conducted in January, and slightly down from 38.3 percent recorded the previous year.

According to central bank officials, the drop in the number of households that had set aside cash for savings could signal an even faster rise in consumption in the second quarter, which could support healthy growth of the economy. Money not saved may be used for consumption or investment, they explained.

Rising consumption has its advantages, as demand for goods and services helps increase economic activity, they explained.

But Filipino households are still being encouraged to save a portion of the remittances they get to secure their future, central bank officials said. Savings, especially deposits in banks, form part of funds that are lent out to support investment initiatives.

Meanwhile, the number of OFW households that had earmarked a portion of remittances for investments also dropped year-on-year.

Survey showed that out of the 545 respondent-households nationwide, 7.2 percent said they used a portion of remittances for investments. This was lower than the 8.3 percent recorded in the April 2009 survey, but up from 5.8 percent in the January 2010 survey.

Officials said more Filipinos used portions of their money to save and invest last year, when the global economic turmoil reached its peak. The crisis prompted people to be mindful of their security by saving and investing, and consuming less, they added.

The decline this year in the number of remittance-dependent households that save and invest is consistent with projections of improving economic conditions as the global economy recovers from recession.

Filed under: Kwentong OFW, OFW Corner,

Twitter Updates

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 909 other followers

RSS OUR DAILY BREAD

  • Growing to Know
    “You’re going to be an exchange student!” I was seventeen and thrilled to hear I was approved to study in Germany. But it was only three months before my departure, and I had never taken a class in German. The days that followed found me cramming—studying for hours and even writing words on my hands to memorize them. Months later I was in a classroom in Germ […]

RSS DAILY INSPIRATION QUOTES

  • Inspirational Thoughts and More
    If you are looking for inspiration or you have some to share, you will find something on the Inspirational Thoughts and More page to meet your needs.

RSS DAILY VERSE

  • Matthew 6:6
    But when you pray, go into your room and shut the door and pray to your Father who is in secret. And your Father who sees in secret will reward you.

SHARE THIS BLOG!

Bookmark and Share

Archives

Categories

UPCOMING EVENTS

RSS The Green Economist

  • An error has occurred; the feed is probably down. Try again later.

RSS PINOY OFW

  • An error has occurred; the feed is probably down. Try again later.

FIND OUT MORE! EXPLORE THE BEAUTY OF SORSOGON!!

 

Calendar

September 2019
M T W T F S S
« Nov    
 1
2345678
9101112131415
16171819202122
23242526272829
30  

eRADIO-SORSOGON

pbndzmssorsogon.blogspot.com  

RSS THIS DAY IN HISTORY

  • Shaka Zulu assassinated
    Shaka, founder of the Zulu Kingdom of southern Africa, is murdered by his two half-brothers, Dingane and Mhlangana, after Shaka’s mental illness threatened to destroy the Zulu tribe. When Shaka became chief of the Zulus in 1816, the tribe numbered fewer than 1,500 and was among the smaller of the ...
  • The first Farm Aid concert is held in Champaign, Illinois
    It started with an offhand remark made by Bob Dylan during his performance at Live Aid, the massive fundraising concert held at Wembley Stadium, London, and JFK Stadium, Philadelphia, in the early summer of 1985. As television viewers around the world phoned in donations in support of African ...

PESO EXCHANGE RATES TODAY

OFW-ONLINE SERVICES

poea.gov.ph
 

ARE YOU LOOKING for a JOB?

jobsdb.com
 
jobsdb.com
 
jobstreet.com

nrco.dole.gov.ph   poea.gov.ph         phil-job.net  

   
    sorsogonunited.wordpress.com    
sorsogonunited.wordpress.com   sorsogonunited.wordpress.com
   

Proud to be pinoy

Bicol Blog Community

SORSOGONUNITED VISITORS

  • 196,669 Hits

FROM AROUND THE GLOBE

Free counters!

SORSOGONUNITED FRIENDS

del.icio.us

Top Rated

%d bloggers like this: