Filipinos' savings have been significantly reduced in the past two years of the pandemic, according to data released by the Philippine Statistics Authority (PSA).
FILIPINOS’ savings have been significantly reduced in the past two years of the pandemic, according to data released by the Philippine Statistics Authority .
“The ‘Consolidated Accounts’ presents a summary of transactions and relationships among the various flows of the economy. Included in this report are production, consumption, income, gross accumulation and economic transactions with the rest of the world,” the PSA said. Compared to the pre-pandemic or 2019 savings of households and NPISHs, the negative savings in 2020 represented a decline in savings of 283.64 percent while the dissaving of 2021 was a plunge of 691.64 percent compared to the period before the pandemic.
PSA data showed that only financial corporation savings grew in the past two years. Financial corporation savings reached P1.457 trillion in 2021, a 3.45 percent increase from the P1.408 trillion posted in 2020.
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