The BSP’s Consumer Expectations Survey released early this month indicated that 26.9% of our households have savings. Of these households with savings, 67 percent have bank deposit accounts; 10 percent put their money in cooperatives, paluwagan and other credit/loan associations; while 23 percent kept their savings at home.
I believe all the above three issues can be dealt with by increasing financial education and stronger consumer protection coupled with developing the entrepreneurship and management competencies of individuals and the SMEs.