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Manila Bulletin devider Business devider PH savings rose 35% in 2023, surpasses pre-pandemic record

PH savings rose 35% in 2023, surpasses pre-pandemic record

Published Jun 27, 2024 06:05 am

The Philippines’ total savings rose to P6.60 trillion in 2023, breaching the pre-pandemic record, data from the Philippine Statistics Authority (PSA) showed.

The PSA’s latest consolidated accounts and income and outlay accounts report released on Thursday showed the country’s 2023 gross saving increased 35 percent from P4.89 trillion in 2022.

A country’s gross saving represents the difference between gross national disposable income, and the total goods and services consumed by the government and households.

Prior to the the pandemic, the country’s gross savings amounted to P6.15 trillion in 2019.

PSA said gross national disposable income last year rose 15 percent to P28.67 trillion.

Households, including non-profit institutions serving households and the general government recorded savings of P219.41 billion and P152.26 billion, respectively, following three years of negative growth.

Meanwhile, non-financial corporations comprised the highest gross savings at P4.52 trillion, followed by financial corporations with P1.71 trillion savings.

Among the factors of production, gross operating plus remained to record the highest share of 57.3 percent, followed by compensation of employees at 35.5 percent, taxes less subsidies on production and imports at 7.2 percent.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, said that the increase in savings may be attributed to the country's improved demographic in recent years.

“The Philippine population is the world’s 12th largest at more than 113 million with an average age of below 25, thereby fundamentally supporting the relatively fast growth in the economy and also the much faster/better growth in savings rate,” Ricafort said in a message.

He also added that businesses and industries hit by pandemic have been recovering and therefore boosting incomes and savings.

"The country’s move towards middle income country status would fundamentally help sustain future growth in per capita income levels and consistently also in savings rate as well for the coming years/decades," Ricafort further said.

Related Tags

Philippine Statistics Authority (PSA) gross domestic product (GDP)
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