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Manila Bulletin devider Business devider Banking & Finance devider BSP enhances survey bridging data gaps on households' wealth, debts

BSP enhances survey bridging data gaps on households' wealth, debts

Published Feb 18, 2025 07:49 am

The Bangko Sentral ng Pilipinas (BSP) has strengthened and upgraded its nationwide survey on the financial condition of Filipino households by looking more closely at their income, expenditures, wealth and indebtedness.

The annual Consumer Finance and Inclusion Survey (CFIS) is an enhancement of the triennial Consumer Finance Survey (CFS) which was first introduced in 2012.

The BSP announced on Tuesday, Feb. 18, that the 2023 CFIS has started on Feb. 16, to be conducted by the BSP through the Philippine Survey and Research Center (PSRC).

“The annual survey collects information on Filipinos’ consumer finances and access, ownership, usage of financial products and services,” said the central bank.

The BSP also said the CFIS data will be used to form policies and programs that will help improve access to financial products and services, among others. The data will be crucial in crafting measures designed to expand financial inclusion in the Philippines.

“For this purpose, the BSP through the PSRC, will be interviewing randomly selected individuals across the country to ask questions based on the CFIS questionnaire,” it added.

The survey results, as with all BSP-released statistics will be published in aggregate form to safeguard the identities of the respondents.

Based on the BSP Charter, it is authorized to require from any person or institution any data, for statistical and policy development purposes.

“The data collected will be handled with utmost confidentiality, following the pertinent Philippine laws, and the said data will not be made available to any person or entity outside of the BSP, whether public or private, except under order of the court or such conditions as may be prescribed by the Monetary Board,” said the BSP.

Meanwhile, the BSP is encouraging the selected families to participate the 2023 CFIS to ensure a “more accurate representation of the financial condition of consumers in the Philippines.”

The data on the financial conditions of households includes the financial and non-financial assets owned. The annual survey will also keep track of how much households borrow and their sources of credit, as well as their income, spending and insurance coverage.

Based on last CFS released in 2021, the mid-range salaried Filipino households’ most valued assets are their residential property or house and lot and other real estate such as farm and land.

Conducted pre-pandemic between October 2018 to June 2019, the BSP said 71.6 percent of households owned or co-owned a residential property while 45.4 percent owned both house and lot. About 26.2 percent owned only a housing unit while 8.8 percent of households owned other real property besides their house and lot.

The 2018 CFS described the typical Filipino family as a household of five, with a father in his late 40s and young dependents with ages of below 14 years old. Some have working age members or extended family members.

The last CFS data covered 14,860 households. This was only the second CFS survey conducted by the BSP, the first survey relied on 2014 data.

 

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