Consumer Finance Survey by Bangko Sentral NG Pilipinas

Consumer Finance Survey
TABLE OF CONTENTS I. About the Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 4 6 6 12 13 17 20 22 22 23 24 27 28 29 30 31 32 35 36 38 38 41 42 47 50 52 53 54 54 59 61 61 66 67
II. Key Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A. Demographic Characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Respondents Residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. Other Real Property Ownership (Apart from Respondents Residence) . 3. Ownership of Vehicles and Other Non-Financial Assets . . . . . . . . . . . . . 4. Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Insurance and Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. Inheritance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. Credit Cards and Other Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C. Income and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. 3. 4. Work and Income of Respondents and Spouses. . . . . . . . . . . . . . . . . . . . . Businesses Including Self-Employed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D. Preferences and Behaviors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Respondents Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III. Policy Implications and Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IV. Statistical Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A. Demographic Characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B. Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 2. 3. 4. 5. 6. 7. 1. 2. 3. 4. Respondents Residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Real Property Ownership (Apart from Respondents Residence) . Ownership of Vehicles and Other Non-Financial Assets . . . . . . . . . . . . . Financial Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance and Pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inheritance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit Cards and Other Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Work and Income of Respondents and Spouses . . . . . . . . . . . . . . . . . . . . Businesses Including Self-Employed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C. Income and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
D. Preferences and Behaviors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Respondents Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A survey conducted by the Department of Economic Statistics
Bangko Sentral ng Pilipinas Manila, Philippines www.bsp.gov.ph
2009
I. About the Survey

Recognizing the growing importance of generating micro data on consumer finances, the Bangko Sentral ng Pilipinas launched the first Consumer Finance Survey (CFS) in the Philippines. The CFS generates data on the financial conditions of households, including what they own (financial and nonfinancial assets) as well as from whom and how much they borrow (sources of credit and level of indebtedness). It also generates data on the income, spending and insurance coverage of households. The survey results also provide a breakdown of respondents residing in the National Capital Region (NCR) and in Areas Outside the National Capital Region (AONCR). The U.S. Survey of Consumer Finances (SCF) which is conducted every three years by the Federal Reserve Board served as the prototype of the Philippines CFS, and guidance for the project was provided by Dr. Arthur B. Kennickell, Assistant Director, US Fed Division of Research and Statistics. The survey covered a sample size of 10,520 households, consisting of 3,872 households (36.8 percent) from the NCR and 6,648 households (63.2 percent) in AONCR, specifically Regions 1 (2,065 households), 7 (2,637 households), and 11 (1,946 households). The AONCR sample regions were selected for two reasons: 1) the Gross Regional Domestic Product (GRDP) of these regions lie in-between the highest and lowest among the regions in their respective island groupsLuzon, Visayas, and Mindanao, respectively, and 2) the presence of BSP Regional Offices in said locations facilitated closer monitoring of the data collection. The selection of sample households in each of the four sample regions followed the sampling design of the National Statistics Office (NSO) Master Sample of Households (MS). The MS utilized a twostage stratified sampling design. In the first stage, households were stratified in terms of Enumeration Areas(EA)/Barangays. A random sample of EAs were drawn in each region with probability proportional to the size (i.e., total number of households) of the EA. In the second sampling stage, a random sample of 12 to 16 households were selected from each of the sample EAs. In each of the sample households, the enumerator identified the person living in the household that is most knowledgeable about the households finances, who was then selected as the survey respondent, using a set of screening questions. The survey respondent is the person that provided information on the households finances based on the questions in the CFS questionnaire. At anytime during the interview, the survey respondent could consult any person or document that could help him answer more accurately the questions being asked by the interviewer. Preparatory work in the development of the CFS questionnaire involved a series of inter-agency workshops to identify the survey coverage and the data to be measured. The workshops enlisted participants from the following: 1) private sector, namely, Bankers Association of the Philippines (BAP), Rural Bankers Association of the Philippines (RBAP), non-bank financial institutions, and market research agencies; 2) government statistical agencies; and 3) some departments/offices in the BSP, such as the Department of Economic Statistics (DES), Department of Economic Research (DER), Center for Monetary and Financial Policy (CMFP) and Office of the Supervisory Policy Development (OSPD). A pilot test of the questionnaire was conducted in NCR, La Union and Davao City by the Asia-Pacific Policy Center (APPC) and the Ateneo de Manila University-Economic Policy Reform and Advocacy among 400 households randomly selected from the NSO Master Sample. The CFS questionnaire was written in English with translations in Filipino and Visayan dialect. Said questionnaires were subjected to further pretest and revisions by the DES and the Asia Pacific Centre for Research (ACRE) to ensure accuracy, completeness, and ease of responses in the various regions.1
1
ACRE is the firm contracted by the BSP for the surveys field data collection and processing. It is a research agency based in the Philippines which provides consulting services in market research and household surveys.
A survey conducted by the Department of Economic Statistics Bangko Sentral ng Pilipinas Manila, Philippines www.bsp.gov.ph
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2009
The CFS generally followed the NSOs definition of household membership.2 Data on demographic characteristics of sample households covered all the members of the household. For assets and liabilities as well as income and expenditures of the household, only the Primary Economic Unit (PEU) within the household was covered. The PEU consists of the survey respondent, his/her spouse (if any), and other members of the household whose finances are interdependent with the respondent and/or the spouse. Finances of other members of the household such as those of hired help, boarders, and financially independent household members were not included.3 In the survey report, the term household refers to the sample household. Reference periods for the data collected from the survey vary. For data pertaining to demographics, assets and liabilities, and preferences and behaviors, the reference period was the date the household was interviewed (i.e., within the period from November 2009 to January 2010), while for data on work, income and expenditures of households, the reference period was the full year 2008. The National Statistical Coordination Board (NSCB), through its Survey Review and Clearance System, gave the clearance to conduct the CFS after their review of the CFS survey design and questionnaire. To encourage participation in the survey, a letter signed by the BSP Governor was sent to each of the sample households, informing them of the CFS and its objectives, inviting them to participate in the CFS and assuring them of the confidentiality of their responses. The data collection was conducted starting November 2009 until end-January 2010, from Monday to Sunday, 8:00 am - 6:00 pm. In case target respondents were not around, enumerators extended the survey operations until 8:00 pm. The survey had a total of 9,402 respondents with an overall response rate of 89.4 percent. Details of response rates are as follows:
Table 1. Sample Households and Response Rates by Area Philippines Number Sample Households Respondent Households Response Rate (%) 10,520 9,402 Percentage 100.0 100.0 89.4 Number 3,872 3,112 NCR Percentage 36.8 33.1 80.4 6,648 6,290 AONCR Number Percentage 63.2 66.9 94.6
The survey respondents were predominantly female (59.8 percent), in the working age bracket of 21-64 years old (85.7 percent), and were high school or college graduates (55.2 percent). The CFS data encoding utilized a computerized questionnaire scanner, which minimized manual data entry. This, in turn, largely reduced human encoding errors and provided more time for editing encoded data. Statistical tables were generated and analyzed using the SPSS software.
A household is a social unit consisting of a person living alone or a group of persons who sleep in the same housing unit and have a common arrangement in the preparation and consumption of food. Meanwhile, in determining household membership, a basic criterion is the usual place of residence or the place where the person usually resides. This may be the same or different from the place where he is found at the time of the census. A household member is considered to be financially independent if he/she provides/pays for his/her expenses in at least two of the three major expense categories: rent, food, and other living expenses.
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2009
II. Key Findings of the 2009 Consumer Finance Survey A. Demographic Characteristics
The age composition of household members indicates a possible decline in the age dependency ratio... The Philippines has a young population. The age distribution of household members showed that 21.5 percent were 5-14 years old, 21.2 percent were 21-34 years old, 18.3 percent were 35-49 years old, 13.1 percent were 15-20 years old, and 5 percent were 50-54 years old. Meanwhile, those who were about to retire or were close to compulsory retirement (aged 55-64 years old) and the elderly (65 years old and over) accounted for 6.9 percent and 5.4 percent of the household members, respectively, at the time of the survey. These figures also indicated that a significant increase in the countrys labor force could be expected over the next decade considering that a much bigger number of young people enter the labor force every year compared to the number of older people who leave the labor force working age group. Thus, the age dependency ratio currently estimated at 0.6, could further drop to 0.5, translating to about two working age household members for every one non-working age household member. 4 This broad age profile was observed in both NCR and AONCR.
...that could contribute to higher economic growth. The average number of household members is five.
For the next ten years, favorable demographic dividends are expected as a relatively young labor force could propel domestic demand that could help accelerate the countrys economic growth. The average household size was 5 members, with more than half (51 percent) of the respondents reporting a household size of 4-6 household members, 28 percent with 1-3 members, and 21 percent with 7 or more household members. Looking at the composition of household members in relation to the respondent, 80.8 percent were immediate family members and the remaining 19.2 percent consisted of other relatives indicating that extended family increased the average household size by almost one.5
The age dependency ratio equals the sum of the population of the non-working age groups (0-14 years old and 65 years old and over) divided by the population of the working age group (15-64 years old). This measures the number of non-working age household members being supported per one working age member. Immediate family members consist of the respondent, spouse, and their children.
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Figure 2 . Percentage Distribution of Households by Size*
7-9 17.3%
2009
10 and over 3.7%
1-3 28.0% 4-6 51.0%

* Si ze refers to the number of hous ehold members
Three in ten household Three in ten household members (32.1 percent) were currently attending members are currently school at the time the survey was conducted. Among those who were attending school. currently enrolled, 11.6 percent were in nursery/kindergarten, 47.5 percent in elementary, 28.3 percent in high school, 0.8 percent in post-secondary, and 11.9 percent were college level or higher. At an average of 1-2 students per household, majority of whom were at the nursery and elementary levels at the time of the survey, expenditures of many households are expected to be heavy on education up to the next decade or so.6
Figure 3. Current Educational Level of Household Members who are Currently Attending School
Post-Secondary College 0.8% 11.8%
High School 28.3%
Post Graduate 0.1% Nursery/Kinder/ Preparatory 11.6%
Elementary 47.5%
Three in ten household members are covered by health insurance.
Only 3 in 10 household members (29 percent) were covered by health insurance. Of those covered, 93.6 percent were under Philhealth insurance, 4 percent under private health insurance and 2.4 percent under both private health insurance and Philhealth. These results indicated that Philhealth was able to cover less than one-third of household members and that the majority of the population has yet to be covered by health insurance. This state of health insurance among household members was observed in both NCR and AONCR.
This estimate is based on the survey findings that 30 percent of household members are currently attending school and that the average household size is five.
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Figure 4. Percentage of Household Members with Health Insurance Coverage
2009
PhilHealth, 93.6% Without Health With Health Insurance Insurance, 71.0 % 29.0 %
Private Health Insurance 4.0 %
Both, 2.4 %
B. Assets and Liabilities

Home appliances are the most common type of asset owned by households. The three most common assets held by households were home appliances (87.1 percent), their own residence (68.8 percent) and retirement insurance (42.7 percent). A smaller percentage of households owned motor vehicles (24.3 percent), deposit accounts (21.5 percent), other real property apart from respondents residence such as land, house and lot, and farm (16.2 percent) and precious objects (14.9 percent). Only a very small percentage of households owned securities and investment accounts such as stocks, bonds, mutual funds and unit investment trust funds (0.4 percent). With respect to liabilities, few households had outstanding loans on their residence (3.7 percent) and other real property (5.8 percent). A bigger percentage of households had outstanding consumer loans such as motor vehicle loans (13.5 percent); personal, salary, all purpose loans (20.9 percent); and credit card loans (3.9 percent).7 The main sources of funds of households vary by type of loan. These included government housing institutions and money lenders for real estate loans; inhouse financing for motor vehicle and appliance loans; banks for credit card loans; and money lenders and cooperatives for other loans. Overall, the main sources of households loans, except for credit cards, were the non-banks. In view of these results, current statistics on loans such as the amount of transactions and interest rates could differ inasmuch as data on non-bank lending institutions are not closely monitored.
Household liabilities are typically in the form of consumer loans and real estate loans.
1. Respondents Residence
Home Ownership
Seven in ten households own/coown their house or
7
For many households, the main asset that they hold is their home. About 68.8 percent of households were homeowners (38 percent own/co-own their house and lot and 30.8 percent own/co-own their house only). The rest
Consumer loans granted by commercial banks consist of credit card, auto and other loans, such as loans to purchase household appliances, furniture and fixtures and/or to pay taxes, hospital and educational bills.
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both house and lot.
2009
(31.2 percent) were broken down as follows: renting (13.0 percent), neither owned nor rented their housing unit (18.0 percent), and did not respond (0.2 percent). This indicated that a significant number of families lived with relatives or were part of extended families. The percentage of home ownership in the NCR was lower at 55.1 percent compared to 80 percent in AONCR. A bigger percentage of households in the NCR were renters (24.6 percent) or neither owned nor rented their housing unit (20.1 percent) compared to that in AONCR (3.6 percent and 16.3 percent, respectively).
Roughly 9 in 10 homeowners fully own their house/house and lot.
In terms of percentage of home ownership, 87.7 percent of households fully owned their house/house and lot while the rest co-owned it with others. In AONCR, the percentage of households that wholly owned their house/house and lot was higher at 94.8 percent compared to only 75 percent in the NCR.
Housing Characteristics
Majority of homes are single detached dwellings with outer walls made of concrete/ brick/stone and/or wood. About 88.2 percent of households homes were single detached dwellings with an average of two bedrooms. Homes had an average floor area of 55.5 square meters. Outer walls of the houses were mostly made of concrete, brick and stone, or wood. About one in five of homes outer walls used were made of light materials such as bamboo/sawali/cogon/nipa and makeshift/salvaged materials. In AONCR, 98.2 percent of households homes were single detached dwellings compared to 76.1 percent in the NCR. The number of bedroom units and floor area were smaller in the NCR compared to those in AONCR.
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2009
Note: 0.1% of households homes had no walls
About 6 in 10 homes are in need of moderate to major repair.
Majority of respondents (56 percent) viewed their home condition to be either fair or poor and in need of moderate to major repair. The remaining 44 percent of respondents considered their homes to be in very good or good condition, safe and decent, needing no or only minor repair. In NCR, majority of homes were considered to be in good or very good condition. The reverse was true in AONCR where majority of homes were in either fair or poor condition.
Housing Cost
About 8 in 10 respondents think that the cost of buying/renting their homes is not expensive. When the respondents were asked what they thought of the cost of buying/renting their house relative to their households level of income, 64.7 percent indicated that the cost/rent was appropriate while 17.2 percent thought it to be inexpensive. The remaining 18.1 percent viewed the cost/rent to be expensive. Majority of both NCR and AONCR respondents stated that the price of their houses/rent was reasonable. However, a bigger proportion of NCR respondents said that their housing was expensive (22.8 percent) compared to AONCR respondents (14.3 percent).
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The median values of housing units are much higher in the NCR compared to that in AONCR.
2009
Based on the households share in the ownership of the housing unit, the overall average value of housing units owned by households stood at P516,802, while the median was estimated at P100,000.8 In the NCR, the average value of houses was close to a million pesos (P934,257), much higher compared to the average value of P282,474 in AONCR. Median value of housing units in NCR (P250,000) was also higher than that in AONCR (P100,000). Contributory factors to the higher value of homes in the NCR were the higher cost of land as well as generally better (and usually, higher priced) housing materials compared to that of AONCR.
Housing Loans and Mode of Acquisition of Respondents Residence

Housing is generally acquired by households either through purchase in cash or inheritance... Most households that owned their house/house and lot acquired the property through cash payment (64.8 percent) and inheritance/gift (29.6 percent). Only a small percentage (0.5 percent) of households acquired their residential property through the Comprehensive Agrarian Reform Program (CARP).9 In AONCR, a bigger percentage of households (70.3 percent) acquired their housing through cash payment compared to only 55 percent in NCR. Meanwhile, more households in the NCR acquired their housing through inheritance/gift (33.7 percent) compared to that in AONCR (27.3 percent).
...while only a small percentage is acquired through borrowings.
Only 6.7 percent borrowed money for their housing. The percentage of households that borrowed for their housing was slightly higher in the NCR (7.9 percent) compared to that in AONCR (6 percent).
In case the residence is only partly owned by the respondent (i.e., there are other co-owners), the value of the housing unit only covers the amount of the respondents share out of the total value of the property. This is to be able to reflect only the monetary value of the respondents ownership of his residence which forms part of his total assets. The Comprehensive Agrarian Reform Program of 1988 (also known as CARP of the Philippines) is a Philippine state policy that ensures and promotes welfare of landless farmers and farm workers, as well as elevation of social justice and equity among rural areas. Under the CARP, government and private agricultural lands are distributed to landless farmers and farm workers.
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The median value of housing loans is higher in AONCR than in NCR.
2009
The average and median values of housing loans were estimated at P171,816 and P93,000, respectively. The corresponding average and median values of housing loans in AONCR were higher at P200,306 and P100,000, respectively, compared to that in NCR (P159,061 and P90,000, respectively). Government institutions were the most popular providers of housing loans, followed by cooperatives and money lenders. In AONCR, the foremost sources were the Social Security System (SSS), money lenders, and rural/cooperative banks. In the NCR, the major sources of housing loans were the National Housing Authority (NHA), Pag-IBIG/Home Development Mutual Fund (HDMF), and money lenders. In both NCR and AONCR, money lenders were listed among the top sources of housing loans.
The primary source of housing loans in AONCR is the SSS, while for NCR, it is the NHA.
Loan terms in NCR are of long tenor while those in AONCR are predominantly shorter.
The two most popular loan repayment periods were long term and medium term. 10 Roughly 7 in 10 households that obtained a housing loan chose the former, and 2 in 10 chose the latter. The remaining 1 in 10 chose short term loan repayment. In AONCR, more respondents opted for short and medium term repayment periods than those in NCR.
10
The repayment period for short term loans is 1 year or below; for medium term loans, more than 1 year up to 5 years; and for long term loans, more than 5 years.
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The monthly amortization for housing loans is higher in AONCR than in NCR.
2009
Overall, 5 in 10 households with a housing loan paid P1,000 and below monthly amortization while about 4 in 10 paid more than P1,000 up to P5,000 per month. The rest of the households paid a monthly amount higher than P5,000. In the NCR, roughly 6 in 10 borrowers paid P1,000 and below per month while in AONCR, only 3 in 10 paid the said amortization. Five in 10 AONCR borrowers paid more than P1,000 up to P5,000 in contrast to only 3 in 10 borrowers in the NCR. The higher monthly amortization of AONCR borrowers compared to NCR borrowers was expected in view of their preference for a shorter repayment period while NCR borrowers preferred a longer repayment period.
Seven in ten households pay an annual interest rate of 10 percent or lower on housing loans. A small percentage of households have outstanding loans on their residential property. One in two households with outstanding housing loans pay ahead or on schedule. Among households whose loan payments are behind schedule, about 7 in 10 are behind schedule by more than 1 year.
In terms of lending rates, majority of households (73.4 percent) paid an annual interest rate of 10 percent and below on their housing loans while 14.1 percent were charged interest rates of 11-20 percent per annum. The remaining households were charged with an interest rate ranging from 21 percent up to 60 percent. This interest rate pattern was true for both NCR and AONCR. About 4 in 100 households (3.7 percent) had an outstanding loan on their residential property. In the NCR, the percentage was higher at 7 percent compared to AONCRs 1.8 percent.
Almost one-half of households with outstanding loans paid their monthly amortization either ahead of or on schedule, while the other half were behind schedule. A bigger percentage of households in AONCR paid on time or ahead of schedule compared to those in NCR. Among households whose loan payments were behind schedule, about 68.7 percent were in default.11 Of these, 34.5 percent were in default by more than one up to five years while 34.1 percent were in default by 6 years or more.
11
Default loans in this survey are those for which amortization payments are behind schedule by more than one year. However, the BSP defines non-performing loans (NPLs) as those with unpaid quarterly, semi-annual and annual installments, 30 days or more after due date and loans with unpaid monthly installment for three or more months. The non-repayment period of NPLs is thus much shorter compared to the surveys definition of a default loan.
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2009
2. Other Real Property Ownership (Apart from Respondents Residence)

Other Real Property Ownership by Type and Use
One in six households owns other real property apart from their residence. About 16.2 percent of households owned at least one other real property aside from their residence. Of these, 79.2 percent owned one other real property, 15.2 percent owned two, and 5.6 percent owned three or more. The percentage of households in AONCR that owned other real property was slightly higher compared to that in NCR.
which is largely intended to be used for agriculture purposes.
About 40.9 percent of households intended to use their other real property for agricultural purposes, 11.6 percent for holiday and private use, 10.2 percent for investment and business, 9.7 percent for rent/lease, 9.2 percent for future homes, and 0.3 percent for other purposes. More than one-sixth (18 percent) of the other real property was unoccupied or uncultivated.
Other Real Property Ownership: Mode of Acquisition

Other real property is acquired primarily through inheritance/gift and cash purchase. Majority of households that owned other real property acquired them through inheritance/gift (51.6 percent) or through cash payment (41.8 percent). These were followed by those that acquired the property through combined cash and loan (3.1 percent), loan only (2.7 percent), and CARP (0.8 percent). More households in the AONCR acquired their real property through inheritance/gift (54.9 percent) compared to that in NCR (47.3 percent). Meanwhile, a slightly bigger percentage of households in NCR acquired their housing through cash payment (43.9 percent) compared to 40.3 percent in AONCR. The average and median values of other real property owned by households were P802,573.00 and P220,000.00, respectively (estimated based on their percentage of ownership).12 The median and average values of other real property in the NCR were higher compared to those in AONCR.
The median value of other real property owned by households is P220,000.00.

12
In case the real property is only partly owned by the households (i.e., there are other co-owners), the value of the households real property only covers the amount of the households share out of the total value of the property. This is to be able to reflect only the monetary value of the households ownership of his real properties which form part of his total assets.
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Only a small percentage of households acquire their other real property through loans. The primary sources of other real property loans in both NCR and AONCR are money lenders.
2009
Only about 6 in 100 households (5.8 percent) had an outstanding loan on their other real property. In the NCR, the percentage was higher at 7.6 percent compared to that of AONCR at 4.4 percent.
Money lenders were the most popular providers of other real property loans.13 In the NCR, other major sources of loans were the Pag-IBIG/HDMF, and the NHA. In AONCR, other primary sources of loans were the rural/cooperative banks, and Pag-IBIG/HDMF.
3. Ownership of Vehicles and Other Non-Financial Assets

Vehicles
One in four households owns at least one motor vehicle. The survey showed that about a quarter (24.3 percent) of households owned at least one vehicle. A higher percentage of households in AONCR owned a motor vehicle compared to those in NCR.
The motorcycle is the most popular type of motor vehicle owned by households.
Among those households who owned vehicles, more than half owned (54.9 percent) motorcycles. Other type of vehicles owned by households were cars/AUV/SUV/vans (32.2 percent of households), tricycles (19.4 percent), and other vehicles for agriculture-related use such as motorized boats (4.1 percent), kuligligimprovised motorized vehicles (1.9 percent), and tractors (0.8 percent).14 In the NCR, about 43.4 percent of households (that owned motor vehicles) owned motorcycles, 47.7 percent owned cars/AUV/SUV/vans, and 17.8 percent owned tricycles. Ownership of these types of vehicles in AONCR were placed at 62.6 percent, 21.6 percent, and 20.5 percent of households, respectively,. Another popular vehicle in AONCR is the motorized boat. Aside from its use as fishing boats, motorized boats are popular means of transportation in hopping from one island to another.
13
Money lenders as defined in this survey are those who provide informal loans to people who have no access to formal sources like banks and other non-bank lending institutions. These lenders are not regulated, nor registered. 14 Both Asian Utility Vehicles (AUVs) and Sports Utility Vehicles (SUVs) are multipurpose vehicles that are bigger than cars. However, SUVs being high-powered vehicles with four-wheel drive are more expensive than AUVs.
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7 in 10 vehicles are relatively new models.
2009
About 69.7 percent of vehicles owned by households were relatively new models (2000-2009), while 23.2 percent were older models (1990-1999). Majority of vehicles (56.7 percent) bought by households were brand new. A bigger percentage of AONCR households bought brand new vehicles compared to those in NCR. Vehicles were bought by households largely for personal use (80.9 percent). Some households (12.7 percent) bought vehicles for hire/rent to generate income. Others purchased them for a dual purpose, both for personal use and for rent (6.4 percent). Utilization of vehicles in the NCR and in AONCR broadly followed the national pattern. The average monthly income derived from vehicles for hire was P9,701 with a median income of P6,000. The average and median incomes from vehicles for hire were higher in NCR than in AONCR. The average value of vehicles owned by households if sold at the time of the survey was P86,980, with a median of P40,000. The average and median values of vehicles were much higher in the NCR given the bigger percentage of ownership of cars/AUV/SUV/vans compared to that in AONCR.
Vehicles bought are primarily for personal use.
The estimated median monthly income from vehicles for hire is P6,000. The median value of vehicles owned is P40,000.
Vehicle Loans
One in seven households that owns a motor vehicle avail themselves of a motor vehicle loan. About 13.5 percent of households that owned motor vehicles had outstanding loans on their vehicles. This was true for both NCR and AONCR.
In-house financing is the top source of motor vehicle loans.
In-house financing was the most popular mode/source of motor vehicle loans. This was true for NCR and AONCR households. Other providers of motor vehicle loans were non-bank financing institutions, banks, and salary loans.
Page 14
2009
The median amount of vehicle loans is P80,000 with median monthly payment of P2,800.
The average and median values of motor vehicle loans were P138,382 and P80,000, respectively, while their average and median monthly amortizations were P4,494 and P2,800, respectively. The average amount of motor vehicle loans and monthly amortizations were higher in the NCR compared to that in AONCR. This was consistent with the higher average/median values of motor vehicles in the NCR compared to that in AONCR. The average and median annual interest rates charged on vehicle loans were 14 percent and 10 percent, respectively. These interest rate charges were observed both in NCR and AONCR. Most of these loans were paid ahead of or on schedule, but 16.2 percent were behind schedule. A bigger percentage of payments were behind schedule in AONCR compared to that in NCR.
The median annual interest rate on vehicles loans is 10 percent.
Household Appliances
Almost all households in the NCR own home appliances; in AONCR, 22.1 percent do not have any household appliance. Majority of households (87.1 percent) owned various types of household appliances. In the NCR, only a very small percentage of households (1.7 percent) did not have any household appliance. In AONCR, however, the percentage of households that had no household appliance was significant at 22.1 percent.
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Television, electric fan, and cell phone/ telephone are the most popular household appliances.
2009
On average, six different types of appliances could be found in any household. Meanwhile, there were seven different types of appliances in NCR and five in AONCR. The most common appliances found in households in both NCR and AONCR were: television set, electric fan, cellphone/telephone, VCD/DVD player, gas stove, and refrigerator.15 Other appliances owned by a smaller percentage of households were washing machine (35 percent), videoke/karaoke (16 percent), oven toaster (12.7 percent), and PC desktop (11.5 percent). 16
Table 2. Percentage of Households That Own Home Appliances by Type In Percent Philippines NCR AONCR TV Sets 91.3 92.2 90.4 Electric Fan/Cooler 82.8 96.8 68.3 Cellphone/Telephone 66.9 76.4 57.2 VCD/DVD Player 58.8 63.6 54.0 Gas Stove 52.9 70.7 34.7 Refrigerator 52.8 58.7 46.7 Washing Machine 35.0 49.7 19.9 Videoke/Karaoke 16.0 12.1 20.0 Oven Toaster 12.7 17.7 7.6 PC Desktop 11.5 16.1 6.7 Air Conditioner 9.6 12.1 7.0 Aid-Osterizer/Mixer/Blender 9.3 12.0 6.6 Gas Range 8.6 9.2 8.0 Digicam/Videocam/Camera 8.6 11.5 5.6 Microwave 7.4 10.8 3.9 Printer 5.7 8.1 3.3 PC Laptop 5.5 7.6 3.3
Home Appliance Loans

Most households have no appliance loan. Most (98.3 percent) households did not have any appliance loan. This was true for both NCR and AONCR households, with only 1 percent and 2.3 percent, respectively, reporting that they had an outstanding home appliance loan. The top three sources of home appliance loans were in-house financing, credit cards, and financing institutions. In NCR, the sources of home appliance loans were credit cards, money lenders, and family member/relatives while in AONCR, appliance loans were through in-house financing, financing institutions and money lenders.
Home appliance loans are obtained mainly through in-house financing in AONCR and through credit cards in NCR.
15 16
Cellphone, equivalent to telephone, was considered as a home appliance. Other home appliances owned by less than 5 percent of households were as follows: deep well/water pump, electric stove, WII/PS3/PS2/PSP/Xbox, piano/organ/drum set, vacuum cleaner, oven, scanner/copier, dryer, juicer, freezer, pressure tank, floor polisher, fax machine, automatic water sprinkler, and lawn mower.
Page 16
2009
Table 3. Distribution of Loan Provider (In Percent) Philippines NCR AONCR 55.2 17.2 72.3 In-house financing 13.9 44.8 0.0 Credit card company 12.8 6.8 15.5 Financing Institution 8.0 14.0 5.3 Money Lender 4.2 5.8 3.5 Relative/Family member 3.9 6.5 2.7 Company (Employer) loan 0.8 2.5 0.0 Commercial Bank SSS 0.7 2.3 0.0 0.5 0.0 0.7 Cooperative Total 100.0 100.0 100.0
Ownership of Precious Objects17

One in seven households own precious objects. About 14.9 percent of households owned precious objects. The precious objects owned were mostly jewelries and furniture. Very few households (less than one percent) owned antiques, works of art and collectors items. The average and median values of jewelries owned by households were estimated at P34,555 and P10,000, respectively.
Table 4. Proportion of Households That Own Precious Objects In Percent Philippines NCR AONCR Own any precious object 14.9 16.9 13.3 Does NOT own any precious object 85.1 83.1 86.7 Total 100.0 100.0 100.0
The average value of antiques is lower than those of jewelry and works of art.
Based on the report of households that owned antiques, jewelries, collectors item and works of art, the average value of antiques (estimated at P26,186) was lower compared to the average value of jewelries (P34,455) and works of art (P31,626), but higher than that of furniture (P23,049). The median values of antiques, jewelries, works of art, and furniture stood at P10,000, P10,000, P8,000, and P8,000, respectively.
4. Financial Assets
Deposit/Cash Accounts
Eight in ten households are unbanked. Eight in ten households (78.5 percent) did not have a deposit account. Among those with no deposit accounts, the main reason cited by 92.8 percent of households for the absence of a deposit account was that they did not have enough money for bank deposits. Other reasons mentioned by the remaining 7.2 percent of households were: do not need a bank/cash account (1.7 percent), cannot manage an account (1.5 percent), minimum balance is too high (1.2 percent), do not like to deal with banks/financial institutions (1 percent), and others not specified (1.8 percent). Meanwhile, a bigger
17
Precious objects are possessions with considerable monetary or material value.

Page 17
2009
percentage of NCR households owned a deposit account (28.1 percent) compared to that in AONCR (16.1 percent).
Majority of households have only one deposit account. A small percentage of deposit accounts are in foreign currency.
Among households with deposit accounts, about 71.4 percent had only one deposit account, 20.7 percent had two, and 7.8 percent had three or more. Majority (99.3 percent) of the deposit accounts were maintained in the country. The remaining 0.7 percent of bank accounts were in the US (0.3 percent), and Saudi Arabia, Europe and Japan with shares of 0.1 percent each. For deposit accounts in the Philippines, 98.1 percent were in pesos and the remaining 1.9 percent were in US Dollars.18 The most popular type of depository institution among households were the commercial banks (77.3 percent). The remaining 22.7 percent were: rural/cooperative bank (8.0 percent), savings/thrift bank (5.3 percent), multipurpose/credit cooperative (4.9 percent), microfinance bank (2.2 percent), savings and loan association (1.3 percent), paluwagan (0.5 percent) and others (0.5 percent). This was observed in both NCR and AONCR. However, as expected, a bigger percentage of households in the AONCR had deposit accounts with rural banks, thrift banks, microfinance banks and credit cooperatives, compared to those in NCR.
8 in 10 deposit accounts are placed in commercial banks.
18
Although some banks offer (aside from US dollar account) foreign currency deposit accounts in euro, yen and Australian dollars, none of the respondents reported such types of foreign currency-denominated accounts.
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The top reason in choosing a depository bank/institution is proximity to the place of residence.
2009
The main reasons cited by respondents in selecting a depository institution were: proximity to home (34.4 percent), bank used by employer/business (19.3 percent), bank was selected by funding source (8.4 percent), efficient service (8.1 percent), proximity to workplace (6.8 percent), and personal acquaintances (5.2 percent).
Table 5. Distribution of Reasons in Choosing a Depository Institution or Bank In Percent Philippines NCR AONCR Proximity to home 34.4 39.2 27.7 The bank used by employer/or 19.3 21.5 16.3 my business Bank specified/selected by the 8.4 6.7 10.7 source institution of fund Efficient service 8.1 6.9 9.9 Proximity to workplace 6.8 7.6 5.7 Personal acquaintances 5.2 3.7 7.4 No particular reason 4.2 3.3 5.6 Variety of services, products, 4.0 3.9 4.3 instruments offered It is a major bank 2.8 2.1 3.8 High interest rates 2.1 2.1 2.1 Attractive charges for services 2.0 1.2 3.0 Already has another account/loan 1.3 0.7 2.1 with bank Courteousness of the staff 0.6 0.4 1.0 Internet banking services 0.4 0.4 0.3 Others 0.3 0.4 0.1 Total 100.0 100.0 100.0
Households also tended to stay loyal to their depository banks/institutions as the median number of years of maintaining the account in the chosen entity was 2-4 years. This was observed in both NCR and AONCR. The median outstanding balance of peso deposit accounts is P6,875. Only 6 in 10 deposit accounts pay interest. The overall average and median outstanding balance of deposit accounts were P105,927 and P6,875, respectively. The average and median outstanding balance of peso deposit accounts were higher in NCR than in AONCR. Not all deposit accounts were interest-bearing. Only 6 in 10 households had interest-paying deposit accounts. This indicated that a significant number of deposit accounts had an average daily balance below the required amount to earn interest or had earned a negligible amount of interest.19 This was observed in both NCR and AONCR.
19
To earn interest, the required minimum average maintaining balance by commercial banks and thrift banks ranges from P10,000-P15,000 and P1,000-P5,000, respectively.
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Interest rates on deposit accounts are higher in AONCR compared to those in NCR.
2009
The median and average interest rates on deposit accounts were 4 percent and 12.7 percent, respectively.20 In NCR, median and average interest rates stood at 3 percent and 10 percent, respectively. These were lower compared to those in AONCR, with median and average interest rates at 12 percent and 16.5 percent, respectively, indicative of higher risk premium for deposit accounts in AONCR.
Financial Assets Other Than Deposit Accounts

A very small percentage of NCR households have investments in mutual funds and stocks. Nearly 1 in 19 households have accounts receivables from other households/ businesses. A very small percentage of households had investments in stocks, mutual funds, and/or fixed-income securities, including government securities. In NCR, less than one percent of households had invested in any of these financial instruments while in AONCR, the percentage was negligible.
Aside from deposit accounts, loans made to other households/businesses were considered to be part of the financial asset of the lender. About 5.4 percent of households had outstanding loan collections. The average and median values of the outstanding accounts receivables were P32,186 and P2,500, respectively. The average and median amounts still owed to households were higher among NCR households compared to those in AONCR.
5. Insurance and Pension

About 43 percent of respondents have one or more retirement plans. Compared to deposit accounts, a bigger percentage of households had a retirement or insurance plan. The survey showed that 42.7 percent of the total respondents had at least one retirement or insurance plan from both/either the government and/or private companies. More than half (57.5 percent) of the NCR respondents were covered with either employment-based or private insurance plans while only 30.6 percent of respondents in AONCR had a retirement or insurance plan. A large proportion (93.9 percent) of respondents were covered solely by government insurance, such as SSS, Government Service Insurance System (GSIS), Armed Forces of the Philippines Savings and Loan Association Inc. (AFPSLAI), and others (e.g., Pag-IBIG, Public Safety Mutual Benefit Fund, and the Philippine Veterans Affairs Office); 4.5 percent by both the government insurance and private insurance companies; and 1.6 percent exclusively by private companies.
20
Interest rates of deposits can be this high since these include deposits in rural banks and cooperatives.
Page 20
2009
The SSS covers the highest percentage of retirement insurance among the respondents. Majority of respondents are not paying their premiums.
The SSS had the highest coverage among government insurers, with a total of 91.6 percent, followed by the GSIS with a total of 10.6 percent. Provident funds and other government insurers (e.g., AFPSLAI and Pag-IBIG) had the lowest coverage at about 7.6 percent of the total respondents. Of the total insured not currently receiving pension benefits, 36.4 percent were paying their premiums while the remaining 63.6 percent were not. More than two-fifths of the respondents (46.3 percent) who were currently paying premiums at the time of the survey had paid P201-400 monthly. A third were paying P200 and below and another third had payments of P401 and up. On average, monthly premiums paid on insurance owned by the respondents through employment-based insurers ranged from a low of P226 to a high of P893. The highest average monthly premiums were paid by the respondents to the GSIS, followed by the provident funds and SSS. Plans covered by other employment-based insurance companies recorded the lowest average monthly premiums paid at P226.
Nearly half of respondents spouses have one or more retirement plans in 2008.
Results of the survey showed that 44.9 percent of respondents spouses had at least one retirement or insurance plan from both/either the government and/or private companies. More than half (62.4 percent) of the NCR respondents spouses were covered with either employment-based or private insurance plans while in the AONCR, a lower percentage of respondents spouses (31.4 percent) were covered by a retirement or insurance plan. Among respondents spouses, SSS had the highest coverage among government insurers with a total of 91.9 percent, followed by the GSIS at 9.9 percent, and provident funds and other government insurers (e.g., AFPSLAI and Pag-IBIG) accounting for 8.7 percent of the total respondents spouses covered by insurance .
The SSS covers the highest percentage of retirement insurance among the respondents spouses.
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Majority of respondents spouses are paying their premiums.
2009
Of the total insured not currently receiving pension benefits in the employment-based insurance, 52.5 percent were currently paying their premiums while the remaining 47.5 percent were not paying their premiums. Forty-five percent of the respondents spouses who were currently paying premiums at the time of the survey paid P201-400 monthly while 38.0 percent were paying P200 and below. The highest average monthly premiums were paid to the GSIS, followed by provident funds and SSS. Plans covered by other employment-based insurance companies recorded the lowest monthly premiums paid at P200 and below.
6. Inheritance
Inheritance come mostly from parents. About 21 percent of households reported receiving an inheritance. Majority of them received only one inheritance. A bigger percentage of households in AONCR received inheritance (25.5 percent) than in NCR (15.5 percent). Inheritance came mostly from parents (87 percent), followed by grandparents (7.2 percent), other relatives (5 percent), and others (0.9 percent).
The most common inheritance received is in the form of land, farm, and house.
The most common inheritance received was real estate such as land or farm (60.3 percent) and houses, condominiums and townhouses (23.9 percent). Households also received inheritance in cash, shares of stock and other financial assets (2 percent) as well as businesses, vehicles, and jewelries/antiques (2.1 percent). Other types of inheritance received were not specified (11.7 percent). Inheritance received by both NCR and AONCR households followed the national pattern.
7. Credit Cards and Other Loans

Four percent of households have credit cards. About four percent of households had credit cards. A bigger percentage of NCR households were credit card holders (6.8 percent) compared to those in AONCR (1.6 percent). In terms of the number of credit cards owned, majority of households (63.6 percent) reported having only one credit card. In the NCR, a bigger percentage or 39.5 percent of households had two or more credit cards compared to 25.2 percent in AONCR.
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2009
Four in ten credit card bills are paid in full.
About four in ten (38.9 percent) credit cards monthly bills were paid in full, another 39.8 percent were paid only the minimum amount, 4.8 percent were paid a partial amount other than the minimum, 1.2 percent were not paid at all, and 15.3 percent were unspecified. A bigger percentage of credit card bills in the NCR were paid in full compared to those in AONCR. In contrast, the percentage of credit card bills paid with the minimum amount was higher in AONCR than in the NCR. The average and median credit card limits were P66,000 and P44,000, respectively. The average and median credit card limits were higher in NCR compared to those in AONCR. In terms of outstanding credit card balance, the average and median amounts were P18,223 and P10,000, respectively. The average outstanding balances on credit card bills were higher in AONCR compared to that in NCR partly because a bigger percentage of households with credit cards in NCR paid their bills in full.
Credit card limit in the NCR is higher than in AONCR.
About one in five households avail themselves of other types of loans such as personal, salary, multipurpose, and business loans.
Aside from real estate, housing, motor vehicle, and credit card loans, about one-fifth (20.9 percent) of households availed themselves of other types of loans such as personal, salary, multipurpose, and business loans. The said loans were sourced mostly from money lenders, cooperatives, financing institutions, SSS, and Pag-IBIG. These were used primarily for business startups and expansion, educational expenses, debt payment, medical, and house improvement expenses. Close to two-thirds of households (63.9 percent) paid these loans on schedule but a significant number (34.3 percent) were behind schedule. Only a small percentage of households (1.8 percent) paid their loans ahead of schedule. These trends were observed for both NCR and AONCR borrowers.
C. Income and Expenditures

The main sources of household income are wages and salaries as The main sources of household income were wages and salaries (43.2 percent of total households), businesses including self employment (40.6 percent), financial assistance from other households (19.8 percent) and
Page 23

well as business and self-employment. Food and beverage consumed at home is the main household expenditure. financial assistance from abroad (19.6 percent).21
2009
Food and beverages consumed at home accounted for 38.5 percent of the annual household expenditures. This was followed by rent (18.5 percent), transportation and communication (10.7 percent), utilities (7.2 percent), food and beverage consumed outside the home (6.7 percent), education (5.5 percent), medicine and medical services (5 percent), house repairs and maintenance (2.1 percent), clothing (1.4 percent), travel and recreation (1.5 percent), and celebration during special occasions, household help services, and purchase of furniture and appliances at 1 percent each. 22
1. Work and Income

Work and Income of Respondent
More than 60 percent of respondents are working. About 60.8 percent of respondents were working and reported the following as their work status: self-employed (29.2 percent), employee or wage and salary worker (30.6 percent), and employer of a business (1 percent). Homemakers accounted for 18 percent, while a significant proportion of respondents were unemployed (17.1 percent).23 Other respondents were retired employees, permanently disabled persons and students (3.2 percent, 0.5 percent, and 0.3 percent, respectively). The higher percentage of respondents that reported their status to be unemployed relative to the NSOs official unemployment figures can be attributed to the underemployed respondents who considered themselves as unemployed during the survey.24 Most respondents had only one type of job (95.2 percent), while 4.8 percent held two types of jobs, e.g., the respondent worked both as an employee and as self-employed in a farm or business.
21 22
The total adds up to more than 100 percent inasmuch as some households had multiple sources of income. Rent included imputed rental values for residences owned by households. 23 The unemployment and underemployment rates recorded by the NSO in the last quarter of 2009 and first quarter of 2010 were 25.1 percent and 25.6 percent, respectively. 24 Based on NSOs definition, underemployed persons include all employed persons who expressed the desire to have additional hours of work in their present job or an additional job, or to have a new job with longer working hours. Visibly underemployed persons are those who work for less than 40 hours during the reference period and want additional hours of work.
Page 24
2009
Salary and Wage Earners Among Respondents

Among wage and salary earners, 8 in 10 respondents reported working the full 12 months in 2008. One-third of wage and salary earners among respondents can be considered to have unstable jobs. Nearly 8 in 10 of wage and salary earners among the respondents were employed or worked for the entire year in 2008 (i.e., 331 days and over). Meanwhile, 10 percent reported working for 181-330 days, and the remaining 12.4 percent worked from 1 to 180 days. Among wage and salary workers, 1.8 percent were overseas Filipino workers (OFW). In terms of job stability among respondents who were wage and salary earners, the survey results showed that two-thirds of respondents were considered to have stable jobs given that 47.3 percent worked for private non-farm establishments and 19.3 percent worked for the government. However, the remaining one-third of wage and salary workers who worked for private households (18.6 percent) or were paid farm workers (12.4 percent) can be considered as having unstable jobs because they were mostly seasonal workers with daily wages tied to a no-work, no-pay arrangement. Wage and salary earners were commonly employed in community, social and personal services; agriculture, hunting, forestry and fishing; construction; and manufacturing. Wage and salary earners in NCR were mostly employed in community, social, and personal services; transportation, storage, and communication; manufacturing; and wholesale and retail trade, including repair of motor vehicles, motorcycles and personal and household goods. In AONCR, wage and salary earners were employed primarily in agriculture, hunting, forestry and fishing, followed by community, social, and personal services; and construction. Wage and salary earners generally put in long working hours, averaging 48 hours a week. The median and average working hours per week in the NCR were 48 hours and 51 hours, respectively. Similarly, the figures exceeded 40 hours per week in AONCR, although lower than in NCR, with a median of 48 hours and an average of 45 hours. The average and median monthly gross salary of respondents stood at P9,176 and P6,667, respectively. About two-fifths or 38.6 percent of respondents earned P5,000 and below per month, close to the 2009 food
Workers in AONCR are mostly in agriculture, hunting, forestry and fishery while those in NCR are mostly in the community, social, and personal services sector.
Majority of wage and salary earners among respondents work more than 40 hours a week. About four in ten respondents receive a monthly salary of
Page 25

P5,000 or less.
2009
poverty line estimate of the National Statistical Coordination Board.25 One reason for the low monthly wages could be the employment of more than half of respondents (53 percent) in micro or very small businesses with less than 10 employees. In the NCR, the average and median monthly gross salary of respondents were higher compared to those in AONCR. Nearly one-fourth (22.1 percent) of respondents in the NCR and 51.3 percent of respondents in AONCR earned P5,000 and below per month.
Work and Income of Respondents Spouse

Majority of respondents spouses are working. About 64 percent of respondents spouses were working and reported the following as their work status: employee or wage and salary earner (43.2 percent), self-employed (18.3 percent), overseas Filipino worker (1.9 percent) and employer of a business (0.6 percent). Most respondents spouses had only one type of job (99 percent) while 1 percent held two types of jobs. Most respondents spouses reported working the full 12 months in 2008. Nearly three-fourths of respondents spouses who are wage and salary earners have stable jobs. About 9 in 10 of wage and salary earners among respondents spouses reported working for the entire year in 2008 (i.e., 331 days and over). Meanwhile, 7.3 percent reported working for 181-330 days, and the remaining 6.6 percent worked from 1 to 180 days. Close to three-fourths (72.6 percent) of respondents spouses can be considered to have stable jobs given that 59.3 percent worked for private non-farm establishments and 13.3 percent worked for the government. The remaining 26.1 percent of the spouses who worked for private households (18.4 percent) or were paid farm workers (7.7 percent) were considered having unstable jobs that were mostly seasonal work and offered little or no job security. Respondents spouses mainly worked in community, social and personal services; construction; and transportation, storage, and communication sector; agriculture, hunting, forestry and fishery; and manufacturing. In the NCR, majority of the respondents spouses worked in the transportation, storage, and communication; community, social and personal services; construction; trade; and manufacturing sectors. In the AONCR, they were mostly in agriculture, hunting, forestry and fishery; construction; and community, social and personal services. Majority of wage and salary earners among respondents spouses work more than 40
25
Like the survey respondents, wage and salary earners among respondents spouses put in long working hours, with average and median working hours per week of 50 hours and 48 hours, respectively. The average and median working hours per week in the NCR were 52 hours and 48 hours,
Based on official Philippine Poverty Statistics released by the NSCB, a family of five needed P4,869 monthly income to meet food needs and P7,017 to stay out of poverty.
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hours a week. Less than one third of respondents spouses earn P5,000 and below per month.
2009
respectively. Similarly, for AONCR, the figures also exceeded 40 hours per week with a median and average of 48 hours. The average and median monthly gross salary of respondents spouses stood at P12,722 and P9,000, respectively. Nearly one-fourth (22.9 percent) of respondents spouses earned P5,000 and below per month. The average and median monthly gross salary of respondents spouses in the NCR were P14,763 and P10,500, respectively, higher than the corresponding AONCR figures of P10,831 and P6,600. Those earning P5,000 and below per month comprised 9.1 percent of NCR respondents and 35.6 percent of AONCR respondents.
Financial Assistance from Abroad and Local Sources

One in five households receives financial assistance from abroad. About one-fifth of households received financial assistance from abroad in the form of cash, gift, or other forms of transfers in 2008. The average amount received by each of these households was P48,988 a year, while the median amount was P12,000. By area, a bigger proportion of NCR households received financial assistance from abroad (at 22.5 percent) compared to AONCR respondents (at 17.2 percent). However, the average and median amounts of remittances received per household was greater in AONCR at P60,084 and P20,000, respectively, compared to their corresponding figures of P39,993 and P10,000 in the NCR. Financial assistance also comes from other households, government, and private agencies. Households also received financial assistance from domestic sources such as other households (19.8 percent), the government (3.1 percent) and private institutions (0.7 percent). The median amount received by households from said sources for the year 2008 were P5,000, P750 and P2,000, respectively.
2. Businesses Including Self-Employed

Four in 10 households own a business or a farm. About 40.6 percent of households owned a farm or business. A bigger percentage of households in AONCR (44.2 percent) owned a farm or business compared to only 36.1 percent in NCR. Among those households with businesses, most had only one business (87.4 percent) while 12.6 percent owned two or more businesses.
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Businesses in AONCR are in the agriculture, hunting, forestry and fishery sector, while those in NCR are in wholesale and retail trade. Businesses are mostly started by the respondents and their families. Most businesses have no employees and generate relatively small income.
2009
Businesses of households were mainly in wholesale and retail trade, and agriculture, hunting, forestry and fishing. In NCR, businesses were mostly in the wholesale and retail trade; followed by community, social, and personal services; and transportation, storage, and communication. On the other hand, in AONCR, businesses were primarily in agriculture, hunting, forestry and fishing; followed by transportation and communication; and community, social, and personal services. Most (92.7 percent) businesses were self-started by the respondents and their families. About two-thirds of businesses were in operation for at least five years. In AONCR, 73.3 percent of businesses were at least five years old, higher compared to 57.2 percent in NCR. About 63 percent of businesses had only one employeethe respondent himself or another household member; 25.1 percent had two; and 9.5 percent had 3-5. In terms of earnings, the average and median net income or profit before taxes in the NCR were P110,689 and P66,000, respectively, higher than that of AONCR at P64,111 and P30,000. These numbers indicated that majority of businesses belonged to the informal sector. According to respondents valuation, the average and median values of their businesses if sold at the time of the survey were P1,828,570 and P30,000, respectively. Average values of businesses were P1,982,631 and P1,737,662, in NCR and AONCR, respectively. Meanwhile, the median value of their businesses was P40,000 in NCR and P27,000 in AONCR. Majority of businesses reported a relatively low cash value with only about nine percent of businesses reporting a cash value of P1 million and higher.
Nine percent of businesses have a total value of P1 million and up.
3. Total Income of the Households

The median total income of households is P108,000. The average and median total income of households in 2008 were P188,350 and P108,000, respectively. The average and median total income in the NCR were P235,867 and P144,000, respectively, both higher compared to the corresponding AONCR figures of P149,581 and P83,000. The survey results also showed that three in ten households had an average total income ranging from P100,001-P200,000. Meanwhile, three in ten households in NCR and AONCR had an average total income of P100,001-P200,000 and P50,000 or less, respectively. The average family income estimated from the survey results lie within the official average family income figures from the 2006 and 2009 NSO Family Income and Expenditures Survey (FIES) at P173,000 and P206,000, respectively.
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2009
Figure 23. Total Income of the Household in 2008 In Percent

5,000,001 and up 3,000,001 - 5,000,000 1,000,001 - 3,000,000 500,001 - 1,000,000 400,001 - 500,000 300,001 - 400,000 200,001 - 300,000 100,001 - 200,000 50,000 - 100,000 50,000 and below
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0
Philippines NCR AONCR
4. Expenditures
Spending on Basic Goods and Services
The biggest expenditure of households is on food and beverage consumed at home. Food and beverage consumed at home comprised the biggest share of household expenditures in 2008 at 38.5 percent, with an annual average of P64,199 per household and a median of P54,000. This was followed by rent at 18.5 percent, with an average of P30,743 and a median of P18,000. Other top expenditure items were transportation and communication, electricity and water utilities, food and beverage consumed outside the home, education and medicine and medical services.
Figure 24: Distribution and Average Value of Annual Household Expenditures by Type
Re nt * P30,743 18.5% Tra ns porta ti on a nd communi ca ti on 10.7% P18,815 Food a nd be ve ra ge cons umed a t home 38.5% P64,199 Uti l i ti e s 7.2%
P12,962
Othe r Expe ndi ture s 3.3%
Food a nd be ve ra ge cons umed outs i de the home P15,145 6.7% Educa ti on P14,150 5.5% Hous e Re pa i rs a nd Ma i nte na nce 2.1% P28,331 Me di ci ne a nd Me di ca l Se rvi ce s 5.0% P9,463
*This includes imputed rental value among respondents renting residence.
Tra ve l a nd/or Va ca ti on 1.2% P12,716
Cl othi ng 1.4% P2,777
Spending on Recreation, Travel, House Repairs and Appliances, and Household Help Services
Three in ten households spend money for recreation... Three in ten households (29.3 percent) reported spending for recreational activities in 2008, with an average (median) annual expense of P1,588 (P500). A smaller number of households (15.5 percent) spent P12,716 (P3,000) for travel or vacation.
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...while a small percentage spend for household appliances and house repairs.
2009
Similarly, 13.8 percent of households bought furniture or household appliances with an average (median) cost of P9,436 (P5,000) in 2008. For house repairs and maintenance, 12.4 percent of households spent P28,331 (P5,000) while 7.2 percent of households spent P22,199 (P18,000) for household help services (including helpers, drivers, cooks, and gardeners).
Spending for Special Occasions and Gifts

9 in 10 households spend for special occasions. Spending for special occasions in 2008 was reported by 92.3 percent of households with average (median) expenses of P4,044 (P2,000). One in four households (25.5 percent) gave out gifts with an average (median) amount of P2,662 (P1,000) in 2008.
Unspent Income and Emergency Money

More than two-fifths of households spend more than their income in 2008. A big proportion of respondents (43.8 percent) reported that they spent more than their household income, while about half (51.5 percent) spent as much as their income in 2008. Only a minority (4.6 percent) said that they spent less than their income for the same period. The average unspent income in 2008 was P29,102. Unspent income was generally higher in the NCR compared to that in AONCR. When asked how much cash they keep on hand for emergency and unexpected expenses, 38.2 percent of households reported not holding any cash for this purpose. The average and median amounts of cash on hand for emergency use of households were small at P1,681 and P200, respectively.
Nearly 4 in 10 households do not have any cash on hand for emergency.
D. Preferences and Behaviours

Respondents are inclined towards saving and display good sense in the use of their extra money. When asked if they have surplus money, where they will put their extra money, the top two answers of respondents were to save in banks (39.4 percent) and save cash at home (38.8 percent). This indicates that majority of the population has the inclination to save. Respondents broadly equal preference to save in banks and keep their cash savings at home could be due to their perception that they did not have enough money to put in a bank and they did not receive interest on their bank savings. Respondents also intended to use their extra money for investment in business (25.4 percent), house repair (16.2 percent), tuition fee (14.8 percent), payment of debt (14.1 percent) and assistance to parents and relatives (11.3 percent). A small percentage indicated that they will use their extra money for charity, shopping, travel, and buying car/appliances. In both NCR and AONCR, respondents expressed similar preferences on the use of their extra money except that in NCR, half of the respondents chose to deposit their surplus money in the bank, while in AONCR, nearly half of respondents chose to keep their extra money at home.
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2009
Majority of respondents are not risk takers when it comes to income and business.
Majority of respondents would not risk their income to undertake risk-taking activities that could increase their current level of income. About 7 in 10 respondents chose to stick to their current level of sure income of P1,500 per week rather than take the risk of investing in a new product with a 50-50 chance of either getting P4,500 (three times their current income) or suffer a loss of P1,500 (equal to their current income). Even with the less risky option of investing in a new product with a 75 percent chance of getting an income of P1,000 (against P1,500) per week but a 25 percent chance of doubling the earning to P2,000, 7 in 10 respondents opted to stick to their current work/business that regularly provided them with P1,500 per week. These results reflected the respondents tendencies to prioritize security of income.
E. Respondents Profile
Females outnumber male respondents. The profile of survey respondents revealed that female respondents outnumbered their male counterparts with a ratio of 3:2. On account of this, majority of respondents spouses were males. These results could be supported by the NSOs Labor Force Survey findings showing a bigger percentage of men in the working population. Female respondents would therefore most likely be found at home by the interviewer during the survey.
Table 6. Distribution of Respondents and Their Spouse/Partner by Sex (In Percent) Respondents Philippines NCR AONCR 40.2 35.2 44.2 59.8 100.0 64.8 100.0 55.8 100.0 Spouses/Partners Philippines NCR AONCR 56.2 61.8 51.8 43.8 100.0 38.2 100.0 48.2 100.0
Male Female Total
More than 80 percent of respondents are between 21 to 64 years old.
By age group, 85.7 percent of respondents belonged to the 21 to 64 years old age bracket while 13.7 percent were 65 years old and over. Only a very small percentage of respondents (0.6 percent) were 15-20 years old. The average age of respondents was 48 years old while the median age was 47. The age pattern of respondents in the NCR and AONCR followed the national pattern.
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About three in four respondents are married or with partner. Majority of respondents are either high school or elementary graduates.
2009
In terms of civil status, majority (74.9 percent) of the respondents were married or with partner. The remaining 25.1 percent were widowed (14.1 percent), single (7 percent), and divorced/separated (4 percent). The civil status of NCR and AONCR respondents were broadly similar to the nationwide profile. Among respondents, majority (55.2 percent) were either college or high school graduates (41.5 percent high school, 13.3 percent college and 0.4 percent with post-graduate degree) at the time of the survey. The remaining 44.8 percent of respondents were either elementary graduates (28.2 percent) or did not finish elementary education (16.6 percent).
III. Policy Implications and Recommendations

The following are some of the key policy implications that can be drawn from the results of the survey: 1. The BSP should continue to work toward a more inclusive financial system that reaches to those who are otherwise excluded or unbanked. Results of the survey imply that credit access in some parts of the country is relatively limited and that a small percentage of households have bank deposits. The survey reveals that majority of the respondents acquired their residential and other properties/assets through cash payment and only a small number did so through borrowing. On average, less than seven percent of the respondents acquired their properties/assets through loans. However, for those who borrowed, banks are not among the major sources of financing. Most of the respondents that borrowed to acquire their properties relied on in-house financing (for vehicles and household appliances), non-bank government institutions (for residential properties), and money lenders (for other real properties). 26 The results also show that about 41 percent of the respondents own a business or a farm. Although the survey does not particularly show how these businesses were financed, it can be deduced from other indicators from the survey that many of these businesses were financed though non-bank borrowing. For example, given that about 80 percent of households are unbanked (no deposit accounts), it is unlikely for them to have acquired bank loans since most banks lend to those who maintain bank accounts. As an area for further study, it would be instructive to know why most households have no bank accounts and why they borrow from non-banks. Does that have anything to do with the more stringent screening and documentary requirements by banks? Or is it the limited and/or lack of banking offices/services in certain areas? About 37 percent of municipalities still do not have banking offices while majority are in the cities and first and second class municipalities. This reflects the gaps in the footprint strategy of the banking community vis--vis the population. At the same time, it bears noting that important steps have been taken to minimize the gaps and to bring more of the population into the formal financial system. To-date, the BSP has crafted 20 regulatory issuances specific to the financial inclusion framework which fall under five key
26
National Housing Authority (NHA), Pag-IBIG/Home Development Mutual Fund (HDMF), and the Social Security System (SSS)
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2009
aspects: (1) wider range of products; (2) expanded physical network; (3) extended virtual reach; (4) enhanced transparency and disclosure; and (5) lower barriers to customer acquisition. A total of 188 banks now provide microfinance services which cater to an estimated one million households with an outstanding portfolio of about P7 billion as of end-September 2011. 2. There is a need to look into shadow banking transactions and the possible regulatory and supervisory infrastructure to monitor system-wide risk exposure to particular sectors without reducing credit opportunities for consumers. Considering that most households that borrowed money did so from non-bank institutions/companies, particularly in-house financing, non-bank government institutions and money lenders, banks may have the incentive to take advantage of the regulatory arbitrage by increasing their exposure to shadow banks.27 Although the results of the survey do not particularly show how much these exposures are, if any, it is worth looking into the potential risks on overexposures to certain sectors, like real estate, so that the necessary regulatory infrastructure may be put in place. 3. There is a need to continue to educate Filipino households on the advantages of saving in financial institutions and investing in various forms of financial instruments compared with traditional sources of financing and investment. Majority of the respondents who own single detached homes and various appliances are homeowners and have stable employment. A number of households also receive financial assistance from abroad. Nevertheless, majority still do not have deposit accounts. Those with extra money are more inclined to save cash at home rather than in financial institutions. Moreover, most borrower-households obtain financing from non-banks. Thus, greater efforts should be made to inform the public of the advantages of saving in financial institutions and obtaining bank financing, emphasizing the existence of financial safety nets such as deposit insurance28 and consumer protection.29 The survey revealed that investment of households in other financial instruments such as stocks, mutual funds, and fixed income securities is small if not negligible. This finding highlights the need for greater financial education, including about risks, returns and financial investment opportunities available. In addition, the survey shows that most respondents were found to be risk-averse; thus, investing in other financial instruments may be a way to diversify the earnings and risk of households. These findings underscore the need to conduct further financial learning activities to help and guide households in making informed decisions with regard to their saving and investment pattern, availment of loans and spending pattern. Although the BSP, to-date, has conducted 91 Public
27
28
29
Shadow banks can be defined as financial intermediaries that conduct maturity, credit, and liquidity transformation without explicit access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset-backed commercial paper (ABCP) conduits, structured investment vehicles (SIVs), credit hedge funds, money market mutual funds, securities lenders, limitedpurpose finance companies (LPFCs), and the government-sponsored enterprises (GSEs) (see Pozsar et al. 2012, Shadow Banking, Federal Reserve Bank Staff Paper). The maximum deposit insurance per depositor is P500,000.00. As of March 2011, about 97 percent of total deposit accounts in the banking system are fully insured. The Consumer Act of the Philippines (Republic Act No. 7394) and The Truth in Lending Act (Republic Act No. 3765)
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2009
Information Campaigns30 through its Economic and Financial Learning Program (EFLP), the need to do more with wider reach cannot be overemphasized. 4. There is a need to also include in the governments financial education programs the benefits of membership, and regular/timely payment of premiums, to national pension and retirement funds among household members who are self-employed and unemployed. The benefits of joining the national insurance and pension system and the regular payment of premium should likewise be incorporated in the governments financial education programs, such as the BSP-EFLP. This will not only encourage forced saving among households but also afford them protection from unexpected/unplanned expenditures.
30
49 local and 11 international Financial Learning Campaigns for OFWs and their families, 9 Financial Expos, 11 Financial Learning conferences for Microfinance Clients and the Unbanked.
Page 34
IV. Statistical Tables
Page 35
CONSUMER FINANCE SURVEY RESULTS

A. Demographic Characteristics Philippines 1/ Total Households (HH) Total Household (HH) Members Age Group 0-4 5-14 15-20 21-34 35-49 50-54 55-59 60-64 65 and over Age dependency ratio Number of HH Members 1-3 4-6 7-9 10 and Over Average Household Size Relationship to Respondent Respondent Spouse Son/Daughter Other relatives No relation Proportion of HH Members Who are Presently Residing in Respondent's House Presently Residing in Respondent's House Not Presently Residing in Respondent's House Proportion of HH Heads Who are Presently Residing in Respondent's House Presently Residing in Respondent's House Not Presently Residing in Respondent's House Reasons of HH Members for Not Residing in Respondent's House Working far from home (w/in the Philippines) Working abroad Studying far from home (w/in the Philippines) On vacation Others Sick/in hospital
1/
NCR 2,151,458.0 10,668,594.0 In Percent
AONCR 2,636,918.0 12,812,284.0
4,788,376.0 23,480,878.0 Household Characteristics 8.6 21.5 13.1 21.2 18.3 5.0 3.9 3.0 5.4 0.6
8.8 20.8 12.5 23.2 18.6 5.0 3.6 2.9 4.7 0.5 In Percent 26.1 53.2 16.8 3.9 5.0 In Percent 21.4 15.5 41.8 20.3 1.0 In Percent
8.4 22.1 13.5 19.4 18.0 5.0 4.2 3.2 6.1 0.6 29.5 49.3 17.7 3.5 4.9 21.7 16.7 44.0 16.8 0.8
28.0 51.0 17.3 3.7 4.9 21.6 16.2 43.0 18.3 0.9
96.3 3.7 In Percent
97.0 3.0
95.6 4.4
96.4 3.6 In Percent 40.1 33.7 13.8 9.6 2.7 0.2
95.9 4.1
96.9 3.1
18.3 49.0 12.5 14.9 5.4 -
52.4 25.0 14.5 6.7 1.2 0.3
The CFS was conducted in four regions in the Philippines-NCR, Regions I, VII and XI with a total sample
size of 10,520 households. All of the survey figures computation are weighted based on the NSO Master Sample.
Page 36
Philippines HH Members Who are Currently Attending School Yes No Don't know / No response Current Educational Level of HH Members who are Currently Attending School Nursery/Kinder/Preparatory Elementary High School Post Secondary College Post Graduate Highest Educational Attainment of HH Members who have Stopped Attending School Aged 21 Years Old and Over No grade Nursery/Kinder Grade 1-3 Grade 4-6 Elementary Graduate 1st-3rd Year High School High School Graduate Post Secondary Non-Tertiary Technical/Vocational Education Undergraduate Post Secondary Non-Tertiary Technical/Vocational Education Graduate 1st yr-4th Year College College Graduate Post Grad Degree units earned/enrolled Post Grad Degree Earned Don't know/No response Health Status Philippines General State of Health Excellent Very Good Good Fair Poor Very Poor Don't know HH Members covered by Health Insurance Yes No Type of Health Insurance of HH Members (Among Insured HH Members) Phil Health Private (HMO, Bluecross, etc) Both 93.6 4.0 2.4 29.0 71.0 9.1 38.0 40.6 9.9 2.0 0.4 0.0 0.3 0.2 4.8 9.0 11.6 13.0 27.1 1.0 32.1 67.8 0.1
NCR In Percent 32.5 67.3 0.2 In Percent
AONCR
31.7 68.2 0.1
11.6 47.5 28.3 0.8 11.8 0.1
11.0 45.3 28.3 1.0 14.4 0.1
12.1 49.3 28.3 0.6 9.6 0.1
In Percent
0.2 0.1 1.9 4.2 7.9 11.9 31.3 1.2
0.3 0.2 7.1 13.0 14.8 14.0 23.5 0.8
3.1 12.8 16.6 0.2 0.3 0.1
4.1 16.5 20.3 0.2 0.2 0.1
2.3 9.9 13.5 0.2 0.3 0.0
NCR In Percent 11.5 40.3 37.8 8.3 1.7 0.3 0.0 In Percent 29.2 70.8 In Percent 90.8 5.6 3.6
AONCR 7.1 36.2 42.9 11.1 2.2 0.4 0.0
29.0 71.0
95.8 2.8 1.3
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B. Assets and Liabilities 1. Respondent's Residence Philippines 4,788,376.0 78.0 10.2 5.4 4.1 2.0 0.2 0.1 NCR 2,151,458.0 In Percent 63.8 12.3 11.5 8.5 3.4 0.3 0.2 In Percent 4.1 37.5 26.4 21.8 8.0 2.1 0.2 55.5 40.0 In Percent 17.2 31.8 31.5 13.1 4.1 2.3 2.0 2.0 In Percent 64.8 53.6 21.5 18.8 1.7 0.1 In Percent 5.9 38.2 41.8 14.2 In Percent 38.0 30.8 13.0 18.0 0.2 31.3 23.8 24.6 20.1 0.3 43.5 36.5 3.6 16.3 0.0 8.9 46.1 34.3 10.7 3.4 31.7 47.8 17.1 57.7 69.5 17.6 0.2 0.9 0.1 70.6 40.7 24.7 34.0 2.3 0.1 23.4 32.1 26.3 11.4 4.2 2.6 1.0 1.0 12.0 31.6 35.8 14.5 4.1 2.1 2.0 2.0 7.1 40.2 22.2 20.2 8.0 2.1 0.2 52.3 35.0 1.7 35.4 29.8 23.0 7.9 2.0 0.2 58.1 40.0 AONCR 2,636,918.0 89.7 8.5 0.4 0.5 0.9 0.0 -
Total Households Housing Characteristics Single Detached Single Detached with Attached Room Townhouse Duplex Apartment (1-4 units) Apartment Complex (5 units and up) Condominium Housing Units Sizes (in square meter) 0-10 11-30 31-50 51-99 100-199 200-499 500-999 1000 and up Average Median Number of Bedrooms in the House/Unit 0 Bedroom 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms 5 or more Bedrooms Average Median Materials Used in Outer Walls of Home/Unit Wood Concrete, brick, stone Half concrete brickstone and half galvanized iron Bamboo/sawali/cogon/nipa Makeshift/salvaged materials No walls Perception of Respondents on Home/Unit Condition Very Good (safe and decent with no need of repair) Good (safe and decent but needs some minor repair) Fair (in need of some moderate repair) Poor (in need of major repair) Ownership of Residence Owns/co-own house/unit and lot Owns/co-own house/unit only Rent/Lease Neither own nor rent Others
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Philippines Percent of Ownership of Household in the Property 0.0-10.4 10.5-20.4 20.5-30.4 30.5-40.4 40.5-50.4 50.5-60.4 60.5-70.4 70.5-80.4 80.5-90.4 90.5-100.0 Household Assessment of Housing Cost Expensive Inexpensive Just right Family's Share of Property Based on Gross Current Market Value (In Pesos) 0-5,000 5,001-10,000 10,001-25,000 25,001-50,000 50,001-100,000 100,001-300,000 300,001-500,000 500,001 and up Average Median Mode of acquisition of Residence (For HHs that owns/co-own house/unit and lot or owns/co-own house/unit only) Purchased with Cash Inheritance/Gift Purchased with Cash and Loan Purchased with Loan CARP Others Amount of Loan Borrowed Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 151,001-300,000 300,001-500,000 500,000-1,000,000 1,000,001 and up Average Median 64.8 29.6 4.3 2.4 0.5 1.8 (In 0.4 2.0 13.3 14.2 30.2 9.9 16.4 7.6 4.9 1.0 171,815.9 93,000.0 2.8 4.2 9.1 15.5 18.6 20.4 9.8 19.6 516,802.0 100,000.0 18.1 17.2 64.7
NCR In Percent
AONCR
0.9 1.6 2.2 0.7 6.4 0.1 0.1 0.2 0.0 87.7 In Percent
1.7 2.8 4.6 1.4 13.5 0.2 0.3 0.4 0.1 75.0
0.5 0.9 0.8 0.4 2.5 0.0 0.1 0.0 94.8
22.8 13.0 64.2 In Percent 0.4 1.3 4.0 10.5 18.6 20.6 11.3 33.2 934,256.8 250,000.0
14.3 20.5 65.2
4.1 5.8 12.0 18.4 18.6 20.2 8.9 11.9 282,474.3 100,000.0
In Percent
55.0 33.7 4.5 3.4 0.2 3.9 In Percent 14.2 16.4 32.8 12.1 12.2 6.7 4.8 0.7 159,061.3 90,000.0
70.3 27.3 4.1 1.9 0.7 0.7
1.2 6.5 11.3 9.5 24.5 5.1 25.5 9.6 5.1 1.6 200,305.7 100,000.0
Page 39
Philippines Loan Providers NHA Pag-Ibig/HDMF Cooperative and Associations Money Lender SSS Others Rural/Cooperative Bank Commercial Bank Relatives and Friends GSIS Former Owner Financing Institution Company (Employer) loan Savings/Thrift Bank CARP Credit Card Company Number of Years Agreed upon to Amortize Loan 0-1.0 1.1-2.0 2.1-5.0 5.1-10.0 10.1-15.0 15.1-20.0 20.1-50.0 No response Monthly Average Amount of Amortization on the Mortgage (In Pesos) 0-500 501-1,000 1,001-5,000 5,001-10,000 10,001-50,000 50,000-100,000 Average Median Current Annual Rate of Interest Being Charged on the Loan (In Percent) 0-10 11-20 21-30 31-40 41-50 51-60 61-70 71-80 81-90 91-100 No response Households with Outstanding Loan Due to the Purchase of Property WITH outstanding loan or mortgage WITHOUT outstanding loan or mortgage 37.8 10.3 10.7 9.6 9.0 3.8 5.0 3.7 3.6 2.6 1.5 1.0 0.6 0.6 0.3 -
NCR In Percent 52.6 9.9 10.2 6.8 1.5 5.5 1.5 2.8 3.1 2.0 1.4 0.9 0.9 0.8 In Percent
AONCR 4.7 11.3 11.8 15.8 25.6 12.9 5.7 4.7 3.7 1.8 1.2 1.0 -
8.1 6.8 11.8 9.0 9.0 9.3 45.0 1.0 In Percent 30.4 20.8 38.8 5.3 4.0 0.7 3,171.0 1,000.0
3.4 5.1 11.3 8.1 12.2 9.2 50.0 0.6
18.6 10.6 12.9 11.0 1.8 9.5 33.7 1.9
35.4 24.8 32.5 3.2 3.5 0.6 2,738.5 850.0 In Percent
18.0 11.0 54.2 10.7 5.2 0.9 4,223.6 2,000.0
73.4 14.1 1.5 1.9 0.4 8.6 In Percent 3.7 96.3
74.2 15.2 2.8 7.8
71.7 11.7 4.8 1.2 10.6
7.0 93.0
1.8 98.2
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Philippines Households by Status of Loan Payments Ahead On Schedule Behind Schedule No response Households by Number of Months Behind Schedule 0-12 13-24 25-60 61-120 121-180 181-240 241-600 Average Median 5.8 42.1 50.2 1.9
NCR In Percent 5.3 39.4 52.6 2.7 In Percent
AONCR
6.8 48.2 45.0 -
31.3 14.9 19.6 22.7 5.2 5.6 0.6 62.1 36.0
30.2 18.0 22.1 20.0 6.3 3.5 55.7 36.0
34.4 6.8 13.1 29.9 2.4 11.3 2.2 78.6 60.0
2. Other Real Property Ownership (Apart from Respondents Residence) Philippines 4,788,376.0 16.2 83.8 79.2 15.2 3.7 1.2 0.7 58.8 22.1 10.8 5.9 0.8 0.6 0.5 0.3 0.1 40.9 12.2 11.6 9.7 9.2 7.7 5.8 2.5 0.3 51.6 41.8 3.1 2.7 0.8 NCR 2,151,458.0 In Percent 15.4 84.6 In Percent 78.5 15.6 3.3 1.3 1.2 In Percent 41.8 39.8 6.9 8.0 0.8 1.5 0.9 0.3 0.1 In Percent 20.0 14.8 19.5 15.5 12.4 12.1 2.7 2.4 0.5 In Percent 47.3 43.9 5.1 3.7 AONCR 2,636,918.0 16.8 83.2 79.7 14.8 4.0 1.1 0.4 71.7 8.6 13.8 4.3 0.9 0.2 0.4 56.7 10.3 5.6 5.3 6.8 4.3 8.2 2.7 0.1 54.9 40.3 1.6 1.9 1.4
Total Households Ownership of Real Property Yes No Number of Properties Owned 1.0 2.0 3.0 4.0 5-12 Type of Real Property Owned Land House and lot Farm House Others Condominium Unit Commercial Building Fishpond Ranch Use of the Property Agriculture Unoccupied Holiday or other private use Rent/Lease Future home Investment Uncultivated land Business Others Manner of Acquisition Inheritance/Gift Cash Cash and Loan Loan CARP
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Philippines With Outstanding Loan due to the Purchase of their Real Properties Yes No Gross Market Value of the Family's Share of Real Properties (In Pesos) 0-5,000 5,000-10,000 10,001-30,000 30,001-50,000 50,000-100,000 100,001-150,000 150,001-300,000 300,001-500,000 500,001-1,000,000 1,000,001 and up Average Median Institution that Provided the Loan for the Real Property ( Among HHs that Purchased their Real Property thru Loan) Money Lender Pag-IBIG/HDMF Rural/Cooperative Bank NHA Commercial Bank Financing Institution CARP SSS Savings/Thrift Bank GSIS Cooperative Others 36.5 18.7 10.1 10.0 6.0 5.2 3.4 2.7 2.5 2.0 1.7 1.2 0.7 2.2 5.9 9.3 14.6 7.8 18.3 13.6 12.3 15.4 802,573.0 220,000.0
NCR In Percent
AONCR
5.8 94.2 In Percent
7.6 92.4
4.4 95.6
0.3 1.0 3.3 5.7 10.3 7.9 18.8 13.9 16.4 22.5 1,124,582.0 402,000.0
0.9 3.1 7.8 12.0 17.8 7.7 17.9 13.5 9.3 10.0 558,405.0 170,000.0
In Percent
28.3 23.5 5.2 16.3 7.4 4.9 3.6 4.5 2.4 1.7 2.2
47.2 12.5 16.5 1.8 4.1 5.5 7.8 1.4 1.5 1.6 -
3. Ownership of Vehicles and Other Non-Financial Assets Philippines 4,788,376.0 Vehicles NCR 2,151,458.0 AONCR 2,636,918.0
Total Households
In Percent Ownership of Vehicles Yes 24.3 21.9 No 75.7 78.1 In Percent Type of Vehicle Owned Motorcycle 54.9 43.4 Cars/AUV/SUV/vans * 32.2 47.7 Tricycle 19.4 17.8 Motorized boat / pump boat / boat 4.1 0.2 Kuliglig 1.9 0.1 Tractor 0.8 Others 0.5 0.9 * Household owned at least one of the following: cars, AUV/SUV, pick-up, jeep/owner-type jeep, minivan/van
26.4 73.6 62.6 21.6 20.5 6.7 3.2 1.4 0.3
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Philippines Condition of Vehicles When Bought Brand new Used Model Year of Vehicles Owned 1950-1959 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 No response Purpose/Use of Vehicle Personal use For hire / rent Both personal use and for hire/ rent Others Average Monthly Income Earned from Rent on Vehicle in 2008 (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 No response Average Median Market Value of Vehicle if Sold (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 300,001-500,000 500,001-1,000,000 1,000,001 and up Average Median With Outstanding Loans/Mortgages on Vehicle Yes No Institution that Provided the Loan of the Vehicle In-house financing Financing Institution Commercial Bank Salary loan Money Lender Relative/Family member Cooperative Rural/Cooperative Bank Savings/Thrift Bank Others 56.7 43.3
NCR In Percent 53.7 46.3 In Percent 0.3 1.3 6.3 30.1 61.8 0.2 In Percent 79.7 15.0 5.2 0.1 In Percent
AONCR 58.6 41.4 0.1 0.2 1.3 4.9 18.7 74.9 81.7 11.1 7.1 0.0
0.1 0.2 1.3 5.4 23.2 69.7 0.1 80.9 12.7 6.4 0.1
43.3 32.0 19.3 2.2 2.0 0.2 0.9 9,701.0 6,000.0
31.6 27.8 32.4 3.9 2.3 0.5 1.5 12,804.0 9,000.0 In Percent
51.8 35.1 10.0 1.0 1.7 0.5 7,496.0 4,500.0
2.4 5.6 33.8 23.8 17.0 5.7 6.3 2.9 2.4 0.1 86,980.0 40,000.0
0.8 3.3 28.1 21.4 18.9 7.3 9.8 5.1 5.1 0.2 129,399.0 50,000.0 In Percent
3.4 7.2 37.5 25.3 15.8 4.6 4.1 1.4 0.6 59,210.0 35,000.0
13.5 86.5 In Percent 65.7 13.8 6.0 5.6 4.0 3.3 0.6 0.5 0.2 0.2
13.3 86.7
13.6 86.4
61.8 9.7 13.8 5.0 4.8 4.3 0.6 -
68.2 16.4 1.0 6.0 3.4 2.7 0.7 0.8 0.4 0.3
Page 43
Philippines Amount Borrowed on the Vehicle (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 300,001-500,000 500,001-1,000,000 1,000,001 and up No response Average Median Current Rate of Interest Being Charged on the Loan 0-9.9 10-19.9 20-29.9 30-39.9 40-49.9 50-59.9 60-69.9 70-79.9 80-89.9 No response Average Median Average Monthly Payment on Vehicle Loan (In Pesos) 0-5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001-25,000 25,001-30,000 30,001-35,000 35,001-40,000 40,001-45,000 45,001-50,000 50,001 and up No response Average Median Status of Payment on Vehicle Loan Ahead On Schedule Behind 83.5 6.6 3.2 2.7 1.6 0.3 0.2 0.6 1.4 4,494.0 2,800.0 7.5 76.3 16.2
NCR In Percent
AONCR
0.9 0.9 8.5 12.8 48.9 15.8 4.4 2.1 3.2 2.0 0.5 138,382.0 80,000.0
1.3 0.7 5.9 9.8 47.8 12.9 5.4 2.5 7.7 4.7 1.2 211,675.0 85,000.0 In Percent
0.7 0.9 10.2 14.8 49.6 17.6 3.9 1.8 0.3 0.3 92,165.0 80,000.0
46.7 16.0 16.7 9.0 3.4 3.6 0.3 0.2 0.2 4.0 14.0 10.0 In Percent
46.7 12.9 17.0 8.4 4.9 2.3 0.9 7.0 14.0 8.0
46.7 17.9 16.5 9.4 2.5 4.5 0.3 0.3 2.0 14.0 10.0
73.3 12.7 3.1 5.8 2.3 0.8 1.9 5,613.0 3,200.0 In Percent 7.6 79.0 13.4
89.9 2.8 3.3 0.7 1.1 0.3 1.0 1.0 3,787.0 2,600.0 7.5 74.5 18.0
Household Appliances/Equipment Philippines NCR In Percent Ownership of appliances/equipment Yes 87.1 No 12.9
AONCR 98.3 1.7 77.9 22.1
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Philippines Kind of Appliances/equipment owned TV Sets Electric Fan/Cooler Cellphone/Telephone (wireless) VCD/DVD Player Gas Stove Refrigerator Washing Machine Videoke/Karaoke/Magic Sing Oven Toaster PC Desktop Air Conditioner Aid-Osterizer/Mixer/Blender Gas Range Photography Equipment Digicam/Videocam/Camera Others Microwave Printer PC Laptop Deep well/Water Pump Electric Stove WII/PS3/PS2/PSP/Xbox Piano/Organ/Drum set/etc Vacuum Cleaner Oven Scanner/Copier Dryer Juicer Freezer Pressure Tank Floor Polisher Fax Machine Automatic Water Sprinkler Lawn Mower With Outstanding Loans on Appliances/Equipments Yes No Provider/Source of Loan In-house financing Credit card company Financing Institution Money Lender Relative/Family member Company (Employer) loan Commercial Bank SSS Cooperative 91.3 82.8 66.9 58.8 52.9 52.8 35.0 16.0 12.7 11.5 9.6 9.3 8.6 8.6 7.6 7.4 5.7 5.5 4.6 3.8 2.6 2.5 2.2 2.0 2.0 2.0 1.9 1.4 1.3 0.8 0.6 0.1 0.1
NCR In Percent 92.2 96.8 76.4 63.6 70.7 58.7 49.7 12.1 17.7 16.1 12.1 12.0 9.2 11.5 8.8 10.8 8.1 7.6 1.9 5.2 3.9 3.3 2.9 2.9 2.6 3.2 2.7 1.7 1.1 1.4 1.0 0.1 In Percent
AONCR
90.4 68.3 57.2 54.0 34.7 46.7 19.9 20.0 7.6 6.7 7.0 6.6 8.0 5.6 6.5 3.9 3.3 3.3 7.3 2.4 1.3 1.7 1.5 1.1 1.3 0.7 1.1 1.0 1.5 0.2 0.2 0.1 0.1
1.7 98.3 In Percent 55.2 13.9 12.8 8.0 4.2 3.9 0.8 0.7 0.5
1.0 99.0 17.2 44.8 6.8 14.0 5.8 6.5 2.5 2.3 -
2.3 97.7 72.3 15.5 5.3 3.5 2.7 0.7
Valuable Assets (Precious Objects) Philippines NCR In Percent Ownership of Any Precious Object Yes 14.9 No 85.1
AONCR 16.9 83.1 13.3 86.7
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Philippines Kind of Precious Object Jewelry Furniture (dining set, etc.) Antiques Works of art Collector's items, specify Others Market Value of Jewelry Sold Today (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 300,001-500,000 500,001-1,000,000 1,000,001 and up Average Median Market Value of Furnitures if Sold Today (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 300,001-500,000 Average Median Market Value of Antiques if Sold Today (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 Average Median Market Value of Works of Art if Sold Today (In Pesos) 0-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001-300,000 Average Median 49.4 12.5 19.2 2.4 6.6 9.8 31,626.0 8,000.0 41.4 14.3 25.1 10.9 3.5 1.3 3.4 26,186.0 10,000.0 41.7 20.8 22.0 9.1 3.3 0.2 2.2 0.6 23,049.0 8,000.0 81.0 33.9 5.0 3.7 2.1 0.2 if
NCR In Percent 86.1 27.9 5.3 3.5 1.6 In Percent
AONCR 75.8 40.2 4.8 4.0 2.5 0.4
41.2 19.9 22.1 9.1 4.8 0.9 0.6 0.6 0.6 0.1 34,455.0 10,000.0
33.7 17.8 27.9 11.2 6.0 0.7 0.9 0.8 0.7 0.3 46,687.0 10,000.0 In Percent 42.8 19.3 19.3 10.6 3.0 3.7 1.3 29,664.0 7,000.0 In Percent 32.9 6.6 32.8 12.3 6.6 2.5 6.4 38,822.0 18,000.0 In Percent 41.1 4.1 15.3 5.1 13.9 20.5 57,911.0 15,000.0
50.1 22.4 15.4 6.7 3.3 1.2 0.3 0.3 0.4 20,050.0 5,000.0
41.0 21.9 24.0 7.9 3.6 0.4 1.2 18,293.0 8,000.0
51.2 23.1 16.3 9.3 11,760.0 5,000.0
57.1 20.1 22.8 7,650.0 5,000.0
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4. Financial Assets Deposit/Cash Accounts Philippines 4,788,376.0
Total Households Proportion of Households with Deposit/Cash Account With Deposit/Cash Account Without Deposit/Cash Account Reasons for not Having an Account or Investments in Bank/Non-Bank Financial Institution Don't have enough money Don't need a bank/cash account Can't manage an account Minimum balance is too high
NCR 2,151,458.0 In Percent
AONCR 2,636,918.0
21.5 78.5 In Percent 92.8 1.7 1.5 1.2 1.0 0.6 0.5 0.3 0.3 In Percent 71.4 20.7 5.7 1.3 0.5 0.2 0.0 0.1 1.4 1.0 In Percent 99.3 0.3 0.1 0.1 0.1 0.2 In Percent 98.1 1.9 In Percent 4.8 41.1 10.5 8.2 10.4 25.1
28.1 71.9
16.1 83.9
90.6 2.0 1.6 2.5 1.4 0.1 0.6 0.5 0.7 68.7 22.4 6.6 1.5 0.3 0.3 0.2 1.4 1.0
94.3 1.5 1.5 0.4 0.7 1.0 0.4 0.2 0.1 75.3 18.3 4.5 0.9 0.7 0.1 0.1 1.3 1.0
Do not like to deal with banks/institutions Bank/institution location is far Don't trust bank/institution Service charges are too high Others Number of Accounts Owned 1 2 3 4 5 6 7 8 9 Average Median Country Where Deposit Account is Maintained Philippines USA Saudi Arabia Europe Japan Other countries Currency of Deposit Accounts Maintained in the Philippines Peso US Dollar Currency of Deposit Accounts Maintained Outside the Philippines Philippines USA Saudi Arabia Europe Japan Others
99.9 0.1 -
98.6 0.4 0.2 0.2 0.2 0.4
97.4 2.6
99.1 0.9
100.0 -
5.5 31.8 12.1 9.5 12.0 29.1
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Philippines Type of Bank/Institution where Account is Maintained Commercial Bank Rural/Cooperative Bank Savings/Thrift Bank Multipurpose/Credit Cooperative Microfinance Bank Savings & Loan Association (eg. AFPSLAI) Paluwagan Association (eg. Teachers' associations) Others Reason for Choosing the Bank/Institution where the Biggest Account is Maintained Proximity to home The bank used by employer/or my business Bank specified/selected by the source institution of fund Efficient service Proximity to workplace Personal acquaintances No particular reason Variety of services, products,instruments offered It is a major bank Hight interest rates Attractive charges for services Already has another account/loan with bank Courteousness of the staff Internet banking services Others Number of Years as a Client of the Bank/Institution Where the Biggest Account is Maintained Less than a year Less than 2 years From 2 to 4 years From 5 to 10 years More than 10 years Don't know/don't remember Current Balance of Peso Deposit Accounts (In Pesos) 1,000 and below 1,001-5,000 5,001-10,000 10,001-20,000 20,001-50,000 50,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001-5,000,000 5,000,001 and up No response Average Median 18.6 27.3 14.8 11.7 12.6 8.2 5.0 0.7 0.2 0.5 0.4 105,927.4 6,875.5 34.4 19.3 8.4 8.1 6.8 5.2 4.2 4.0 2.8 2.1 2.0 1.3 0.6 0.4 0.3
NCR In Percent
AONCR
77.3 8.0 5.3 4.9 2.2 1.3 0.5 0.3 0.1 In Percent
85.7 3.6 3.0 3.2 2.3 1.6 0.3 0.3 0.1
64.5 14.8 8.9 7.5 1.9 1.0 0.9 0.4 0.2
39.2 21.5 6.7 6.9 7.6 3.7 3.3 3.9 2.1 2.1 1.2 0.7 0.4 0.4 0.4 In Percent
27.7 16.3 10.7 9.9 5.7 7.4 5.6 4.3 3.8 2.1 3.0 2.1 1.0 0.3 0.1
12.7 10.5 27.6 27.8 20.9 0.4 In Percent
13.6 11.6 26.1 25.3 22.9 0.6
11.4 9.1 29.8 31.4 18.1 0.2
18.6 24.3 13.6 11.8 13.6 10.7 6.1 0.8 0.4 0.8 0.5 157,045.6 9,436.5
18.6 31.9 16.6 11.6 10.9 4.4 3.3 0.5 0.1 0.1 28,631.4 5,507.0
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Philippines Proportion of Deposit Accounts that Pays Interest Pays interest Does NOT pay interest Average Annual Rate of Interest of Deposit Accounts 0.1-10.0 10.1-20.0 20.1-30.0 30.1-40.0 40.1-50.0 50.1-60.0 60.1-70.0 70.1-80.0 80.1-90.0 90.1-100.0 100.1 and up No response Average Median
NCR In Percent
AONCR
60.2 39.8 In Percent 55.6 20.6 10.7 5.5 1.1 3.0 0.3 0.1 0.2 1.0 1.8 12.7 4.0
57.2 42.8
64.8 35.2
61.6 19.8 9.9 4.2 0.8 1.8 0.5 1.4 10.0 3.0
47.5 21.8 11.8 7.4 1.4 4.6 0.8 0.2 0.5 1.7 2.4 16.5 12.0
Mutual Funds, UITFs, Publicly-Traded Stocks, Bonds, or Any Other Type of Managed Investment Philippines NCR AONCR Total Households 4,788,376.0 2,151,458.0 2,636,918.0 Proportion of Households with Financial Assets Other than Deposit Accounts
In Percent
Own shares in mutual funds, UITFs, publiclytraded stocks, bonds, or any other type of managed investment account besides a pension or insurance plan Do NOT own shares in mutual funds, UITFs, publicly-traded stocks, bonds, or any other type of managed investment account besides a pension or insurance plan No response
0.4
0.8
0.0
99.4
98.9
99.9
0.2
0.3
0.1
Accounts Receivables (Loans to Others) Philippines NCR Proportion of Households That Have In Percent Accounts Receivables * Have accounts receivables 5.4 Do NOT have accounts receivables 94.6 * Loans to others aside from the real estate loans mentioned before Distribution of Amount Still Owed to Respondent Households (In Pesos) 1-2,000 2,001-6,000 6,001-10,000 10,001-14,000 14,001-18,000 18,001 and up Average Median
AONCR
5.3 94.7
5.5 94.5
In Percent 49.0 19.1 10.1 1.9 2.9 17.0 32,186.0 2,500.0 42.1 16.4 13.6 3.2 3.4 21.3 47,218.1 4,500.0 54.9 21.4 7.0 0.9 2.5 13.3 19,436.7 2,000.0
Page 49
5. Insurance and Pension Insurance and Pension of Respondents Philippines NCR Total Respondents 4,788,376.0 2,151,458.0 Respondents Covered by Retirement In Percent Insurance Yes 42.7 57.5 No 57.3 42.5 Source of Pension/Insurance Owned by In Percent Respondents Purely Employment-Based 93.9 93.2 Insurance 1.6 1.6 Purely Private Insurance Both Employment-Based and Private 4.5 5.2 Insurance In Percent Type of Insurer (Multiple Response) SSS 91.6 94.0 GSIS 10.6 7.9 Provident Fund 0.7 0.7 Other Employment-Based Retirement Plans Respondents Currently Paying Retirement Insurance Premium Yes No Amount of Monthly Premiums (Based on Number of Respondents Currently Paying Premiums) 1-200 201-400 401-600 601-800 801-1,000 1,001-1,200 1,201-1,400 1,401-1,600 1,601 and up Average Median Amount of Monthly Premiums (Based on Number of Insurance) 1-200 201-400 401-600 601-800 801-1,000 1,001-1,200 1,201-1,400 1,401-1,600 1,601 and up Proportion of Respondents with Loans Against their Retirement Insurance Yes No Amount Borrowed Against their Retirement Insurance 1-20,000 20,001-40,000 40,001-60,000 60,001-80,000 80,001-100,000 100,001 and up Currently Paying Loans Against their Retirement Insurance Yes No 6.9 In Percent 36.4 63.6 In Percent 33.9 46.3 17.9 2.5 4.1 2.3 2.3 2.2 2.2 422.0 300.0 In Percent 29.8 40.7 15.8 2.2 3.6 2.0 2.0 1.9 1.9 In Percent 19.3 80.7 In Percent 75.7 13.3 3.0 1.7 2.4 3.8 In Percent 43.1 56.9 37.6 62.4 55.7 44.3
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AONCR 2,636,918.0
30.6 69.4
94.9 1.6 3.6 87.8 14.8 0.7 8.0
6.2
34.1 65.9
40.3 59.7
32.7 45.6 20.5 3.0 3.7 2.8 0.5 0.7 1.6 386.0 300.0
35.5 47.1 14.4 1.6 4.7 1.6 4.8 4.1 3.1 468.0 312.0
29.4 41.1 18.4 2.7 3.4 2.5 0.4 0.6 1.4
30.3 40.3 12.3 1.4 4.0 1.3 4.1 3.5 2.7
21.7 78.3
15.2 84.8
79.2 14.0 2.2 1.2 1.0 2.4
68.4 11.9 4.8 2.9 5.2 6.8
Philippines Amount of Monthly Payment on Loans Against their Retirement Insurance 1-500 501-1,000 1,001-1,500 1,501-2,000 2,001-2,500 2,501-5,000 5,001 -10,000 10,001 and up Payment Status of Loans from Retirement Insurance Ahead of schedule On schedule Behind schedule 43.0 27.4 11.7 4.1 4.0 7.3 1.5 1.0
NCR In Percent 44.7 30.5 13.3 3.4 2.8 4.5 0.7 In Percent
AONCR
40.5 23.0 9.2 5.2 5.8 11.4 2.6 2.3
4.3 98.4 11.3
5.0 94.8 11.1
3.1 103.9 11.6
Insurance and Pension of the Respondent's Spouses/Partners Philippines NCR Total Respondents with Spouse/Partner Spouse/Partner Covered by Retirement Plan Yes No Source of Pension/Insurance Owned by Spouse/Partner Purely Employment-Based Insurance Purely Private Insurance Both Employment-Based and Private Insurance Type of Insurer (Multiple response) SSS GSIS Other Government Retirement Plans Provident Fund Spouse/Partner Currently Paying Retirement Insurance Premium Yes No Amount of Monthly Premiums (Based on Number of Respondent's Spouses Currently Paying Premiums) 1-200 201-400 401-600 601-800 801-1,000 1,001-1,500 1,501-2,000 2,001-5,000 5,001-and up Average Median Amount of Monthly Premiums (Based on Number of Insurance) 1-200 201-400 401-600 601-800 801-1,000 1,001-1,500 1,501-2,000 2,001-5,000 5,001-and up 3,586,451.3 1,561,581.5 In Percent 44.9 55.1 In Percent 97.0 0.5 2.6 In Percent 91.9 9.9 8.2 0.5 In Percent 52.5 47.5 In Percent 38.0 44.7 17.0 2.3 3.8 4.2 1.9 0.4 0.1 385.0 300.0 In Percent 33.8 39.8 15.1 2.0 3.4 3.7 1.7 0.4 0.1 35.0 38.2 16.6 2.4 3.7 2.8 0.9 0.3 0.1 39.6 43.3 18.8 2.7 4.2 3.2 1.0 0.4 0.1 368.0 300.0 50.7 49.3 94.2 7.3 9.2 0.5 97.1 0.3 2.7 62.4 37.6
AONCR 2,024,869.8
31.4 68.6
96.8 0.8 2.4
88.3 14.0 6.7 0.4
55.3 44.7
35.7 46.7 14.4 1.7 3.3 5.6 3.1 0.5 0.1 410.0 300.0
32.2 42.0 12.9 1.5 3.0 5.1 2.8 0.5 0.1

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Philippines Proportion of Spouse/Partner with Loans Against their Retirement Insurance Yes No Amount Borrowed by Respondent's Spouse/Partner Against their Retirement Insurance 1-5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001-25,000 25,001-50,000 50,001-100,000 100,001-250,000 250,001-500,000 Currently Paying Loans Against their Retirement Insurance Yes No Amount of Monthly Payment of on Loans Against their Retirement Insurance 1-500 501-1,000 1,001-1,500 1,501-2,000 2,001-2,500 2,501-5,000 5,001 -10,000 Payment Status of Loans from Retirement Insurance (Multiple Response) Ahead of schedule On schedule Behind schedule 6. Inheritance Philippines 4,788,376.0 2.3 100.7 7.0
NCR In Percent
AONCR
19.5 80.5 In Percent 20.9 27.6 17.4 13.2 10.3 5.8 3.3 1.2 0.3 In Percent 50.5 49.5 In Percent 49.9 29.2 12.1 4.3 2.0 2.3 0.2 In Percent
22.9 77.1
14.1 85.9
21.4 28.0 18.9 13.4 12.5 3.8 1.5 0.4 0.2
19.8 26.6 13.7 12.5 5.0 10.9 7.6 3.3 0.5
46.6 53.4
60.5 39.5
52.3 30.0 12.6 3.4 1.3 0.4
45.2 27.5 11.3 5.9 5.9 4.2 -
1.5 101.3 7.0
3.9 99.4 7.0
Total Households Households that Received Inheritance Yes No Sources of Inheritance Parents Grandparents Other relatives Others (friends and not specified) Types of Inheritance Received Land, farm (other real estate) House/condo/townhouse Business, vehicle, jewelry and antiques Cash, shares of stock and other financial assets Others (not specified)
AONCR 2,636,918.0
21.0 79.0 In Percent 87.0 7.2 5.0 0.9 In Percent 60.3 23.9 2.1 2.0 11.7
15.5 84.5 83.2 6.3 9.4 1.1 37.1 43.1 2.6 4.5 12.7
25.5 74.5 88.7 7.6 2.9 0.7 71.1 14.9 1.9 0.8 11.2
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7. Credit Cards and Other Loans Philippines 4,788,376.0 3.9 96.1 63.6 22.2 8.7 4.6 0.9 NCR 2,151,458.0 In Percent 6.8 93.2 In Percent 60.5 23.0 10.3 5.1 1.1 In Percent 1.2 39.8 38.9 4.8 15.3 In Percent 16.4 26.6 7.7 17.6 4.9 2.7 9.5 14.6 66,000.0 44,000.0 14.4 25.8 6.9 19.7 2.9 3.0 10.8 16.6 70,368.0 50,000.0 In percent 36.0 19.1 10.6 11.8 5.3 4.3 12.9 18,223.0 10,000.0 34.9 21.2 10.3 10.8 6.3 3.9 12.5 17,464.0 10,000.0 In Percent 40.3 9.9 11.8 16.0 0.8 6.1 15.1 21,481.0 10,000.0 25.3 30.3 11.4 8.3 13.4 1.5 4.1 5.6 46,762.0 30,000.0 0.7 37.6 40.4 5.6 15.7 3.1 49.6 32.5 1.2 13.6 AONCR 2,636,918.0 1.6 98.4 74.9 19.7 2.8 2.7 -
Total Households Households with credit cards Yes No Number of Credit Cards Owned 1.0 2.0 3.0 4.0 5.0 Payments made on Last Month's Credit Card Bill Not paid Minimum paid Paid in full Partial amount paid other than the minimum Unspecified or no response Amount of Credit Limit of Credit Cards (In Pesos) 15,000 and below 15,001-30,000 30,001-45,000 45,001-60,000 60,001-75,000 75,001-90,000 90,001-105,000 105,001 and up Average Median Total Outstanding Balance of Credit Card Bill (In Pesos) 5,000 and below 5,001-10,000 10,001-15,000 15,001-20,000 20,001-25,000 25,001-30,000 30,001 and up Average Median Proportion of Households with Other Outstanding Loans With outstanding loans on other loans aside from loans on housing, real estate, car/vehicle, furniture, appliance and credit card Without outstanding loans on other loans aside from loans on housing, real estate, car/vehicle, furniture, appliance and credit card
20.9
18.2
23.0
79.1
81.8
77.0
Page 53
Philippines Distribution of Other Loan by Type Personal loan (person to person) Salary loan All purpose/multipurpose loan Business loan (for start-up or additional) Non-cash loans (goods,fertilizers) Emergency loan Calamity loan House Improvement loan Educational loan Others, not specified Appliance loan Car loan Amount of Other Loan Still Owed 2,000 and below 2,001-4,000 4,001-6,000 6,001-8,000 8,001-10,000 10,001-12,000 12,001-14,000 14,001-16,000 16,001-18,000 18,001 and up Average Median Loan Payment Status of Other Loans Ahead On Schedule Behind 36.9 19.0 16.7 12.2 6.2 2.7 2.3 1.3 1.2 1.0 0.3 0.2
NCR In Percent 41.7 21.7 10.9 11.8 3.5 2.5 4.6 0.7 1.0 1.1 0.4 In percent 26.9 16.9 11.7 5.3 7.6 2.4 2.9 2.6 2.2 21.6 27,203.0 5,000.0 In Percent 1.8 65.8 32.4
AONCR 33.8 17.2 20.6 12.5 7.9 2.8 0.8 1.7 1.3 0.9 0.2 0.4 35.2 13.8 10.6 5.4 7.0 2.9 1.5 3.6 1.6 18.4 17,271.0 4,500.0 1.8 62.7 35.5
31.9 15.1 11.0 5.4 7.2 2.7 2.1 3.2 1.8 19.7 21,235.0 5,000.0 1.8 63.9 34.3
C. Income and Expenditures 1. Work and Income of Respondent and Spouse Work and Income of Respondent in Full Year (FY) 2008 Philippines NCR Total Households 4,788,376.0 2,151,458.0 In Percent Employment Status of Respondents Employee 30.4 29.4 Self-Employed 29.2 26.5 Homemaker 18.0 21.6 Unemployed 17.1 16.3 Retired 3.2 4.0 Employer of a business 1.0 0.8 Permanently disabled and unable to work Student OFW Others only 0.5 0.3 0.3 0.0 0.5 0.5 0.5 -
AONCR 2,636,918.0 31.2 31.3 15.1 17.8 2.6 1.2 0.5 0.2 0.1 0.0
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Philippines Classification of Respondents' Primary Job in FY 2008 Worked for private establishment /nonfarm business Worked for government/GOCC Worked for private household Paid worker of somebody else's farm Unpaid volunteer/worker in a non-family operated business or institute Self-employed w/out any employee Unpaid worker in family-operated farm or business Unpaid worker in family-operated non-farm business Employer in own family-operated farm Employer in own family operated non-farm business Respondents' Primary Job by Type of Industry in FY 2008 Other Community, Social & Person Service Activities Agriculture, Hunting & Forestry Construction Manufacturing Transport, Storage & Communication Wholesale & Retail Trade; Repair of Motor Vehicles, Motorcycles & Personal & Household Goods Public Administration & Defense; Compulsory Social Security Education Health & Social Work Hotels & Restaurants Real Estate, Renting & Business Activities Financial Intermediation Electricity, Gas & Water Supply Fishing Industry not elsewhere classified Mining & Quarrying Extra-territorial bodies and organizations Number of Days that Employed Respondents Worked in FY 2008 1-30 31-60 61-90 91-120 121-150 151-180 181-330 331-360 361 and up Place of Work of Respondents' Primary Job in FY 2008 Philippines Abroad
NCR In Percent
AONCR
47.3 19.3 18.6 12.4 0.9 0.7 0.4 0.2 0.1 0.0 In Percent 19.1 17.8 10.4 9.1 8.8 8.3
64.8 18.7 15.6 0.2 0.1 0.3 0.3 0.1
33.6 19.8 21.0 21.9 1.6 0.9 0.8 0.1 0.2 -
22.9 1.5 9.2 12.8 13.2 11.4
16.2 30.5 11.4 6.1 5.3 5.9
7.9 4.4 3.5 3.2 1.9 1.5 1.5 1.5 0.7 0.4 0.1 In Percent 1.2 1.2 1.5 1.6 2.6 4.3 10.0 76.6 1.1 In Percent 98.2 1.8
6.6 3.7 4.6 4.8 3.7 2.1 1.8 0.7 1.0 -
8.9 4.9 2.5 2.0 0.6 1.1 1.2 2.1 0.5 0.6 0.1
0.9 0.9 1.7 1.8 3.2 4.9 9.5 76.7 0.4
1.3 1.3 1.4 1.4 2.2 3.9 10.3 76.6 1.6
97.2 2.8
99.0 1.0
Page 55
Philippines Number of Hours Spent by Respondent in a Normal Working Week for His/Her Primary Job in FY 2008 1-40 41-80 81-120 121-160 161 and up Average Median Average Monthly Gross Salary/Wage Received by Respondent for His/Her Primary Job in FY 2008 (In Pesos) 5,000 and below 5,001-10,000 10,001-20,000 20,001-50,000 50,001-100,000 100,001 and up None/No salary No response Average Median 38.6 34.5 19.8 4.9 0.7 0.2 1.3 0.0 9,176.0 6,667.0 35.8 57.8 5.6 0.2 0.6 48.0 48.0
NCR
AONCR
In Percent
30.2 60.8 7.8 0.3 0.9 51.0 48.0
40.3 55.4 3.9 0.2 0.3 45.0 48.0
In Percent
22.1 36.7 31.2 8.0 1.5 0.2 0.2 0.1 11,636.0 9,000.0
51.3 32.8 11.0 2.5 0.1 0.2 2.1 7,240.0 4,800.0
Work and Income of Respondents Spouse in FY 2008 Philippines NCR Respondents' Spouse's/Partner's In Percent Employment Status in FY 2008 Worked as an employee, self-employed or 64.4 engaged in business in 2008 Did NOT work as an employee, self35.6 employed or engage in business in 2008 Spouse's/Partner's Employment Status in FY In Percent 2008 Employee 43.2 Did not work as an employee, self35.6 employed or engaged in business Self-Employed 18.3 OFW 1.9 Employer of a business 0.6 Unemployed 0.3 Homemaker 0.1 Classification of Respondents' In Percent Spouse/Partner's Primary Job in FY 2008 Worked for private establishment / non59.3 farm business Worked for private household 18.4 Worked for government/GOCC 13.3 Paid worker of somebody else's farm 7.7 Self-employed w/out any employee 0.5 Unpaid worker in family-operated farm or 0.4 business Employer in own family operated non-farm 0.2 business Unpaid volunteer/worker in a non-family 0.2 operated business or institute Unpaid worker in family-operated non-farm business Employer in own family-operated farm 0.0 0.0
AONCR
66.3 33.7
62.9 37.1
47.2 33.7 15.2 2.7 0.6 0.5 0.2
40.2 37.1 20.6 1.3 0.6 0.2 0.0
72.5 14.8 11.6 0.3 0.4 0.1 0.4 -
47.1 21.7 14.8 14.7 0.5 0.7 0.0 0.4 0.0 0.0
Page 56
Philippines Respondents' Spouse/Partner's Primary Job by Type of Industry in FY 2008 Other Community, Social & Person Service Activities Construction Transport, Storage & Communication Agriculture, Hunting & Forestry Manufacturing Wholesale & Retail Trade; Repair of Motor Vehicles, Motorcycles & Personal Public Administration & Defense; & Compulsory Social Security Hotels & Restaurants Education Health & Social Work Real Estate, Renting & Business Activities Electricity, Gas & Water Supply Fishing Financial Intermediation Industry not elsewhere classified Mining & Quarrying Extra-territorial bodies and organizations Number of Days that Respondents' Spouse/Partner Worked in FY 2008 1-30 31-60 61-90 91-120 121-150 151-180 181-210 211-240 241-270 271-300 301-330 331-360 361 and up Place of Work of Respondents' Spouse/Partner's Primary Job in FY 2008 Philippines Abroad Number of Hours Spent by Respondent's Spouse/Partner in a Normal Working Week for His/Her Primary Job 1-40 41-80 81-120 121-160 161 and up Average Median 25.1 69.5 4.8 0.5 0.1 50.0 48.0 90.5 9.5 14.6 14.3 13.4 12.1 10.7 10.0 7.3 4.0 3.3 2.6 2.3 2.2 1.2 0.9 0.8 0.3 0.1
NCR In Percent 14.5 13.2 17.3 0.6 12.8 12.9 7.5 5.7 2.4 3.1 3.9 3.0 0.4 1.2 1.1 0.2 0.1 In Percent
AONCR
14.7 15.4 9.8 22.8 8.7 7.3 7.1 2.4 4.0 2.0 0.9 1.5 1.9 0.5 0.5 0.4 0.1
0.6 0.7 0.9 1.1 1.0 2.3 0.8 1.6 1.1 2.8 1.0 84.9 1.2 In Percent
0.5 0.7 0.8 0.9 0.9 2.0 0.7 1.4 1.3 2.0 1.3 86.8 0.7
0.7 0.7 1.0 1.3 1.1 2.6 0.8 1.8 0.8 3.6 0.8 83.0 1.7
89.5 10.5
91.5 8.5
In Percent
21.0 72.6 5.6 0.8 0.1 52.0 48.0
28.9 66.7 4.1 0.2 0.1 48.0 48.0
Page 57
Philippines Average Monthly Gross Salary/Wage Received by Respondents' Spouse/Partner for His/Her Primary Job (In Pesos) 1-5,000 5,001-10,000 10,001-20,000 20,001-50,000 50,001-100,000 100,001 and up None/No salary No response Average Median 22.9 39.3 27.8 7.3 1.6 0.8 0.2 0.0 12,722.0 9,000.0
NCR
AONCR
In Percent
9.1 38.2 40.4 9.4 1.8 1.0 0.1 0.1 14,763.0 10,500.0
35.6 40.4 16.2 5.3 1.4 0.7 0.3 10,831.0 6,600.0
Cash, Gift and Other Forms of Assistance Received by Philippines NCR Proportion of Households Who Received In Percent Cash, Gift or Other Forms of Assistance From Abroad in 2008 Received cash, gift or other forms of 19.6 assistance from abroad Did NOT receive cash, gift or other forms of 80.4 assistance from abroad Amount Received From Family Members Working Abroad (In Pesos) 1-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001-70,000 70,001-80,000 80,001-90,000 90,001-100,000 100,001 and up No response Average Median Sources of Domestic Assistance Received by Respondents/Households From other households From government From NGOs/Pos/Private institutions Others None Amount of Assistance Received From Other Households in FY 2008 (In Pesos) 1-2,500 2,501-5,000 5,001-10,000 10,001-30,000 30,001-50,000 50,001-100,000 100,001-150,000 150,001 and up Average Median In Percent 37.6 10.4 5.3 1.9 2.7 4.5 1.1 1.1 1.4 1.3 11.2 21.5 48,987.6 12,000.0
AONCR
22.5 77.5
17.2 82.8
46.0 12.8 4.1 1.7 2.8 3.1 0.9 0.7 1.8 0.8 9.5 15.7 39,992.8 10,000.0 In Percent
28.8 7.9 6.7 2.1 2.6 5.9 1.2 1.4 1.0 1.8 12.9 27.7 60,083.5 20,000.0
19.8 3.1 0.7 0.3 77.1 In Percent 29.9 20.6 14.9 22.0 6.2 4.2 1.1 1.0 15,790.0 5,000.0
15.7 3.1 1.1 0.4 80.8
23.2 3.1 0.3 0.2 74.2
30.4 23.2 13.9 18.2 6.3 4.6 2.0 1.4 17,328.0 5,000.0
29.7 19.1 15.4 24.1 6.2 4.0 0.6 0.8 14,941.0 6,000.0
Page 58
Philippines Amount of Assistance Received From Government in FY 2008 (In Pesos) 1-500 501-10,000 10,001-50,000 50,001-100,000 100,001-150,000 150,001-350,000 Average Median Amount of Assistance Received From NGOs/POs/Private Institutions in FY 2008 (In Pesos) 1-1,000 1,001-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001 and up Average Median 2. Businesses Including Self-Employed in FY 2008 41.0 27.8 13.7 8.0 1.6 1.5 1.1 4.0 1.2 8,545.0 2,000.0
NCR In Percent
AONCR
49.0 39.6 10.1 0.8 0.4 5,885.0 750.0
40.2 46.8 10.1 1.9 1.0 9,290.0 1,000.0
56.1 33.8 10.1 3,133.0 500.0
In Percent
41.4 20.8 17.9 10.5 2.1 2.0 5.3 7,883.0 2,000.0
39.8 50.5 4.6 5.1 10,699.0 1,500.0
Philippines Total Households Proportion of Households Who Own Any Type of Business, Farm or Professional Partnership in FY 2008 Do NOT own any type of business, farm or professional partnership Own any type of business, farm or professional partnership Number of Businesses Owned in FY 2008 1 2 3 4 Products or Services Produced/Provided by the Business in FY 2008 Agriculture, hunting and forestry Fishing Mining and quarrying Manufacturing Electricity, gas and water supply Construction Wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods Hotels and restaurants Transport, storage and communication Financial intermediation Real estate, renting and business activities Public administration and defense compulsory social security Education Health and social work Other community, social and personal service activities Industry not elsewhere classified 22.9 5.8 0.6 3.5 0.4 2.5 38.3 3.7 8.7 0.3 4.0 0.0 0.2 0.4 8.0 0.8 87.4 11.5 1.1 0.0 4,788,376.0
AONCR 2,363,918.0
59.4 40.6 In Percent
63.9 36.1
55.8 44.2
89.2 9.4 1.3 In Percent 2.3 1.5 0.2 1.9 0.6 5.1 51.0 4.6 9.6 0.6 7.9 0.1 0.4 0.8 12.4 0.9
86.1 12.9 0.9 0.1
36.2 8.6 0.9 4.5 0.3 0.8 30.0 3.0 8.0 0.1 1.5 0.0 0.2 5.1 0.8
Page 59
Philippines Mode of Business Acquisition in FY 2008 Started Inheritance/Gift Purchased business Through partnership Purchased franchise Others Year Business was Started/Acquired 1930-1939 1940-1949 1950-1959 1960-1969 1970-1979 1980-1989 1990-1994 1995-1999 2000-2004 2005-2007 2008-2010 No response Number of People that Worked in the Business in FY 2008 (including Respondent and Other Household Members) 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10-30 Amount of Net Income or Profit from the Business Before Taxes in FY 2008 (In Pesos) 1-5,000 5,001-10,000 10,001-20,000 20,001-50,000 50,001-100,000 100,001 and up No response Average Median 63.0 25.1 5.2 2.6 1.7 0.8 0.3 0.3 0.1 1.0
NCR In Percent
AONCR
92.7 4.7 1.6 0.5 0.4 0.0 In Percent 0.0 0.2 0.9 2.8 6.7 14.3 10.0 12.2 20.0 19.7 13.1 0.0 In Percent
93.5 2.9 1.7 0.9 1.0 0.2 0.2 0.8 3.4 10.2 7.8 11.6 23.1 26.0 16.9 -
92.2 5.9 1.5 0.3 0.1 0.1 0.0 0.3 1.4 4.0 8.7 16.8 11.4 12.6 18.2 15.9 10.7 0.0
64.8 23.9 4.5 2.6 1.7 1.0 0.2 0.5 0.8 In Percent
61.9 25.9 5.6 2.6 1.6 0.7 0.3 0.2 0.1 1.1
10.1 9.5 13.9 23.1 19.4 19.2 4.8 81,058.0 36,000.0
5.7 5.6 9.5 19.3 23.1 28.3 8.6 110,689.0 66,000.0
12.8 11.9 16.5 25.5 17.1 13.7 2.5 64,111.0 30,000.0
Page 60
Philippines Total Value of the Business on a Cash Basis (In Pesos) 1-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001-70,000 70,001-80,000 80,001-90,000 90,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001 and up No response Average Median 3. Total Income Philippines Total Household Income in FY 2008 (In Pesos) 50,000 and below 50,001 - 100,000 100,001 - 200,000 200,001 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 1,000,000 1,000,001 - 3,000,000 3,000,001 - 5,000,000 5,000,001 and up Average Median 4. Expenditures Philippines 4,788,376.0
NCR In Percent
AONCR
22.2 12.1 11.2 6.7 3.8 6.6 1.9 1.5 1.4 0.4 5.7 14.1 3.5 9.0 0.0 1,828,570.0 30,000.0
20.4 12.3 9.9 5.4 3.1 7.8 1.6 1.6 1.8 0.2 7.0 13.0 3.4 12.4 1,982,631.0 40,000.0
23.2 12.0 12.0 7.5 4.1 5.9 2.0 1.5 1.2 0.5 4.9 14.7 3.5 6.9 0.0 1,737,662.0 27,000.0
NCR In Percent
AONCR
27.5 19.9 27.0 10.9 5.4 3.0 4.2 1.7 0.1 0.1 188,349.9 108,000.0
21.0 13.4 31.1 14.2 7.6 4.1 5.9 2.4 0.2 0.1 235,867.3 144,000.0
32.9 25.2 23.7 8.3 3.6 2.0 2.9 1.1 0.1 0.1 149,580.5 83,000.0
Total Households Household Expenditures in FY 2008 Food and beverage consumed at home Rent Transportation and communication Utilities Food and beverage consumed outside the home Education Medicine and Medical Services House Repairs and Maintenance Clothing Travel and/or Vacation Household Help Services Celebration during special occasion Purchase of Furniture/Appliances and Other Equipment Recreational Activities Gifts Real estate taxes Laundry Services Other Expenditures
NCR 2,151,458.0 In Percent 35.4 20.7 11.3 8.0 6.7 5.5 5.2 1.6 1.4 1.2 0.8 0.9 0.6 0.3 0.1 0.1 0.0 0.1
AONCR 2,636,918.0
38.5 18.5 10.7 7.2 6.6 5.5 5.0 2.1 1.4 1.2 1.0 0.9 0.8 0.3 0.1 0.1 0.0 0.2
44.2 15.4 9.7 5.6 6.1 5.5 4.7 2.8 1.2 0.9 1.3 0.9 1.0 0.2 0.2 0.0 0.0 0.2
Page 61
Philippines Expenditures on Food and Beverage Consumed at Home in FY 2008 (In Pesos) 0 1-10,000 10,001-25,000 25,001-50,000 50,001-75,000 75,001-100,000 100,001-200,000 200,001-300,000 300,001 and up Average Median Expenditures on Rent in FY 2008 (In Pesos) 0 1-10,000 10,001-25,000 25,001-50,000 50,001-75,000 75,001-100,000 100,001-150,000 150,001-200,000 200,001 and up Average Median Expenditures on Transportation and Communication in FY 2008 (In Pesos) 0 1-10,000 10,001-25,000 25,001-50,000 50,001-75,000 75,001-100,000 100,001-150,000 150,001-200,000 200,001 and up Average Median Expenditures on Food and Beverage Consumed Outside the Home in FY 2008 (In Pesos) 0 1-10,000 10,001-25,000 25,001-50,000 50,001-75,000 75,001-100,000 100,001-150,000 150,001 and up Average Median 27.0 42.2 21.2 5.3 2.7 0.5 0.7 0.4 15,145.5 6,000.0
NCR In Percent
AONCR
0.3 1.5 14.2 28.6 31.8 5.8 16.3 1.0 0.5 64,198.6 54,000.0
0.4 1.0 5.6 19.9 37.4 8.3 25.5 1.2 0.8 78,995.4 72,000.0 In Percent
0.3 1.9 21.2 35.8 27.2 3.7 8.9 0.8 0.3 52,126.0 37,200.0
0.2 27.7 37.3 18.6 8.3 2.8 3.0 0.9 1.0 30,743.1 18,000.0
0.2 5.4 37.4 29.4 13.3 5.3 5.4 1.8 1.7 46,127.2 30,000.0 In Percent
0.2 45.9 37.3 9.8 4.2 0.8 1.1 0.2 0.4 18,189.5 12,000.0
5.8 50.5 26.1 10.2 3.9 1.0 1.6 0.5 0.4 18,815.2 8,400.0
3.4 35.6 32.8 16.1 6.4 1.7 2.6 0.7 0.7 26,677.5 13,440.0
7.8 62.7 20.5 5.5 1.8 0.4 0.7 0.2 0.2 12,090.0 6,000.0
In Percent
17.4 37.4 29.0 8.7 4.6 0.8 1.2 0.8 20,363.3 12,000.0
34.7 46.1 14.8 2.5 1.2 0.3 0.2 0.1 9,761.8 6,000.0
Page 62
Philippines Expenditures on Utilities in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001 and up Average Median Expenditures on Medicine and Medical Services in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001 and up Average Median Expenditures on Education in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-75,000 75,001-100,000 100,001 and up Average Median Expenditures on Recreational Activities in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001 and up Average Median 7.8 33.6 19.2 20.6 10.1 3.8 2.2 1.1 1.5 12,962.0 8,400.0
NCR In Percent 2.6 12.6 19.9 30.7 18.0 6.9 4.2 2.1 3.1 19,349.7 15,000.0 In Percent
AONCR
12.1 50.7 18.6 12.4 3.7 1.3 0.6 0.3 0.3 7,186.7 3,720.0
12.8 67.2 7.3 5.4 2.0 1.4 1.1 0.6 2.1 9,463.3 1,000.0
13.1 60.4 9.3 7.1 2.8 2.0 1.4 0.8 3.1 13,281.6 2,000.0 In Percent
12.6 72.8 5.7 4.1 1.4 0.9 0.8 0.4 1.3 6,366.7 900.0
35.1 41.8 6.0 3.2 2.8 3.1 1.9 1.9 1.4 1.5 1.3 14,149.6 3,000.0
32.3 37.8 7.0 4.0 3.3 4.1 2.7 2.7 1.8 2.3 2.1 18,977.3 5,000.0 In Percent
37.4 45.1 5.2 2.5 2.4 2.3 1.3 1.3 1.1 0.9 0.6 9,887.7 2,000.0
70.7 27.9 0.7 0.7 1,587.7 500.0
61.5 35.9 1.3 1.3 2,046.9 500.0
78.2 21.3 0.2 0.2 925.0 500.0
Page 63
Philippines Expenditures on Travel and/or Vacation in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-20,000 20,001 and up Average Median Expenditures on Purchase of Furniture, Appliances and Other Equipment in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001 and up Average Median Expenditures on House Repairs and Maintenance in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-50,000 50,001-100,000 100,001 and up Average Median Expenditures on Household Help Services in FY 2008 (In Pesos) 0 1-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-50,000 50,001 and up Average Median Proportion of Respondent Households that Spent on Other Expenditure Items in FY 2008 (In Pesos) Celebration during special occasion Laundry shop services Real estate taxes Gifts Others 92.3 1.0 9.7 25.5 2.5 86.2 7.5 2.7 1.5 0.7 1.4 9,435.5 5,000.0
NCR In Percent
AONCR
84.5 10.7 2.3 1.2 1.2 12,716.2 3,000.0
80.8 11.7 3.3 2.0 2.1 17,577.5 5,000.0
87.5 9.9 1.5 0.6 0.5 6,628.1 2,000.0
In Percent
79.6 10.9 4.3 2.1 1.1 2.0 9,756.8 5,000.0 In Percent
91.6 4.8 1.5 0.9 0.4 0.9 8,799.3 4,100.0
87.6 6.2 1.8 1.6 0.8 0.8 0.7 0.5 28,330.7 5,000.0
85.1 7.7 2.2 1.9 0.8 0.7 0.8 0.8 29,589.1 5,000.0 In Percent
89.7 5.0 1.5 1.3 0.7 0.9 0.5 0.3 26,839.3 6,000.0
92.8 2.0 0.8 1.1 1.9 0.9 0.4 22,199.0 18,000.0
90.3 2.4 1.0 1.3 2.7 1.6 0.7 23,189.7 24,000.0
94.8 1.7 0.7 0.9 1.3 0.3 0.2 20,703.7 12,000.0
In Percent
87.9 1.6 11.2 36.0 4.8
94.9 0.7 8.9 19.4 1.2
Page 64
Philippines Expenditures for Celebrating Special Occasion in FY 2008 (In Pesos) 0 1-1,000 1,001-3,000 3,001-5,000 5,001-10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 50,001-60,000 60,001-70,000 70,001-80,000 Average Median Amount Spent for Gifts in FY 2008 (In Pesos) 0 1-1,000 1,001-2,000 2,001-5,000 5,001 and up Average Median Amount Spent for Other Expenditures in FY 2008 (In Pesos) 0 1-5,000 5,001 and up Average Median Total Expenditures in 2008 Relative to Total Income in 2008 Less than their income More than their income Same as their income Amount of Unspent Income in FY 2008 (In Pesos) 0 1-5,000 5,001-50,000 50,001 and up Average Median Amount of Money Kept for Emergency Purposes (In Pesos) 0 1-500 501-1,000 1,001-2,000 2,001-5,000 5,001-10,000 10,001 and up Others, not specified Average Median
NCR In Percent
AONCR
7.7 35.2 27.8 13.0 10.1 4.1 1.3 0.1 0.4 0.0 0.1 0.1 4,044.4 2,000.0
12.1 17.7 29.8 16.3 14.5 6.2 1.9 0.1 1.0 0.1 0.2 0.2 5,859.8 3,000.0 In Percent
5.1 45.4 26.6 11.1 7.5 3.0 1.0 0.2 0.1 0.0 3,075.0 1,500.0
74.5 15.7 4.3 3.6 1.9 2,661.7 1,000.0
64.0 18.8 7.6 5.9 3.7 2,842.1 1,000.0 In Percent
80.6 13.8 2.4 2.3 1.0 2,469.2 500.0
97.5 0.9 1.6 29,258.6 12,000.0
95.2 1.6 3.1 31,475.9 18,000.0 In Percent
98.8 0.5 0.8 24,223.5 7,200.0
4.6 43.8 51.5 In Percent 95.4 2.0 1.9 0.8 29,102.0 10,000.0
5.5 45.7 48.8
3.9 42.3 53.8
94.5 1.7 2.3 1.4 40,241.0 10,000.0 In Percent
96.1 2.2 1.5 0.3 16,421.0 5,000.0
38.2 27.5 11.3 7.8 9.8 2.8 2.5 0.0 1,681.0 200.0
31.7 20.9 13.9 10.6 14.0 4.9 4.1 2,772.0 500.0
43.5 32.9 9.2 5.5 6.4 1.2 1.2 0.1 804.0 100.0
Page 65
D. Preferences and Behaviours Philippines 4,788,376.0 NCR 2,151,458.0 In Percent 39.4 38.8 25.4 16.2 14.8 14.1 11.3 10.0 8.1 7.1 6.8 6.5 4.2 3.6 3.4 3.2 6.4 In Percent 51.8 31.8 27.8 13.0 14.7 9.9 14.2 6.5 11.6 9.7 7.0 8.3 6.3 4.5 2.8 2.9 5.8 29.4 44.5 23.5 18.9 14.9 17.4 9.0 12.8 5.2 5.0 6.7 5.1 2.5 2.9 4.0 3.4 6.9 AONCR 2,636,918.0
Total Respondents Where Respondents Would Put Their Surplus Money Deposit/ Save in Bank Save and keep at home for emergency Put up/ Invest in business/ Buy goods for sale House renovation/improvements For tuition Pay debt Help parents/relatives Buy Land Buy house/condo Give to charity/church Shopping Educational Plan Investment Vacation travel-local/abroad Life insurance/ Pension Plan Buy car/ appliances Others Respondent's Preference If Given a Choice to Risk Current Profits to Earn Double Stick to current level of profits for life of Php 1,500 Sell a new product with 75% chance for profit to go down to P 1,000 and 25% chance that it will increase to P2,000 Respondent's Preference If Given a Choice to Risk Current Profits to Earn Triple Stick with the current level of profits for life of P1,500 Sell new products you have an equal chance to get a profit of P4,500 or suffer a loss of P1,500 Respondent's Preference Given a Choice to Receive Cash Prize of P5000 Now or Wait a Month to Get 5% More P5,000 today P5,250 after a month Respondent's Preference Given a Choice to Receive a Cash Prize of P10000 Now or Wait a Month to Get 5% More P10,000 today P10,500 after a month
72.5
73.9
71.3
27.5
26.1
28.7
In Percent
70.1
72.8
68.0
29.9
27.2
32.0
In Percent 73.1 26.9 74.1 25.9 72.3 27.7
In Percent
71.2 28.8
71.6 28.4
71.0 29.0
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E. Respondents' Profile Philippines 10,520 NCR 3,872 AONCR 6,648 2,065 2,637 1,946 6,290 1,971 2,499 1,820 94.6 95.5 94.8 93.5
Number of Sample Households Region 1 Region 7 Region 11 Number of Respondent Households Region 1 Region 7 Region 11 Response Rate (%) Region 1 Region 7 Region 11 Sex Male Female Age Group 15-20 21-34 35-49 50-54 55-59 60-64 65 and over Average Median Civil Status Single Married Widowed Divorced/Separated With Partner Highest Educational Attainment No grade Nursery/Kinder Grade 1-3 Grade 4-6 Elementary Graduate 1st-3rd Year High School High School Graduate Post Secondary Non-Tertiary Technical/Vocational Education Undergraduate Post Secondary Non-Tertiary Technical/Vocational Education Graduate 1st yr-4th Year College College Graduate Post Grad Degree units earned/enrolled Post Grad Degree Earned
9,402
3,112
89.4
80.4
In Percent 40.2 59.8 In Percent 0.6 17.3 38.6 12.2 9.7 7.9 13.7 48.1 47.0 In Percent 7.0 69.1 14.1 4.0 5.8 In Percent 0.2 0.2 5.6 10.5 13.6 14.6 26.0 1.1 0.1 0.1 2.2 5.0 9.2 14.0 31.7 1.4 0.3 0.4 8.3 15.1 17.3 15.1 21.3 0.7 8.3 64.4 13.8 5.3 8.2 6.0 72.9 14.4 2.9 3.9 0.6 19.7 39.6 12.2 9.0 7.3 11.6 46.8 46.0 0.6 15.4 37.8 12.2 10.4 8.3 15.4 49.1 48.0 35.2 64.8 44.2 55.8
2.9 11.6 13.0 0.3 0.4
3.9 15.2 16.4 0.3 0.4
2.0 8.7 10.2 0.3 0.4
Page 67

Consumer Finance Survey by Bangko Sentral NG Pilipinas

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Consumer Finance Survey

TABLE OF CONTENTS I. About the Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 4 6 6 12 13 17 20 22 22 23 24 27 28 29 30 31 32 35 36 38 38 41 42 47 50 52 53 54 54 59 61 61 66 67

C. Income and Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D. Preferences and Behaviors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E. Respondents Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A survey conducted by the Department of Economic Statistics

Bangko Sentral ng Pilipinas Manila, Philippines www.bsp.gov.ph