Consumer Finance Survey by Bangko Sentral ng Pilipinas

Consumer Finance Survey

A survey conducted by the

Department of Economic Statistics Bangko Sentral ng Pilipinas

Manila, Philippines

www.bsp.gov.ph

TABLE OF CONTENTS

I. About the Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

II. Key Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

A. Demographic Characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B. Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Respondent’s Residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Other Real Property Ownership (Apart from Respondent’s 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. Work and Income of Respondents and Spouses. . . . . . . . . . . . . . . . . . . . .

2. Businesses Including Self-Employed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D. Preferences and Behaviors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

E. Respondents’ Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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III. Policy Implications and Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

IV. Statistical Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

A. Demographic Characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

B. Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Respondent’s Residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Other Real Property Ownership (Apart from Respondent’s 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. Work and Income of Respondents and Spouses . . . . . . . . . . . . . . . . . . . .

2. Businesses Including Self-Employed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Total Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

D. Preferences and Behaviors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

E. Respondents’ Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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C o n s u m e r F i n a n c e S u r v e y 2 0 0 9



Manila, Philippines

www.bsp.gov.ph

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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 non-

financial 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 groups─Luzon, 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 two-

stage 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 household’s 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 household’s 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 survey’s field data collection and processing. It is a research

agency based in the Philippines which provides consulting services in market research and household surveys.




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The CFS generally followed the NSO’s 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 NCR AONCR

Number Percentage Number Percentage Number Percentage

Sample Households 10,520 100.0 3,872 36.8 6,648 63.2

Respondent Households 9,402 100.0 3,112 33.1 6,290 66.9

Response Rate (%) 89.4 80.4 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.

2 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. 3 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.




Manila, Philippines

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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 country’s 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.

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 country’s economic growth.

The average number of

household members is

five.

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

4 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. 5 Immediate family members consist of the respondent, spouse, and their children.




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Figure 2 . Percentage Distribution of Households by Size*

1-3

28.0%

4-6

51.0%

7-9

17.3% 10 and over

3.7%

* Si ze refers to the number of

hous ehold members

Three in ten household

members are currently

attending school.

Three in ten household members (32.1 percent) were currently attending

school at the time the survey was conducted. Among those who were

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

Nursery/Kinder/

Preparatory

11.6%

Elementary

47.5%

High School

28.3%

Post-Secondary

0.8%College

11.8%Post Graduate

0.1%

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.

6 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.




Manila, Philippines

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Figure 4. Percentage of Household Members with Health Insurance

Coverage

Without Health

Insurance

71.0 %

Private Health

Insurance

4.0 %

Both, 2.4 %

With Health

Insurance,

29.0 %

PhilHealth,

93.6%

B. Assets and Liabilities

Home appliances are

the most common type

of asset owned by

households.

Household liabilities

are typically in the form

of consumer loans and

real estate loans.

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 respondent’s 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; in-

house 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.

1. Respondent’s Residence

Home Ownership

Seven in ten

households own/co-

own their house or

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

7 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.




Manila, Philippines

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both house and lot. (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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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 household’s 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).

Note: 0.1% of households’

homes had no walls




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The median values of

housing units are much

higher in the NCR

compared to that in

AONCR.

Based on the household’s 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).

8 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 respondent’s share out of the total value of the property. This is to

be able to reflect only the monetary value of the respondent’s ownership of his residence which forms part of

his total assets. 9 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.

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).

The primary source of

housing loans in

AONCR is the SSS, while

for NCR, it is the NHA.

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.

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.

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.

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.

A small percentage of

households have

outstanding loans on

their residential

property.

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 AONCR’s 1.8 percent.

One in two households

with outstanding

housing loans pay

ahead or on schedule.

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

are behind schedule,

about 7 in 10 are

behind schedule by

more than 1 year.

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 survey’s definition of a

default loan.




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2. Other Real Property Ownership (Apart from Respondent’s 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 median value of

other real property

owned by households is

P220,000.00.

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.

12

In case the real property is only partly owned by the households (i.e., there are other co-owners), the value of

the household’s real property only covers the amount of the household’s share out of the total value of the

property. This is to be able to reflect only the monetary value of the household’s 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.

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.

The primary sources of

other real property

loans in both NCR and

AONCR are money

lenders.

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), “kuliglig”—improvised 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.

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 bought are

primarily for personal

use.

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 estimated median

monthly income from

vehicles for hire is

P6,000.

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 median value of

vehicles owned is

P40,000.

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.

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.




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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 median annual

interest rate on

vehicles loans is

10 percent.

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.

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.

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


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.

Home appliance loans

are obtained mainly

through in-house

financing in AONCR

and through credit

cards in NCR.

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.

15

Cellphone, equivalent to telephone, was considered as a home appliance. 16

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.




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Table 3. Distribution of Loan Provider (In Percent)


In-house financing 55.2 17.2 72.3

Credit card company 13.9 44.8 0.0

Financing Institution 12.8 6.8 15.5

Money Lender 8.0 14.0 5.3

Relative/Family member 4.2 5.8 3.5

Company (Employer) loan 3.9 6.5 2.7

Commercial Bank 0.8 2.5 0.0

SSS 0.7 2.3 0.0

Cooperative 0.5 0.0 0.7

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 collector’s 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


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, collector’s

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.




Manila, Philippines

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Page 18

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.

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.

A small percentage of

deposit accounts are in

foreign currency.

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

8 in 10 deposit

accounts are placed in

commercial banks.

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.

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.




Manila, Philippines

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Page 19

The top reason in

choosing a depository

bank/institution is

proximity to the place of

residence.

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


Proximity to home 34.4 39.2 27.7

The bank used by employer/or

my business 19.3 21.5 16.3

Bank specified/selected by the

source institution of fund 8.4 6.7 10.7

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,

instruments offered 4.0 3.9 4.3

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

with bank 1.3 0.7 2.1

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.

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.

Only 6 in 10 deposit

accounts pay interest.

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.

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.

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.

Nearly 1 in 19

households have

accounts receivables

from other households/

businesses.

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.




Manila, Philippines

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Page 21

The SSS covers the

highest percentage of

retirement insurance

among the

respondents.

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.

Majority of

respondents are not

paying their premiums.

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.

The SSS covers the

highest percentage of

retirement insurance

among the

respondents’ spouses.

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 .




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Page 22

Majority of


are paying their

premiums.

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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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.

Credit card limit in the

NCR is higher than in

AONCR.

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.

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 start-

ups 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




Manila, Philippines

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Page 24

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

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

NSO’s 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

The total adds up to more than 100 percent inasmuch as some households had multiple sources of income. 22

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 NSO’s 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.




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Page 25

Salary and Wage Earners Among Respondents

Among wage and salary

earners, 8 in 10

respondents reported

working the full

12 months in 2008.

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).

One-third of wage and

salary earners among

respondents can be

considered to have

unstable jobs.

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.

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.

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.

Majority of wage and


respondents work more

than 40 hours a week.

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.

About four in ten

respondents receive a

monthly salary of

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




Manila, Philippines

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Page 26

P5,000 or less. 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 Respondent’s Spouse

Majority of


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.

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.

Nearly three-fourths of


who are wage and

salary earners have

stable jobs.

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



work more than 40

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,

25 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.




Manila, Philippines

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Page 27

hours a week. respectively. Similarly, for AONCR, the figures also exceeded 40 hours per

week with a median and average of 48 hours.

Less than one third of


earn P5,000 and below

per month.

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.




Manila, Philippines

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Page 28

Businesses in AONCR

are in the agriculture,

hunting, forestry and

fishery sector, while

those in NCR are in

wholesale and retail

trade.

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.

Businesses are mostly

started by the

respondents and their

families.

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.

Most businesses have

no employees and

generate relatively

small income.

About 63 percent of businesses had only one employee─the 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.

Nine percent of

businesses have a total

value of P1 million and

up.

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.

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.




Manila, Philippines

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Page 29

Figure 23. Total Income of the Household in 2008

In Percent

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0

50,000 and below

50,000 - 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

PhilippinesNCRAONCR

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

Other Expendi tures

3.3%

Travel and/or

Vacation

1.2%

Clothi ng

1.4%

Hous e Repa i rs and

Maintenance

2.1%

Medi cine and

Medica l Services

5.0%

Educati on

5.5%

Food and beverage

cons umed outsi de

the home

6.7%

Uti l i ties

7.2%

Trans portati on and

communication

10.7%

Rent *

18.5%

Food and beverage

cons umed at home

38.5% P64,199

P30,743

P18,815

P12,962

P15,145

P14,150

P9,463

P28,331 P2,777 P12,716

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.

*This includes

imputed rental

value among

respondents

renting residence.




Manila, Philippines

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Page 30

...while a small

percentage spend for

household appliances

and house repairs.

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.

Nearly 4 in 10

households do not have

any cash on hand for

emergency.

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.

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.




Manila, Philippines

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Page 31

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 NSO’s 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 Spouses/Partners

Philippines NCR AONCR Philippines NCR AONCR

Male 40.2 35.2 44.2 56.2 61.8 51.8

Female 59.8 64.8 55.8 43.8 38.2 48.2

Total 100.0 100.0 100.0 100.0 100.0 100.0

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.




Manila, Philippines

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Page 32

About three in four

respondents are

married or with

partner.

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.

Majority of

respondents are either

high school or

elementary graduates.

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-à-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)




Manila, Philippines

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Page 33

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

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, limited-

purpose finance companies (LPFCs), and the government-sponsored enterprises (GSEs) (see Pozsar et al. 2012,

“Shadow Banking”, Federal Reserve Bank Staff Paper). 28

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. 29

The Consumer Act of the Philippines (Republic Act No. 7394) and The Truth in Lending Act (Republic Act No.

3765)




Manila, Philippines

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Page 34

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 government’s 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 government’s 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.

IV. Statistical Tables

Page 35

Philippines 1/ NCR AONCR

Total Households (HH) 4,788,376.0 2,151,458.0 2,636,918.0

Total Household (HH) Members 23,480,878.0 10,668,594.0 12,812,284.0

Age Group

0-4 8.6 8.8 8.4

5-14 21.5 20.8 22.1

15-20 13.1 12.5 13.5

21-34 21.2 23.2 19.4

35-49 18.3 18.6 18.0

50-54 5.0 5.0 5.0

55-59 3.9 3.6 4.2

60-64 3.0 2.9 3.2

65 and over 5.4 4.7 6.1

Age dependency ratio 0.6 0.5 0.6

Number of HH Members

1-3 28.0 26.1 29.5

4-6 51.0 53.2 49.3

7-9 17.3 16.8 17.7

10 and Over 3.7 3.9 3.5

Average Household Size 4.9 5.0 4.9

Relationship to Respondent

Respondent 21.6 21.4 21.7

Spouse 16.2 15.5 16.7

Son/Daughter 43.0 41.8 44.0

Other relatives 18.3 20.3 16.8

No relation 0.9 1.0 0.8

Proportion of HH Members Who are

Presently Residing in Respondent's House

Presently Residing in Respondent's House 96.3 97.0 95.6

Not Presently Residing in

Respondent's House 3.7 3.0 4.4

Proportion of HH Heads Who are Presently

Residing in Respondent's House

Presently Residing in Respondent's House 96.4 95.9 96.9

Not Presently Residing in Respondent's

House 3.6 4.1 3.1

Reasons of HH Members for Not Residing in

Respondent's House

Working far from home

(w/in the Philippines) 40.1 18.3 52.4

Working abroad 33.7 49.0 25.0

Studying far from home

(w/in the Philippines) 13.8 12.5 14.5

On vacation 9.6 14.9 6.7

Others 2.7 5.4 1.2

Sick/in hospital 0.2 - 0.3

In Percent

In Percent

In Percent

In Percent

CONSUMER FINANCE SURVEY RESULTS

A. Demographic Characteristics

Household Characteristics

In Percent

In Percent

1/ 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


HH Members Who are Currently Attending

School

Yes 32.1 32.5 31.7

No 67.8 67.3 68.2

Don't know / No response 0.1 0.2 0.1

Current Educational Level of

HH Members who are Currently Attending

School

Nursery/Kinder/Preparatory 11.6 11.0 12.1

Elementary 47.5 45.3 49.3

High School 28.3 28.3 28.3

Post Secondary 0.8 1.0 0.6

College 11.8 14.4 9.6

Post Graduate 0.1 0.1 0.1

Highest Educational Attainment of

HH Members who have Stopped Attending

School Aged 21 Years Old and Over

No grade 0.3 0.2 0.3

Nursery/Kinder 0.2 0.1 0.2

Grade 1-3 4.8 1.9 7.1

Grade 4-6 9.0 4.2 13.0

Elementary Graduate 11.6 7.9 14.8

1st-3rd Year High School 13.0 11.9 14.0

High School Graduate 27.1 31.3 23.5

Post Secondary Non-Tertiary

Technical/Vocational Education

Undergraduate

1.0 1.2 0.8


Technical/Vocational Education Graduate3.1 4.1 2.3

1st yr-4th Year College 12.8 16.5 9.9

College Graduate 16.6 20.3 13.5

Post Grad Degree units earned/enrolled 0.2 0.2 0.2

Post Grad Degree Earned 0.3 0.2 0.3

Don't know/No response 0.1 0.1 0.0


General State of Health

Excellent 9.1 11.5 7.1

Very Good 38.0 40.3 36.2

Good 40.6 37.8 42.9

Fair 9.9 8.3 11.1

Poor 2.0 1.7 2.2

Very Poor 0.4 0.3 0.4

Don't know 0.0 0.0 0.0

HH Members covered by

Health Insurance

Yes 29.0 29.2 29.0

No 71.0 70.8 71.0

Type of Health Insurance of

HH Members

(Among Insured HH Members)

Phil Health 93.6 90.8 95.8

Private (HMO, Bluecross, etc) 4.0 5.6 2.8

Both 2.4 3.6 1.3

In Percent

In Percent

Health Status

In Percent

In Percent

In Percent

In Percent

Page 37

1. Respondent's Residence


Total Households 4,788,376.0 2,151,458.0 2,636,918.0

Housing Characteristics

Single Detached 78.0 63.8 89.7

Single Detached with Attached Room 10.2 12.3 8.5

Townhouse 5.4 11.5 0.4

Duplex 4.1 8.5 0.5

Apartment (1-4 units) 2.0 3.4 0.9

Apartment Complex (5 units and up) 0.2 0.3 0.0

Condominium 0.1 0.2 -

Housing Units Sizes

(in square meter)

0-10 4.1 7.1 1.7

11-30 37.5 40.2 35.4

31-50 26.4 22.2 29.8

51-99 21.8 20.2 23.0

100-199 8.0 8.0 7.9

200-499 2.1 2.1 2.0

500-999 0.2 0.2 0.2

1000 and up - - -

Average 55.5 52.3 58.1

Median 40.0 35.0 40.0

Number of Bedrooms in the House/Unit

0 Bedroom 17.2 23.4 12.0

1 Bedroom 31.8 32.1 31.6

2 Bedrooms 31.5 26.3 35.8

3 Bedrooms 13.1 11.4 14.5

4 Bedrooms 4.1 4.2 4.1

5 or more Bedrooms 2.3 2.6 2.1

Average 2.0 1.0 2.0

Median 2.0 1.0 2.0

Materials Used in Outer Walls of

Home/Unit

Wood 64.8 57.7 70.6

Concrete, brick, stone 53.6 69.5 40.7

Half concrete brickstone and half

galvanized iron21.5 17.6 24.7

Bamboo/sawali/cogon/nipa 18.8 0.2 34.0

Makeshift/salvaged materials 1.7 0.9 2.3

No walls 0.1 0.1 0.1

Perception of Respondents on Home/Unit

Condition

Very Good (safe and decent with no need of

repair)5.9 8.9 3.4

Good (safe and decent but needs some

minor repair)38.2 46.1 31.7

Fair (in need of some moderate repair) 41.8 34.3 47.8

Poor (in need of major repair) 14.2 10.7 17.1

Ownership of Residence

Owns/co-own house/unit and lot 38.0 31.3 43.5

Owns/co-own house/unit only 30.8 23.8 36.5

Rent/Lease 13.0 24.6 3.6

Neither own nor rent 18.0 20.1 16.3

Others 0.2 0.3 0.0

B. Assets and Liabilities

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Page 38


Percent of Ownership of Household in the

Property

0.0-10.4 0.9 1.7 0.5

10.5-20.4 1.6 2.8 0.9

20.5-30.4 2.2 4.6 0.8

30.5-40.4 0.7 1.4 0.4

40.5-50.4 6.4 13.5 2.5

50.5-60.4 0.1 0.2 0.0

60.5-70.4 0.1 0.3 0.1

70.5-80.4 0.2 0.4 0.0

80.5-90.4 0.0 0.1 -

90.5-100.0 87.7 75.0 94.8

Household Assessment of Housing Cost

Expensive 18.1 22.8 14.3

Inexpensive 17.2 13.0 20.5

Just right 64.7 64.2 65.2

Family's Share of Property Based on Gross

Current Market Value (In Pesos)

0-5,000 2.8 0.4 4.1

5,001-10,000 4.2 1.3 5.8

10,001-25,000 9.1 4.0 12.0

25,001-50,000 15.5 10.5 18.4

50,001-100,000 18.6 18.6 18.6

100,001-300,000 20.4 20.6 20.2

300,001-500,000 9.8 11.3 8.9

500,001 and up 19.6 33.2 11.9

Average 516,802.0 934,256.8 282,474.3

Median 100,000.0 250,000.0 100,000.0

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 64.8 55.0 70.3

Inheritance/Gift 29.6 33.7 27.3

Purchased with Cash and Loan 4.3 4.5 4.1

Purchased with Loan 2.4 3.4 1.9

CARP 0.5 0.2 0.7

Others 1.8 3.9 0.7

Amount of Loan Borrowed (In

Pesos)

0-5,000 0.4 - 1.2

5,001-10,000 2.0 - 6.5

10,001-30,000 13.3 14.2 11.3

30,001-50,000 14.2 16.4 9.5

50,001-100,000 30.2 32.8 24.5

100,001-150,000 9.9 12.1 5.1

151,001-300,000 16.4 12.2 25.5

300,001-500,000 7.6 6.7 9.6

500,000-1,000,000 4.9 4.8 5.1

1,000,001 and up 1.0 0.7 1.6

Average 171,815.9 159,061.3 200,305.7

Median 93,000.0 90,000.0 100,000.0

In Percent

In Percent

In Percent

In Percent

In Percent

Page 39


Loan Providers

NHA 37.8 52.6 4.7

Pag-Ibig/HDMF 10.3 9.9 11.3

Cooperative and Associations 10.7 10.2 11.8


SSS 9.0 1.5 25.6

Others 3.8 5.5 -

Rural/Cooperative Bank 5.0 1.5 12.9


Relatives and Friends 3.6 3.1 4.7

GSIS 2.6 2.0 3.7

Former Owner 1.5 1.4 1.8


Company (Employer) loan 0.6 0.9 -

Savings/Thrift Bank 0.6 0.8 -

CARP 0.3 - 1.0

Credit Card Company - - -

Number of Years Agreed upon to Amortize

Loan

0-1.0 8.1 3.4 18.6

1.1-2.0 6.8 5.1 10.6

2.1-5.0 11.8 11.3 12.9

5.1-10.0 9.0 8.1 11.0

10.1-15.0 9.0 12.2 1.8

15.1-20.0 9.3 9.2 9.5

20.1-50.0 45.0 50.0 33.7

No response 1.0 0.6 1.9

Monthly Average Amount of Amortization

on the Mortgage

(In Pesos)

0-500 30.4 35.4 18.0

501-1,000 20.8 24.8 11.0

1,001-5,000 38.8 32.5 54.2

5,001-10,000 5.3 3.2 10.7

10,001-50,000 4.0 3.5 5.2

50,000-100,000 0.7 0.6 0.9

Average 3,171.0 2,738.5 4,223.6

Median 1,000.0 850.0 2,000.0

Current Annual Rate of Interest Being

Charged on the Loan

(In Percent)

0-10 73.4 74.2 71.7

11-20 14.1 15.2 11.7

21-30 1.5 - 4.8

31-40 1.9 2.8 -

41-50 - - -

51-60 0.4 - 1.2

61-70 - - -

71-80 - - -

81-90 - - -

91-100 - - -


Households with Outstanding Loan Due to

the Purchase of Property

WITH outstanding loan or mortgage 3.7 7.0 1.8

WITHOUT outstanding loan or mortgage 96.3 93.0 98.2

In Percent

In Percent

In Percent

In Percent

In Percent

Page 40


Households by Status of Loan Payments

Ahead 5.8 5.3 6.8

On Schedule 42.1 39.4 48.2

Behind Schedule 50.2 52.6 45.0

No response 1.9 2.7 -

Households by Number of Months Behind

Schedule

0-12 31.3 30.2 34.4

13-24 14.9 18.0 6.8

25-60 19.6 22.1 13.1

61-120 22.7 20.0 29.9

121-180 5.2 6.3 2.4

181-240 5.6 3.5 11.3

241-600 0.6 - 2.2

Average 62.1 55.7 78.6

Median 36.0 36.0 60.0



Ownership of Real Property

Yes 16.2 15.4 16.8

No 83.8 84.6 83.2

Number of Properties Owned

1.0 79.2 78.5 79.7

2.0 15.2 15.6 14.8

3.0 3.7 3.3 4.0

4.0 1.2 1.3 1.1

5-12 0.7 1.2 0.4

Type of Real Property Owned

Land 58.8 41.8 71.7

House and lot 22.1 39.8 8.6

Farm 10.8 6.9 13.8

House 5.9 8.0 4.3

Others 0.8 0.8 0.9

Condominium Unit 0.6 1.5 -

Commercial Building 0.5 0.9 0.2

Fishpond 0.3 0.3 0.4

Ranch 0.1 0.1 -

Use of the Property

Agriculture 40.9 20.0 56.7

Unoccupied 12.2 14.8 10.3

Holiday or other private use 11.6 19.5 5.6

Rent/Lease 9.7 15.5 5.3

Future home 9.2 12.4 6.8

Investment 7.7 12.1 4.3

Uncultivated land 5.8 2.7 8.2

Business 2.5 2.4 2.7

Others 0.3 0.5 0.1

Manner of Acquisition


Cash 41.8 43.9 40.3

Cash and Loan 3.1 5.1 1.6

Loan 2.7 3.7 1.9

CARP 0.8 - 1.4

In Percent

2. Other Real Property Ownership (Apart from Respondent’s Residence)

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Page 41


With Outstanding Loan due to the Purchase

of their Real Properties

Yes 5.8 7.6 4.4

No 94.2 92.4 95.6

Gross Market Value of the Family's Share of

Real Properties (In Pesos)

0-5,000 0.7 0.3 0.9

5,000-10,000 2.2 1.0 3.1

10,001-30,000 5.9 3.3 7.8

30,001-50,000 9.3 5.7 12.0

50,000-100,000 14.6 10.3 17.8

100,001-150,000 7.8 7.9 7.7

150,001-300,000 18.3 18.8 17.9

300,001-500,000 13.6 13.9 13.5

500,001-1,000,000 12.3 16.4 9.3

1,000,001 and up 15.4 22.5 10.0

Average 802,573.0 1,124,582.0 558,405.0

Median 220,000.0 402,000.0 170,000.0

Institution that Provided the Loan for the

Real Property ( Among HHs that Purchased

their Real Property thru Loan)


Pag-IBIG/HDMF 18.7 23.5 12.5


NHA 10.0 16.3 1.8



CARP 3.4 - 7.8

SSS 2.7 3.6 1.4

Savings/Thrift Bank 2.5 4.5 -

GSIS 2.0 2.4 1.5


Others 1.2 2.2 -



Ownership of Vehicles

Yes 24.3 21.9 26.4

No 75.7 78.1 73.6

Type of Vehicle Owned

Motorcycle 54.9 43.4 62.6

Cars/AUV/SUV/vans * 32.2 47.7 21.6

Tricycle 19.4 17.8 20.5

Motorized boat / pump boat / boat 4.1 0.2 6.7

Kuliglig 1.9 0.1 3.2

Tractor 0.8 - 1.4

Others 0.5 0.9 0.3

Vehicles

In Percent

In Percent

* Household owned at least one of the following: cars, AUV/SUV, pick-up, jeep/owner-type jeep,

minivan/van

In Percent

3. Ownership of Vehicles and Other Non-Financial Assets

In Percent

In Percent

Page 42


Condition of Vehicles When Bought

Brand new 56.7 53.7 58.6

Used 43.3 46.3 41.4

Model Year of Vehicles Owned

1950-1959 0.1 - 0.1

1960-1969 0.2 0.3 0.2

1970-1979 1.3 1.3 1.3

1980-1989 5.4 6.3 4.9

1990-1999 23.2 30.1 18.7

2000-2009 69.7 61.8 74.9


Purpose/Use of Vehicle

Personal use 80.9 79.7 81.7

For hire / rent 12.7 15.0 11.1

Both personal use and for hire/ rent 6.4 5.2 7.1

Others 0.1 0.1 0.0

Average Monthly Income Earned from Rent

on Vehicle in 2008

(In Pesos)

0-5,000 43.3 31.6 51.8

5,001-10,000 32.0 27.8 35.1

10,001-30,000 19.3 32.4 10.0

30,001-50,000 2.2 3.9 1.0

50,001-100,000 2.0 2.3 1.7

100,001-150,000 0.2 0.5 -


Average 9,701.0 12,804.0 7,496.0

Median 6,000.0 9,000.0 4,500.0

Market Value of Vehicle if Sold

(In Pesos)

0-5,000 2.4 0.8 3.4

5,001-10,000 5.6 3.3 7.2

10,001-30,000 33.8 28.1 37.5

30,001-50,000 23.8 21.4 25.3

50,001-100,000 17.0 18.9 15.8

100,001-150,000 5.7 7.3 4.6

150,001-300,000 6.3 9.8 4.1

300,001-500,000 2.9 5.1 1.4

500,001-1,000,000 2.4 5.1 0.6

1,000,001 and up 0.1 0.2 -

Average 86,980.0 129,399.0 59,210.0

Median 40,000.0 50,000.0 35,000.0

With Outstanding Loans/Mortgages on

Vehicle

Yes 13.5 13.3 13.6

No 86.5 86.7 86.4

Institution that Provided the Loan of the

Vehicle




Salary loan 5.6 5.0 6.0




Rural/Cooperative Bank 0.5 - 0.8

Savings/Thrift Bank 0.2 - 0.4

Others 0.2 - 0.3

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Page 43


Amount Borrowed on the Vehicle

(In Pesos)

0-5,000 0.9 1.3 0.7

5,001-10,000 0.9 0.7 0.9

10,001-30,000 8.5 5.9 10.2

30,001-50,000 12.8 9.8 14.8

50,001-100,000 48.9 47.8 49.6

100,001-150,000 15.8 12.9 17.6

150,001-300,000 4.4 5.4 3.9

300,001-500,000 2.1 2.5 1.8

500,001-1,000,000 3.2 7.7 0.3

1,000,001 and up 2.0 4.7 0.3


Average 138,382.0 211,675.0 92,165.0

Median 80,000.0 85,000.0 80,000.0

Current Rate of Interest Being Charged on

the Loan

0-9.9 46.7 46.7 46.7

10-19.9 16.0 12.9 17.9

20-29.9 16.7 17.0 16.5

30-39.9 9.0 8.4 9.4

40-49.9 3.4 4.9 2.5

50-59.9 3.6 2.3 4.5

60-69.9 0.3 0.9 -

70-79.9 0.2 - 0.3

80-89.9 0.2 - 0.3


Average 14.0 14.0 14.0

Median 10.0 8.0 10.0

Average Monthly Payment on Vehicle Loan

(In Pesos)

0-5,000 83.5 73.3 89.9

5,001-10,000 6.6 12.7 2.8

10,001-15,000 3.2 3.1 3.3

15,001-20,000 2.7 5.8 0.7

20,001-25,000 1.6 2.3 1.1

25,001-30,000 0.3 0.8 -

30,001-35,000 0.2 - 0.3

35,001-40,000 0.6 - 1.0

40,001-45,000 - - -

45,001-50,000 - - -

50,001 and up - - -


Average 4,494.0 5,613.0 3,787.0

Median 2,800.0 3,200.0 2,600.0

Status of Payment on Vehicle Loan

Ahead 7.5 7.6 7.5

On Schedule 76.3 79.0 74.5

Behind 16.2 13.4 18.0


Ownership of appliances/equipment

Yes 87.1 98.3 77.9

No 12.9 1.7 22.1

In Percent

In Percent

In Percent

In Percent

Household Appliances/Equipment

In Percent

Page 44


Kind of Appliances/equipment owned

TV Sets 91.3 92.2 90.4

Electric Fan/Cooler 82.8 96.8 68.3

Cellphone/Telephone (wireless) 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/Magic Sing 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

Photography Equipment -

Digicam/Videocam/Camera8.6 11.5 5.6

Others 7.6 8.8 6.5

Microwave 7.4 10.8 3.9

Printer 5.7 8.1 3.3

PC Laptop 5.5 7.6 3.3

Deep well/Water Pump 4.6 1.9 7.3

Electric Stove 3.8 5.2 2.4

WII/PS3/PS2/PSP/Xbox 2.6 3.9 1.3

Piano/Organ/Drum set/etc 2.5 3.3 1.7

Vacuum Cleaner 2.2 2.9 1.5

Oven 2.0 2.9 1.1

Scanner/Copier 2.0 2.6 1.3

Dryer 2.0 3.2 0.7

Juicer 1.9 2.7 1.1

Freezer 1.4 1.7 1.0

Pressure Tank 1.3 1.1 1.5

Floor Polisher 0.8 1.4 0.2

Fax Machine 0.6 1.0 0.2

Automatic Water Sprinkler 0.1 0.1 0.1

Lawn Mower 0.1 - 0.1

With Outstanding Loans on

Appliances/Equipments

Yes 1.7 1.0 2.3

No 98.3 99.0 97.7

Provider/Source of Loan


Credit card company 13.9 44.8 -




Company (Employer) loan 3.9 6.5 2.7

Commercial Bank 0.8 2.5 -

SSS 0.7 2.3 -

Cooperative 0.5 - 0.7


Ownership of Any Precious Object

Yes 14.9 16.9 13.3

No 85.1 83.1 86.7

In Percent

Valuable Assets (Precious Objects)

In Percent

In Percent

In Percent

Page 45


Kind of Precious Object

Jewelry 81.0 86.1 75.8

Furniture (dining set, etc.) 33.9 27.9 40.2

Antiques 5.0 5.3 4.8

Works of art 3.7 3.5 4.0

Collector's items, specify 2.1 1.6 2.5

Others 0.2 - 0.4

Market Value of Jewelry if

Sold Today

(In Pesos)

0-5,000 41.2 33.7 50.1

5,001-10,000 19.9 17.8 22.4

10,001-30,000 22.1 27.9 15.4

30,001-50,000 9.1 11.2 6.7

50,001-100,000 4.8 6.0 3.3

100,001-150,000 0.9 0.7 1.2

150,001-300,000 0.6 0.9 0.3

300,001-500,000 0.6 0.8 0.3

500,001-1,000,000 0.6 0.7 0.4

1,000,001 and up 0.1 0.3 -

Average 34,455.0 46,687.0 20,050.0

Median 10,000.0 10,000.0 5,000.0

Market Value of Furnitures if Sold Today

(In Pesos)

0-5,000 41.7 42.8 41.0

5,001-10,000 20.8 19.3 21.9

10,001-30,000 22.0 19.3 24.0

30,001-50,000 9.1 10.6 7.9

50,001-100,000 3.3 3.0 3.6

100,001-150,000 0.2 - 0.4

150,001-300,000 2.2 3.7 1.2

300,001-500,000 0.6 1.3 -

Average 23,049.0 29,664.0 18,293.0

Median 8,000.0 7,000.0 8,000.0

Market Value of Antiques if Sold Today

(In Pesos)

0-5,000 41.4 32.9 51.2

5,001-10,000 14.3 6.6 23.1

10,001-30,000 25.1 32.8 16.3

30,001-50,000 10.9 12.3 9.3

50,001-100,000 3.5 6.6 -

100,001-150,000 1.3 2.5 -

150,001-300,000 3.4 6.4 -

Average 26,186.0 38,822.0 11,760.0

Median 10,000.0 18,000.0 5,000.0

Market Value of Works of Art if Sold Today

(In Pesos)

0-5,000 49.4 41.1 57.1

5,001-10,000 12.5 4.1 20.1

10,001-30,000 19.2 15.3 22.8

30,001-50,000 2.4 5.1 -

50,001-100,000 6.6 13.9 -

100,001-150,000 - - -

150,001-300,000 9.8 20.5 -

Average 31,626.0 57,911.0 7,650.0

Median 8,000.0 15,000.0 5,000.0

In Percent

In Percent

In Percent

In Percent

In Percent

Page 46



Proportion of Households with

Deposit/Cash Account

With Deposit/Cash Account 21.5 28.1 16.1

Without Deposit/Cash Account 78.5 71.9 83.9

Reasons for not Having an Account or

Investments in Bank/Non-Bank Financial

Institution

Don't have enough money 92.8 90.6 94.3

Don't need a bank/cash account 1.7 2.0 1.5

Can't manage an account 1.5 1.6 1.5

Minimum balance is too high 1.2 2.5 0.4

Do not like to deal with banks/institutions 1.0 1.4 0.7

Bank/institution location is far 0.6 0.1 1.0

Don't trust bank/institution 0.5 0.6 0.4

Service charges are too high 0.3 0.5 0.2

Others 0.3 0.7 0.1

Number of Accounts Owned

1 71.4 68.7 75.3

2 20.7 22.4 18.3

3 5.7 6.6 4.5

4 1.3 1.5 0.9

5 0.5 0.3 0.7

6 0.2 0.3 0.1

7 0.0 - 0.1

8 - - -

9 0.1 0.2 -

Average 1.4 1.4 1.3

Median 1.0 1.0 1.0

Country Where Deposit Account is

Maintained

Philippines 99.3 99.9 98.6

USA 0.3 0.1 0.4

Saudi Arabia 0.1 - 0.2

Europe 0.1 - 0.2

Japan 0.1 - 0.2

Other countries 0.2 - 0.4

Currency of Deposit Accounts Maintained

in the Philippines

Peso 98.1 97.4 99.1

US Dollar 1.9 2.6 0.9

Currency of Deposit Accounts Maintained

Outside the Philippines

Philippines 4.8 - 5.5

USA 41.1 100.0 31.8

Saudi Arabia 10.5 - 12.1

Europe 8.2 - 9.5

Japan 10.4 - 12.0

Others 25.1 - 29.1

In Percent

4. Financial Assets

In Percent

In Percent

In Percent

In Percent

In Percent

Deposit/Cash Accounts

Page 47


Type of Bank/Institution where Account is

Maintained



Savings/Thrift Bank 5.3 3.0 8.9

Multipurpose/Credit Cooperative 4.9 3.2 7.5

Microfinance Bank 2.2 2.3 1.9

Savings & Loan Association

(eg. AFPSLAI)1.3 1.6 1.0

Paluwagan 0.5 0.3 0.9

Association

(eg. Teachers' associations)0.3 0.3 0.4

Others 0.1 0.1 0.2

Reason for Choosing the Bank/Institution

where the Biggest Account is Maintained

Proximity to home 34.4 39.2 27.7

The bank used by employer/or my business 19.3 21.5 16.3

Bank specified/selected by the source

institution of fund8.4 6.7 10.7

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,instruments

offered4.0 3.9 4.3

It is a major bank 2.8 2.1 3.8

Hight interest rates 2.1 2.1 2.1

Attractive charges for services 2.0 1.2 3.0

Already has another account/loan with

bank1.3 0.7 2.1

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

Number of Years as a Client of the

Bank/Institution Where the Biggest

Account is Maintained

Less than a year 12.7 13.6 11.4

Less than 2 years 10.5 11.6 9.1

From 2 to 4 years 27.6 26.1 29.8

From 5 to 10 years 27.8 25.3 31.4

More than 10 years 20.9 22.9 18.1

Don't know/don't remember 0.4 0.6 0.2

Current Balance of Peso Deposit Accounts

(In Pesos)

1,000 and below 18.6 18.6 18.6

1,001-5,000 27.3 24.3 31.9

5,001-10,000 14.8 13.6 16.6

10,001-20,000 11.7 11.8 11.6

20,001-50,000 12.6 13.6 10.9

50,001-100,000 8.2 10.7 4.4

100,001-500,000 5.0 6.1 3.3

500,001-1,000,000 0.7 0.8 0.5

1,000,001-5,000,000 0.2 0.4 -

5,000,001 and up 0.5 0.8 0.1


Average 105,927.4 157,045.6 28,631.4

Median 6,875.5 9,436.5 5,507.0

In Percent

In Percent

In Percent

In Percent

Page 48


Proportion of Deposit Accounts that Pays

Interest

Pays interest 60.2 57.2 64.8

Does NOT pay interest 39.8 42.8 35.2

Average Annual Rate of Interest of Deposit

Accounts

0.1-10.0 55.6 61.6 47.5

10.1-20.0 20.6 19.8 21.8

20.1-30.0 10.7 9.9 11.8

30.1-40.0 5.5 4.2 7.4

40.1-50.0 1.1 0.8 1.4

50.1-60.0 3.0 1.8 4.6

60.1-70.0 - - -

70.1-80.0 0.3 - 0.8

80.1-90.0 0.1 - 0.2

90.1-100.0 0.2 - 0.5

100.1 and up 1.0 0.5 1.7


Average 12.7 10.0 16.5

Median 4.0 3.0 12.0



Proportion of Households with Financial

Assets Other than Deposit Accounts

Own shares in mutual funds, UITFs, publicly-

traded stocks, bonds, or any other type of

managed investment account besides a

pension or insurance plan

0.4 0.8 0.0

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

99.4 98.9 99.9



Proportion of Households That Have

Accounts Receivables *

Have accounts receivables 5.4 5.3 5.5

Do NOT have accounts receivables 94.6 94.7 94.5

* Loans to others aside from the real estate loans mentioned before

Distribution of Amount Still Owed to

Respondent Households

(In Pesos)

1-2,000 49.0 42.1 54.9

2,001-6,000 19.1 16.4 21.4

6,001-10,000 10.1 13.6 7.0

10,001-14,000 1.9 3.2 0.9

14,001-18,000 2.9 3.4 2.5

18,001 and up 17.0 21.3 13.3

Average 32,186.0 47,218.1 19,436.7

Median 2,500.0 4,500.0 2,000.0

Mutual Funds, UITFs, Publicly-Traded Stocks, Bonds, or Any Other Type of Managed Investment

In Percent

In Percent

In Percent

In Percent

Accounts Receivables (Loans to Others)

In Percent

Page 49


Total Respondents 4,788,376.0 2,151,458.0 2,636,918.0

Respondents Covered by Retirement

Insurance

Yes 42.7 57.5 30.6

No 57.3 42.5 69.4

Source of Pension/Insurance Owned by

Respondents

Purely Employment-Based

Insurance93.9 93.2 94.9

Purely Private Insurance 1.6 1.6 1.6

Both Employment-Based and Private

Insurance4.5 5.2 3.6

Type of Insurer (Multiple Response)

SSS 91.6 94.0 87.8

GSIS 10.6 7.9 14.8

Provident Fund 0.7 0.7 0.7

Other Employment-Based Retirement Plans 6.9 6.2 8.0

Respondents Currently Paying Retirement

Insurance Premium

Yes 36.4 34.1 40.3

No 63.6 65.9 59.7

Amount of Monthly Premiums

(Based on Number of Respondents

Currently Paying Premiums)

1-200 33.9 32.7 35.5

201-400 46.3 45.6 47.1

401-600 17.9 20.5 14.4

601-800 2.5 3.0 1.6

801-1,000 4.1 3.7 4.7

1,001-1,200 2.3 2.8 1.6

1,201-1,400 2.3 0.5 4.8

1,401-1,600 2.2 0.7 4.1

1,601 and up 2.2 1.6 3.1

Average 422.0 386.0 468.0

Median 300.0 300.0 312.0


(Based on Number of Insurance)

1-200 29.8 29.4 30.3

201-400 40.7 41.1 40.3

401-600 15.8 18.4 12.3

601-800 2.2 2.7 1.4

801-1,000 3.6 3.4 4.0

1,001-1,200 2.0 2.5 1.3

1,201-1,400 2.0 0.4 4.1

1,401-1,600 1.9 0.6 3.5

1,601 and up 1.9 1.4 2.7

Proportion of Respondents with Loans

Against their Retirement Insurance

Yes 19.3 21.7 15.2

No 80.7 78.3 84.8

Amount Borrowed Against their Retirement

Insurance

1-20,000 75.7 79.2 68.4

20,001-40,000 13.3 14.0 11.9

40,001-60,000 3.0 2.2 4.8

60,001-80,000 1.7 1.2 2.9

80,001-100,000 2.4 1.0 5.2

100,001 and up 3.8 2.4 6.8

Currently Paying Loans Against their

Retirement Insurance

Yes 43.1 37.6 55.7

No 56.9 62.4 44.3

5. Insurance and Pension

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Insurance and Pension of Respondents

In Percent

In Percent

Page 50


Amount of Monthly Payment on Loans


1-500 43.0 44.7 40.5

501-1,000 27.4 30.5 23.0

1,001-1,500 11.7 13.3 9.2

1,501-2,000 4.1 3.4 5.2

2,001-2,500 4.0 2.8 5.8

2,501-5,000 7.3 4.5 11.4

5,001 -10,000 1.5 0.7 2.6

10,001 and up 1.0 - 2.3

Payment Status of Loans from Retirement

Insurance

Ahead of schedule 4.3 5.0 3.1

On schedule 98.4 94.8 103.9

Behind schedule 11.3 11.1 11.6


Total Respondents with Spouse/Partner 3,586,451.3 1,561,581.5 2,024,869.8

Spouse/Partner Covered by Retirement

Plan

Yes 44.9 62.4 31.4

No 55.1 37.6 68.6

Source of Pension/Insurance Owned by

Spouse/Partner

Purely Employment-Based Insurance 97.0 97.1 96.8

Purely Private Insurance 0.5 0.3 0.8

Both Employment-Based and Private

Insurance2.6 2.7 2.4

Type of Insurer (Multiple response)

SSS 91.9 94.2 88.3

GSIS 9.9 7.3 14.0

Other Government Retirement Plans 8.2 9.2 6.7

Provident Fund 0.5 0.5 0.4

Spouse/Partner Currently Paying

Retirement Insurance Premium

Yes 52.5 50.7 55.3

No 47.5 49.3 44.7


(Based on Number of Respondent's Spouses

Currently Paying Premiums)

1-200 38.0 39.6 35.7

201-400 44.7 43.3 46.7

401-600 17.0 18.8 14.4

601-800 2.3 2.7 1.7

801-1,000 3.8 4.2 3.3

1,001-1,500 4.2 3.2 5.6

1,501-2,000 1.9 1.0 3.1

2,001-5,000 0.4 0.4 0.5

5,001-and up 0.1 0.1 0.1

Average 385.0 368.0 410.0

Median 300.0 300.0 300.0


(Based on Number of Insurance)

1-200 33.8 35.0 32.2

201-400 39.8 38.2 42.0

401-600 15.1 16.6 12.9

601-800 2.0 2.4 1.5

801-1,000 3.4 3.7 3.0

1,001-1,500 3.7 2.8 5.1

1,501-2,000 1.7 0.9 2.8

2,001-5,000 0.4 0.3 0.5

5,001-and up 0.1 0.1 0.1

In Percent

Insurance and Pension of the Respondent's Spouses/Partners

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Page 51


Proportion of Spouse/Partner with Loans


Yes 19.5 22.9 14.1

No 80.5 77.1 85.9

Amount Borrowed by Respondent's

Spouse/Partner Against their Retirement

Insurance

1-5,000 20.9 21.4 19.8

5,001-10,000 27.6 28.0 26.6

10,001-15,000 17.4 18.9 13.7

15,001-20,000 13.2 13.4 12.5

20,001-25,000 10.3 12.5 5.0

25,001-50,000 5.8 3.8 10.9

50,001-100,000 3.3 1.5 7.6

100,001-250,000 1.2 0.4 3.3

250,001-500,000 0.3 0.2 0.5

Currently Paying Loans Against their

Retirement Insurance

Yes 50.5 46.6 60.5

No 49.5 53.4 39.5

Amount of Monthly Payment of on Loans


1-500 49.9 52.3 45.2

501-1,000 29.2 30.0 27.5

1,001-1,500 12.1 12.6 11.3

1,501-2,000 4.3 3.4 5.9

2,001-2,500 2.0 - 5.9

2,501-5,000 2.3 1.3 4.2

5,001 -10,000 0.2 0.4 -

Payment Status of Loans from Retirement

Insurance (Multiple Response)

Ahead of schedule 2.3 1.5 3.9

On schedule 100.7 101.3 99.4

Behind schedule 7.0 7.0 7.0



Households that Received Inheritance

Yes 21.0 15.5 25.5

No 79.0 84.5 74.5

Sources of Inheritance

Parents 87.0 83.2 88.7

Grandparents 7.2 6.3 7.6

Other relatives 5.0 9.4 2.9

Others (friends and not specified) 0.9 1.1 0.7

Types of Inheritance Received

Land, farm (other real estate) 60.3 37.1 71.1

House/condo/townhouse 23.9 43.1 14.9

Business, vehicle, jewelry and antiques 2.1 2.6 1.9

Cash, shares of stock and other financial

assets2.0 4.5 0.8

Others (not specified) 11.7 12.7 11.2

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

6. Inheritance

In Percent

In Percent

Page 52



Households with credit cards

Yes 3.9 6.8 1.6

No 96.1 93.2 98.4

Number of Credit Cards Owned

1.0 63.6 60.5 74.9

2.0 22.2 23.0 19.7

3.0 8.7 10.3 2.8

4.0 4.6 5.1 2.7

5.0 0.9 1.1 -

Payments made on Last Month's Credit

Card Bill

Not paid 1.2 0.7 3.1

Minimum paid 39.8 37.6 49.6

Paid in full 38.9 40.4 32.5

Partial amount paid other than the

minimum4.8 5.6 1.2

Unspecified or no response 15.3 15.7 13.6

Amount of Credit Limit of Credit Cards

(In Pesos)

15,000 and below 16.4 14.4 25.3

15,001-30,000 26.6 25.8 30.3

30,001-45,000 7.7 6.9 11.4

45,001-60,000 17.6 19.7 8.3

60,001-75,000 4.9 2.9 13.4

75,001-90,000 2.7 3.0 1.5

90,001-105,000 9.5 10.8 4.1

105,001 and up 14.6 16.6 5.6

Average 66,000.0 70,368.0 46,762.0

Median 44,000.0 50,000.0 30,000.0

Total Outstanding Balance of Credit Card

Bill

(In Pesos)

5,000 and below 36.0 34.9 40.3

5,001-10,000 19.1 21.2 9.9

10,001-15,000 10.6 10.3 11.8

15,001-20,000 11.8 10.8 16.0

20,001-25,000 5.3 6.3 0.8

25,001-30,000 4.3 3.9 6.1

30,001 and up 12.9 12.5 15.1

Average 18,223.0 17,464.0 21,481.0

Median 10,000.0 10,000.0 10,000.0

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

20.9 18.2 23.0

Without outstanding loans on other loans

aside from loans on housing, real estate,

car/vehicle, furniture, appliance and credit

card

79.1 81.8 77.0

In Percent

In Percent

In percent

In Percent

7. Credit Cards and Other Loans

In Percent

In Percent

Page 53


Distribution of Other Loan by Type

Personal loan (person to person) 36.9 41.7 33.8

Salary loan 19.0 21.7 17.2

All purpose/multipurpose loan 16.7 10.9 20.6

Business loan (for start-up or additional) 12.2 11.8 12.5

Non-cash loans (goods,fertilizers) 6.2 3.5 7.9

Emergency loan 2.7 2.5 2.8

Calamity loan 2.3 4.6 0.8

House Improvement loan 1.3 0.7 1.7

Educational loan 1.2 1.0 1.3

Others, not specified 1.0 1.1 0.9

Appliance loan 0.3 0.4 0.2

Car loan 0.2 - 0.4

Amount of Other Loan Still Owed

2,000 and below 31.9 26.9 35.2

2,001-4,000 15.1 16.9 13.8

4,001-6,000 11.0 11.7 10.6

6,001-8,000 5.4 5.3 5.4

8,001-10,000 7.2 7.6 7.0

10,001-12,000 2.7 2.4 2.9

12,001-14,000 2.1 2.9 1.5

14,001-16,000 3.2 2.6 3.6

16,001-18,000 1.8 2.2 1.6

18,001 and up 19.7 21.6 18.4

Average 21,235.0 27,203.0 17,271.0

Median 5,000.0 5,000.0 4,500.0

Loan Payment Status of Other Loans

Ahead 1.8 1.8 1.8

On Schedule 63.9 65.8 62.7

Behind 34.3 32.4 35.5



Employment Status of Respondents

Employee 30.4 29.4 31.2

Self-Employed 29.2 26.5 31.3

Homemaker 18.0 21.6 15.1

Unemployed 17.1 16.3 17.8

Retired 3.2 4.0 2.6

Employer of a business 1.0 0.8 1.2

Permanently disabled and unable to work 0.5 0.5 0.5

Student 0.3 0.5 0.2

OFW 0.3 0.5 0.1

Others only 0.0 - 0.0

In Percent

In Percent

In percent

1. Work and Income of Respondent and Spouse

In Percent

C. Income and Expenditures

Work and Income of Respondent in Full Year (FY) 2008

Page 54


Classification of Respondents' Primary Job

in FY 2008

Worked for private establishment /non-

farm business47.3 64.8 33.6

Worked for government/GOCC 19.3 18.7 19.8

Worked for private household 18.6 15.6 21.0

Paid worker of somebody else's farm 12.4 0.2 21.9

Unpaid volunteer/worker in a non-family

operated business or institute0.9 0.1 1.6

Self-employed w/out any employee 0.7 0.3 0.9

Unpaid worker in family-operated farm or

business0.4 - 0.8

Unpaid worker in family-operated non-farm

business0.2 0.3 0.1

Employer in own family-operated farm 0.1 - 0.2

Employer in own family operated non-farm

business0.0 0.1 -

Respondents' Primary Job by Type of

Industry in FY 2008

Other Community, Social & Person Service

Activities19.1 22.9 16.2

Agriculture, Hunting & Forestry 17.8 1.5 30.5

Construction 10.4 9.2 11.4

Manufacturing 9.1 12.8 6.1

Transport, Storage & Communication 8.8 13.2 5.3

Wholesale & Retail Trade; Repair of Motor

Vehicles, Motorcycles & Personal &

Household Goods

8.3 11.4 5.9

Public Administration & Defense;

Compulsory Social Security7.9 6.6 8.9

Education 4.4 3.7 4.9

Health & Social Work 3.5 4.6 2.5

Hotels & Restaurants 3.2 4.8 2.0

Real Estate, Renting & Business Activities 1.9 3.7 0.6

Financial Intermediation 1.5 2.1 1.1

Electricity, Gas & Water Supply 1.5 1.8 1.2

Fishing 1.5 0.7 2.1

Industry not elsewhere classified 0.7 1.0 0.5

Mining & Quarrying 0.4 - 0.6

Extra-territorial bodies and organizations 0.1 - 0.1

Number of Days that Employed

Respondents Worked in FY 2008

1-30 1.2 0.9 1.3

31-60 1.2 0.9 1.3

61-90 1.5 1.7 1.4

91-120 1.6 1.8 1.4

121-150 2.6 3.2 2.2

151-180 4.3 4.9 3.9

181-330 10.0 9.5 10.3

331-360 76.6 76.7 76.6

361 and up 1.1 0.4 1.6

Place of Work of Respondents' Primary Job

in FY 2008


Abroad 1.8 2.8 1.0

In Percent

In Percent

In Percent

In Percent

Page 55


Number of Hours Spent by Respondent in a

Normal Working Week for His/Her Primary

Job in FY 2008

1-40 35.8 30.2 40.3

41-80 57.8 60.8 55.4

81-120 5.6 7.8 3.9

121-160 0.2 0.3 0.2

161 and up 0.6 0.9 0.3

Average 48.0 51.0 45.0

Median 48.0 48.0 48.0

Average Monthly Gross Salary/Wage

Received by Respondent for His/Her

Primary Job in FY 2008

(In Pesos)

5,000 and below 38.6 22.1 51.3

5,001-10,000 34.5 36.7 32.8

10,001-20,000 19.8 31.2 11.0

20,001-50,000 4.9 8.0 2.5

50,001-100,000 0.7 1.5 0.1

100,001 and up 0.2 0.2 0.2

None/No salary 1.3 0.2 2.1


Average 9,176.0 11,636.0 7,240.0

Median 6,667.0 9,000.0 4,800.0


Respondents' Spouse's/Partner's

Employment Status in FY 2008

Worked as an employee, self-employed or

engaged in business in 200864.4 66.3 62.9

Did NOT work as an employee, self-

employed or engage in business in 200835.6 33.7 37.1

Spouse's/Partner's Employment Status in FY

2008

Employee 43.2 47.2 40.2

Did not work as an employee, self-

employed or engaged in business35.6 33.7 37.1

Self-Employed 18.3 15.2 20.6

OFW 1.9 2.7 1.3

Employer of a business 0.6 0.6 0.6

Unemployed 0.3 0.5 0.2

Homemaker 0.1 0.2 0.0

Classification of Respondents'

Spouse/Partner's Primary Job in

FY 2008

Worked for private establishment / non-

farm business59.3 72.5 47.1

Worked for private household 18.4 14.8 21.7

Worked for government/GOCC 13.3 11.6 14.8

Paid worker of somebody else's farm 7.7 0.3 14.7

Self-employed w/out any employee 0.5 0.4 0.5

Unpaid worker in family-operated farm or

business0.4 0.1 0.7

Employer in own family operated non-farm

business0.2 0.4 0.0

Unpaid volunteer/worker in a non-family

operated business or institute0.2 - 0.4

Unpaid worker in family-operated non-farm

business0.0 - 0.0

Employer in own family-operated farm 0.0 - 0.0

In Percent

In Percent

In Percent

In Percent

Work and Income of Respondent’s Spouse in FY 2008

In Percent

Page 56


Respondents' Spouse/Partner's Primary Job

by Type of Industry in FY 2008

Other Community, Social & Person Service

Activities14.6 14.5 14.7


Transport, Storage & Communication 13.4 17.3 9.8

Agriculture, Hunting & Forestry 12.1 0.6 22.8


Wholesale & Retail Trade; Repair of Motor

Vehicles, Motorcycles & Personal &

10.0 12.9 7.3

Public Administration & Defense;

Compulsory Social Security7.3 7.5 7.1

Hotels & Restaurants 4.0 5.7 2.4

Education3.3 2.4 4.0

Health & Social Work 2.6 3.1 2.0

Real Estate, Renting & Business Activities 2.3 3.9 0.9

Electricity, Gas & Water Supply 2.2 3.0 1.5

Fishing 1.2 0.4 1.9

Financial Intermediation 0.9 1.2 0.5


Mining & Quarrying 0.3 0.2 0.4

Extra-territorial bodies and organizations

0.1 0.1 0.1

Number of Days that Respondents'

Spouse/Partner Worked in FY 2008

1-30 0.6 0.5 0.7

31-60 0.7 0.7 0.7

61-90 0.9 0.8 1.0

91-120 1.1 0.9 1.3

121-150 1.0 0.9 1.1

151-180 2.3 2.0 2.6

181-210 0.8 0.7 0.8

211-240 1.6 1.4 1.8

241-270 1.1 1.3 0.8

271-300 2.8 2.0 3.6

301-330 1.0 1.3 0.8

331-360 84.9 86.8 83.0

361 and up 1.2 0.7 1.7

Place of Work of Respondents'

Spouse/Partner's Primary Job in FY 2008


Abroad 9.5 10.5 8.5

Number of Hours Spent by Respondent's

Spouse/Partner in a Normal Working Week

for His/Her Primary Job

1-40 25.1 21.0 28.9

41-80 69.5 72.6 66.7

81-120 4.8 5.6 4.1

121-160 0.5 0.8 0.2

161 and up 0.1 0.1 0.1

Average 50.0 52.0 48.0

Median 48.0 48.0 48.0

In Percent

In Percent

In Percent

In Percent

Page 57


Average Monthly Gross Salary/Wage

Received by Respondents' Spouse/Partner

for His/Her Primary Job

(In Pesos)

1-5,000 22.9 9.1 35.6

5,001-10,000 39.3 38.2 40.4

10,001-20,000 27.8 40.4 16.2

20,001-50,000 7.3 9.4 5.3

50,001-100,000 1.6 1.8 1.4

100,001 and up 0.8 1.0 0.7

None/No salary 0.2 0.1 0.3


Average 12,722.0 14,763.0 10,831.0

Median 9,000.0 10,500.0 6,600.0


Proportion of Households Who Received

Cash, Gift or Other Forms of Assistance

From Abroad in 2008

Received cash, gift or other forms of

assistance from abroad19.6 22.5 17.2

Did NOT receive cash, gift or other forms of

assistance from abroad80.4 77.5 82.8

Amount Received From Family Members

Working Abroad

(In Pesos)

1-10,000 37.6 46.0 28.8

10,001-20,000 10.4 12.8 7.9

20,001-30,000 5.3 4.1 6.7

30,001-40,000 1.9 1.7 2.1

40,001-50,000 2.7 2.8 2.6

50,001-60,000 4.5 3.1 5.9

60,001-70,000 1.1 0.9 1.2

70,001-80,000 1.1 0.7 1.4

80,001-90,000 1.4 1.8 1.0

90,001-100,000 1.3 0.8 1.8

100,001 and up 11.2 9.5 12.9

No response 21.5 15.7 27.7

Average 48,987.6 39,992.8 60,083.5

Median 12,000.0 10,000.0 20,000.0

Sources of Domestic Assistance Received by

Respondents/Households

From other households 19.8 15.7 23.2

From government 3.1 3.1 3.1

From NGOs/Pos/Private institutions 0.7 1.1 0.3

Others 0.3 0.4 0.2

None 77.1 80.8 74.2

Amount of Assistance Received From Other

Households in FY 2008

(In Pesos)

1-2,500 29.9 30.4 29.7

2,501-5,000 20.6 23.2 19.1

5,001-10,000 14.9 13.9 15.4

10,001-30,000 22.0 18.2 24.1

30,001-50,000 6.2 6.3 6.2

50,001-100,000 4.2 4.6 4.0

100,001-150,000 1.1 2.0 0.6

150,001 and up 1.0 1.4 0.8

Average 15,790.0 17,328.0 14,941.0

Median 5,000.0 5,000.0 6,000.0

In Percent

In Percent

In Percent

In Percent

Cash, Gift and Other Forms of Assistance Received by

In Percent

Page 58


Amount of Assistance Received From

Government in FY 2008

(In Pesos)

1-500 49.0 40.2 56.1

501-10,000 39.6 46.8 33.8

10,001-50,000 10.1 10.1 10.1

50,001-100,000 - - -

100,001-150,000 0.8 1.9 -

150,001-350,000 0.4 1.0 -

Average 5,885.0 9,290.0 3,133.0

Median 750.0 1,000.0 500.0

Amount of Assistance Received From

NGOs/POs/Private Institutions in FY 2008

(In Pesos)

1-1,000 41.0 41.4 39.8

1,001-5,000 27.8 20.8 50.5

5,001-10,000 13.7 17.9 -

10,001-20,000 8.0 10.5 -

20,001-30,000 1.6 2.1 -

30,001-40,000 1.5 2.0 -

40,001-50,000 1.1 - 4.6

50,001-60,000 4.0 5.3 -

60,001 and up 1.2 - 5.1

Average 8,545.0 7,883.0 10,699.0

Median 2,000.0 2,000.0 1,500.0



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 partnership59.4 63.9 55.8

Own any type of business, farm or

professional partnership40.6 36.1 44.2

Number of Businesses Owned in FY 2008

1 87.4 89.2 86.1

2 11.5 9.4 12.9

3 1.1 1.3 0.9

4 0.0 - 0.1

Products or Services Produced/Provided by

the Business in FY 2008

Agriculture, hunting and forestry 22.9 2.3 36.2

Fishing 5.8 1.5 8.6

Mining and quarrying 0.6 0.2 0.9


Electricity, gas and water supply 0.4 0.6 0.3


Wholesale and retail trade; repair of motor

vehicles, motorcycles and personal and

household goods

38.3 51.0 30.0

Hotels and restaurants 3.7 4.6 3.0

Transport, storage and communication 8.7 9.6 8.0

Financial intermediation 0.3 0.6 0.1

Real estate, renting and business activities 4.0 7.9 1.5

Public administration and defense

compulsory social security0.0 0.1 -


Health and social work 0.4 0.8 0.2

Other community, social and personal

service activities8.0 12.4 5.1


2. Businesses Including Self-Employed in FY 2008

In Percent

In Percent

In Percent

In Percent

In Percent

Page 59


Mode of Business Acquisition in

FY 2008

Started 92.7 93.5 92.2


Purchased business 1.6 1.7 1.5

Through partnership 0.5 0.9 0.3

Purchased franchise 0.4 1.0 0.1

Others 0.0 - 0.1

Year Business was Started/Acquired

1930-1939 0.0 - 0.0

1940-1949 0.2 0.2 0.3

1950-1959 0.9 0.2 1.4

1960-1969 2.8 0.8 4.0

1970-1979 6.7 3.4 8.7

1980-1989 14.3 10.2 16.8

1990-1994 10.0 7.8 11.4

1995-1999 12.2 11.6 12.6

2000-2004 20.0 23.1 18.2

2005-2007 19.7 26.0 15.9

2008-2010 13.1 16.9 10.7

No response 0.0 - 0.0

Number of People that Worked in the

Business in FY 2008 (including Respondent

and Other Household Members)

1.0 63.0 64.8 61.9

2.0 25.1 23.9 25.9

3.0 5.2 4.5 5.6

4.0 2.6 2.6 2.6

5.0 1.7 1.7 1.6

6.0 0.8 1.0 0.7

7.0 0.3 0.2 0.3

8.0 0.3 0.5 0.2

9.0 0.1 - 0.1

10-30 1.0 0.8 1.1

Amount of Net Income or Profit from the

Business Before Taxes in FY 2008

(In Pesos)

1-5,000 10.1 5.7 12.8

5,001-10,000 9.5 5.6 11.9

10,001-20,000 13.9 9.5 16.5

20,001-50,000 23.1 19.3 25.5

50,001-100,000 19.4 23.1 17.1

100,001 and up 19.2 28.3 13.7


Average 81,058.0 110,689.0 64,111.0

Median 36,000.0 66,000.0 30,000.0

In Percent

In Percent

In Percent

In Percent

Page 60


Total Value of the Business on a Cash Basis

(In Pesos)

1-5,000 22.2 20.4 23.2

5,001-10,000 12.1 12.3 12.0

10,001-20,000 11.2 9.9 12.0

20,001-30,000 6.7 5.4 7.5

30,001-40,000 3.8 3.1 4.1

40,001-50,000 6.6 7.8 5.9

50,001-60,000 1.9 1.6 2.0

60,001-70,000 1.5 1.6 1.5

70,001-80,000 1.4 1.8 1.2

80,001-90,000 0.4 0.2 0.5

90,001-100,000 5.7 7.0 4.9

100,001-500,000 14.1 13.0 14.7

500,001-1,000,000 3.5 3.4 3.5

1,000,001 and up 9.0 12.4 6.9

No response 0.0 - 0.0

Average 1,828,570.0 1,982,631.0 1,737,662.0

Median 30,000.0 40,000.0 27,000.0

3. Total Income


Total Household Income in FY 2008

(In Pesos)

50,000 and below 27.5 21.0 32.9

50,001 - 100,000 19.9 13.4 25.2

100,001 - 200,000 27.0 31.1 23.7

200,001 - 300,000 10.9 14.2 8.3

300,001 - 400,000 5.4 7.6 3.6

400,001 - 500,000 3.0 4.1 2.0

500,001 - 1,000,000 4.2 5.9 2.9

1,000,001 - 3,000,000 1.7 2.4 1.1

3,000,001 - 5,000,000 0.1 0.2 0.1

5,000,001 and up 0.1 0.1 0.1

Average 188,349.9 235,867.3 149,580.5

Median 108,000.0 144,000.0 83,000.0



Household Expenditures in FY 2008

Food and beverage consumed at home 38.5 35.4 44.2

Rent 18.5 20.7 15.4

Transportation and communication 10.7 11.3 9.7

Utilities 7.2 8.0 5.6

Food and beverage consumed outside the

home6.6 6.7 6.1


Medicine and Medical Services 5.0 5.2 4.7

House Repairs and Maintenance 2.1 1.6 2.8

Clothing 1.4 1.4 1.2

Travel and/or Vacation 1.2 1.2 0.9

Household Help Services 1.0 0.8 1.3

Celebration during special occasion 0.9 0.9 0.9

Purchase of Furniture/Appliances and

Other Equipment0.8 0.6 1.0

Recreational Activities 0.3 0.3 0.2

Gifts 0.1 0.1 0.2

Real estate taxes 0.1 0.1 0.0

Laundry Services 0.0 0.0 0.0

Other Expenditures 0.2 0.1 0.2

In Percent

In Percent

In Percent

4. Expenditures

Page 61


Expenditures on Food and Beverage

Consumed at Home in FY 2008

(In Pesos)

0 0.3 0.4 0.3

1-10,000 1.5 1.0 1.9

10,001-25,000 14.2 5.6 21.2

25,001-50,000 28.6 19.9 35.8

50,001-75,000 31.8 37.4 27.2

75,001-100,000 5.8 8.3 3.7

100,001-200,000 16.3 25.5 8.9

200,001-300,000 1.0 1.2 0.8

300,001 and up 0.5 0.8 0.3

Average 64,198.6 78,995.4 52,126.0

Median 54,000.0 72,000.0 37,200.0

Expenditures on Rent in FY 2008

(In Pesos)

0 0.2 0.2 0.2

1-10,000 27.7 5.4 45.9

10,001-25,000 37.3 37.4 37.3

25,001-50,000 18.6 29.4 9.8

50,001-75,000 8.3 13.3 4.2

75,001-100,000 2.8 5.3 0.8

100,001-150,000 3.0 5.4 1.1

150,001-200,000 0.9 1.8 0.2

200,001 and up 1.0 1.7 0.4

Average 30,743.1 46,127.2 18,189.5

Median 18,000.0 30,000.0 12,000.0

Expenditures on Transportation and

Communication in FY 2008

(In Pesos)

0 5.8 3.4 7.8

1-10,000 50.5 35.6 62.7

10,001-25,000 26.1 32.8 20.5

25,001-50,000 10.2 16.1 5.5

50,001-75,000 3.9 6.4 1.8

75,001-100,000 1.0 1.7 0.4

100,001-150,000 1.6 2.6 0.7

150,001-200,000 0.5 0.7 0.2

200,001 and up 0.4 0.7 0.2

Average 18,815.2 26,677.5 12,090.0

Median 8,400.0 13,440.0 6,000.0

Expenditures on Food and Beverage

Consumed Outside the Home in FY 2008

(In Pesos)

0 27.0 17.4 34.7

1-10,000 42.2 37.4 46.1

10,001-25,000 21.2 29.0 14.8

25,001-50,000 5.3 8.7 2.5

50,001-75,000 2.7 4.6 1.2

75,001-100,000 0.5 0.8 0.3

100,001-150,000 0.7 1.2 0.2

150,001 and up 0.4 0.8 0.1

Average 15,145.5 20,363.3 9,761.8

Median 6,000.0 12,000.0 6,000.0

In Percent

In Percent

In Percent

In Percent

Page 62


Expenditures on Utilities in FY 2008

(In Pesos)

0 7.8 2.6 12.1

1-5,000 33.6 12.6 50.7

5,001-10,000 19.2 19.9 18.6

10,001-20,000 20.6 30.7 12.4

20,001-30,000 10.1 18.0 3.7

30,001-40,000 3.8 6.9 1.3

40,001-50,000 2.2 4.2 0.6

50,001-60,000 1.1 2.1 0.3

60,001 and up 1.5 3.1 0.3

Average 12,962.0 19,349.7 7,186.7

Median 8,400.0 15,000.0 3,720.0

Expenditures on Medicine and Medical

Services in FY 2008

(In Pesos)

0 12.8 13.1 12.6

1-5,000 67.2 60.4 72.8

5,001-10,000 7.3 9.3 5.7

10,001-20,000 5.4 7.1 4.1

20,001-30,000 2.0 2.8 1.4

30,001-40,000 1.4 2.0 0.9

40,001-50,000 1.1 1.4 0.8

50,001-60,000 0.6 0.8 0.4

60,001 and up 2.1 3.1 1.3

Average 9,463.3 13,281.6 6,366.7

Median 1,000.0 2,000.0 900.0

Expenditures on Education in FY 2008

(In Pesos)

0 35.1 32.3 37.4

1-5,000 41.8 37.8 45.1

5,001-10,000 6.0 7.0 5.2

10,001-15,000 3.2 4.0 2.5

15,001-20,000 2.8 3.3 2.4

20,001-30,000 3.1 4.1 2.3

30,001-40,000 1.9 2.7 1.3

40,001-50,000 1.9 2.7 1.3

50,001-75,000 1.4 1.8 1.1

75,001-100,000 1.5 2.3 0.9

100,001 and up 1.3 2.1 0.6

Average 14,149.6 18,977.3 9,887.7

Median 3,000.0 5,000.0 2,000.0

Expenditures on Recreational Activities in

FY 2008

(In Pesos)

0 70.7 61.5 78.2

1-5,000 27.9 35.9 21.3

5,001-10,000 0.7 1.3 0.2

10,001 and up 0.7 1.3 0.2

Average 1,587.7 2,046.9 925.0

Median 500.0 500.0 500.0

In Percent

In Percent

In Percent

In Percent

Page 63


Expenditures on Travel and/or Vacation in

FY 2008

(In Pesos)

0 84.5 80.8 87.5

1-5,000 10.7 11.7 9.9

5,001-10,000 2.3 3.3 1.5

10,001-20,000 1.2 2.0 0.6

20,001 and up 1.2 2.1 0.5

Average 12,716.2 17,577.5 6,628.1

Median 3,000.0 5,000.0 2,000.0

Expenditures on Purchase of Furniture,

Appliances and Other Equipment in FY 2008

(In Pesos)

0 86.2 79.6 91.6

1-5,000 7.5 10.9 4.8

5,001-10,000 2.7 4.3 1.5

10,001-15,000 1.5 2.1 0.9

15,001-20,000 0.7 1.1 0.4

20,001 and up 1.4 2.0 0.9

Average 9,435.5 9,756.8 8,799.3

Median 5,000.0 5,000.0 4,100.0

Expenditures on House Repairs and

Maintenance in FY 2008

(In Pesos)

0 87.6 85.1 89.7

1-5,000 6.2 7.7 5.0

5,001-10,000 1.8 2.2 1.5

10,001-20,000 1.6 1.9 1.3

20,001-30,000 0.8 0.8 0.7

30,001-50,000 0.8 0.7 0.9

50,001-100,000 0.7 0.8 0.5

100,001 and up 0.5 0.8 0.3

Average 28,330.7 29,589.1 26,839.3

Median 5,000.0 5,000.0 6,000.0

Expenditures on Household Help Services in

FY 2008

(In Pesos)

0 92.8 90.3 94.8

1-5,000 2.0 2.4 1.7

5,001-10,000 0.8 1.0 0.7

10,001-20,000 1.1 1.3 0.9

20,001-30,000 1.9 2.7 1.3

30,001-50,000 0.9 1.6 0.3

50,001 and up 0.4 0.7 0.2

Average 22,199.0 23,189.7 20,703.7

Median 18,000.0 24,000.0 12,000.0

Proportion of Respondent Households that

Spent on Other Expenditure Items in FY

2008

(In Pesos)

Celebration during special occasion 92.3 87.9 94.9

Laundry shop services 1.0 1.6 0.7

Real estate taxes 9.7 11.2 8.9

Gifts 25.5 36.0 19.4

Others 2.5 4.8 1.2

In Percent

In Percent

In Percent

In Percent

In Percent

Page 64


Expenditures for Celebrating Special

Occasion in FY 2008

(In Pesos)

0 7.7 12.1 5.1

1-1,000 35.2 17.7 45.4

1,001-3,000 27.8 29.8 26.6

3,001-5,000 13.0 16.3 11.1

5,001-10,000 10.1 14.5 7.5

10,001-20,000 4.1 6.2 3.0

20,001-30,000 1.3 1.9 1.0

30,001-40,000 0.1 0.1 0.2

40,001-50,000 0.4 1.0 0.1

50,001-60,000 0.0 0.1 0.0

60,001-70,000 0.1 0.2 -

70,001-80,000 0.1 0.2 -

Average 4,044.4 5,859.8 3,075.0

Median 2,000.0 3,000.0 1,500.0

Amount Spent for Gifts in FY 2008

(In Pesos)

0 74.5 64.0 80.6

1-1,000 15.7 18.8 13.8

1,001-2,000 4.3 7.6 2.4

2,001-5,000 3.6 5.9 2.3

5,001 and up 1.9 3.7 1.0

Average 2,661.7 2,842.1 2,469.2

Median 1,000.0 1,000.0 500.0

Amount Spent for Other Expenditures in FY

2008

(In Pesos)

0 97.5 95.2 98.8

1-5,000 0.9 1.6 0.5

5,001 and up 1.6 3.1 0.8

Average 29,258.6 31,475.9 24,223.5

Median 12,000.0 18,000.0 7,200.0

Total Expenditures in 2008 Relative to Total

Income in 2008

Less than their income 4.6 5.5 3.9

More than their income 43.8 45.7 42.3

Same as their income 51.5 48.8 53.8

Amount of Unspent Income in FY 2008

(In Pesos)

0 95.4 94.5 96.1

1-5,000 2.0 1.7 2.2

5,001-50,000 1.9 2.3 1.5

50,001 and up 0.8 1.4 0.3

Average 29,102.0 40,241.0 16,421.0

Median 10,000.0 10,000.0 5,000.0

Amount of Money Kept for Emergency

Purposes

(In Pesos)

0 38.2 31.7 43.5

1-500 27.5 20.9 32.9

501-1,000 11.3 13.9 9.2

1,001-2,000 7.8 10.6 5.5

2,001-5,000 9.8 14.0 6.4

5,001-10,000 2.8 4.9 1.2

10,001 and up 2.5 4.1 1.2

Others, not specified 0.0 - 0.1

Average 1,681.0 2,772.0 804.0

Median 200.0 500.0 100.0

In Percent

In Percent

In Percent

In Percent

In Percent

In Percent

Page 65


Total Respondents 4,788,376.0 2,151,458.0 2,636,918.0

Where Respondents Would Put Their

Surplus Money

Deposit/ Save in Bank 39.4 51.8 29.4

Save and keep at home for emergency 38.8 31.8 44.5

Put up/ Invest in business/ Buy goods for

sale25.4 27.8 23.5

House renovation/improvements 16.2 13.0 18.9

For tuition 14.8 14.7 14.9

Pay debt 14.1 9.9 17.4

Help parents/relatives 11.3 14.2 9.0

Buy Land 10.0 6.5 12.8

Buy house/condo 8.1 11.6 5.2

Give to charity/church 7.1 9.7 5.0

Shopping 6.8 7.0 6.7

Educational Plan 6.5 8.3 5.1

Investment 4.2 6.3 2.5

Vacation travel-local/abroad 3.6 4.5 2.9

Life insurance/ Pension Plan 3.4 2.8 4.0

Buy car/ appliances 3.2 2.9 3.4

Others 6.4 5.8 6.9

Respondent's Preference If Given a Choice

to Risk Current Profits to Earn Double

Stick to current level of profits for life of

Php 1,50072.5 73.9 71.3

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

27.5 26.1 28.7

Respondent's Preference If Given a Choice

to Risk Current Profits to Earn Triple

Stick with the current level of profits for life

of P1,50070.1 72.8 68.0

Sell new products you have an equal chance

to get a profit of P4,500 or suffer a loss of

P1,500

29.9 27.2 32.0

Respondent's Preference Given a Choice to

Receive Cash Prize of P5000 Now or Wait a

Month to Get 5% More

P5,000 today 73.1 74.1 72.3

P5,250 after a month 26.9 25.9 27.7

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 71.2 71.6 71.0

P10,500 after a month 28.8 28.4 29.0

In Percent

D. Preferences and Behaviours

In Percent

In Percent

In Percent

In Percent

Page 66


Number of Sample Households 10,520 3,872 6,648

Region 1 2,065

Region 7 2,637

Region 11 1,946

Number of Respondent Households 9,402 3,112 6,290

Region 1 1,971

Region 7 2,499

Region 11 1,820

Response Rate (%) 89.4 80.4 94.6

Region 1 95.5

Region 7 94.8

Region 11 93.5

Sex

Male 40.2 35.2 44.2

Female 59.8 64.8 55.8

Age Group

15-20 0.6 0.6 0.6

21-34 17.3 19.7 15.4

35-49 38.6 39.6 37.8

50-54 12.2 12.2 12.2

55-59 9.7 9.0 10.4

60-64 7.9 7.3 8.3

65 and over 13.7 11.6 15.4

Average 48.1 46.8 49.1

Median 47.0 46.0 48.0

Civil Status

Single 7.0 8.3 6.0

Married 69.1 64.4 72.9

Widowed 14.1 13.8 14.4

Divorced/Separated 4.0 5.3 2.9

With Partner 5.8 8.2 3.9

Highest Educational Attainment

No grade 0.2 0.1 0.3

Nursery/Kinder 0.2 0.1 0.4

Grade 1-3 5.6 2.2 8.3

Grade 4-6 10.5 5.0 15.1

Elementary Graduate 13.6 9.2 17.3

1st-3rd Year High School 14.6 14.0 15.1

High School Graduate 26.0 31.7 21.3


Technical/Vocational Education

Undergraduate

1.1 1.4 0.7


Technical/Vocational Education Graduate2.9 3.9 2.0

1st yr-4th Year College 11.6 15.2 8.7

College Graduate 13.0 16.4 10.2

Post Grad Degree units earned/enrolled 0.3 0.3 0.3

Post Grad Degree Earned 0.4 0.4 0.4

In Percent

In Percent

In Percent

E. Respondents' Profile

In Percent

Page 67

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Consumer Finance Survey by Bangko Sentral ng Pilipinas

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