Based on the 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas, the number of Filipino adults without savings increased to 63% from 47% in 2019, partly attributed to the global health crisis that may have reduced household income or increased medical expenses.
The BSP added that the percentage of savers significantly declined, particularly among adults in the National Capital Region, South Luzon, and Visayas regions. “The lower incidence of savings in 2021 was recorded across geographical areas except in Mindanao, which registered an increase and surpassed all areas,” the report said.