The growth of the country’s total savings slowed to 4.4 percent in 2018, according to the latest data released by the Philippine Statistics Authority (PSA) on Thursday.
PSA data showed total savings of corporations, households and the national government reached P4.44 trillion in 2018, slightly higher than the P4.25 trillion posted in 2017.
Savings growth in 2017 was significantly higher at 10.2 percent from the total savings of P3.86 trillion in 2016.
The highest share of savings came from “Nonfinancial Corporations” at 57.6 percent. This was followed by “Financial Corporations” at 28.5 percent.
Other sectors such as “General Government” accounted for 11.3 percent and “Households” including Non-profit Institutions Serving Households” (NPISH) at 2.6 percent.
In terms of contribution to gross domestic product (GDP, the PSA said “Nonfinancial Corporations” continued to account for the highest share at 51.5 percent in 2018.
This was followed by households including NPISH at 32.7 percent; “Financial Corporations” at 8.3 percent; and “General Government” at 7.5 percent.
The PSA’s report came from the “Consolidated Accounts and Income and Outlay Accounts” compiled by the PSA annually. The Consolidated Accounts present a summary of transactions and relationships among the various flows of the economy at current prices.
Included in the report were the production, consumption, income, gross accumulation and economic transactions with the rest of the world.
Meanwhile, the “Income and Outlay Accounts” are compiled for the four institutional sectors, namely nonfinancial corporations, financial corporations, general government and households including the NPISH.
Image credits: Nonie Reyes