The Central Bank of the Philippines released results from its 2021 Consumer Finance Survey on Filipino households’ assets, liabilities, income and expenditure. The findings indicate that non-financial assets remain the foundation of household wealth, financial asset ownership has shifted further toward formal and digital channels, and fewer households carried debt than in the prior survey round. Home appliances and equipment were the most widely held assets (96.6% of households), followed by residential properties (69.9%) and vehicles (35.3%), with motorcycles the most commonly owned vehicle type (61.7%). The share of families renting rose to 11.3% from 10.2%, while mobile phones (92.8%) continued to exceed televisions (81.1%) as the most common appliance. On financial assets, deposit accounts had the highest ownership rate (35.3%), followed by cash savings kept at home (28.7%) and e-money accounts (24.3%). The share of households with any debt fell to 29.3% from 40.4% in 2018, with liabilities mainly household bills (16.4%) and outstanding loans (15.2%); 0.7% reported credit card debt. Wage income was reported by 91.5% of households (73.7% in 2018), 9.8% received business income, and 55.6% relied on other sources, mainly government pandemic assistance; food consumed at home accounted for 55.4% of expenditure, followed by housing and utilities (10.6%) and transportation (7.2%).
Central Bank of the Philippines 2025-03-14
Central Bank of the Philippines publishes 2021 Consumer Finance Survey showing rising e-money use and lower household indebtedness
The Central Bank of the Philippines' 2021 Consumer Finance Survey highlights non-financial assets as the core of household wealth, with a shift towards formal and digital financial channels. Household debt decreased to 29.3% from 40.4% in 2018, and 91.5% of households reported wage income. Home appliances and equipment were the most widely held assets, while deposit accounts had the highest financial asset ownership rate.