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Consumer Finance Survey by Bangko Sentral ng Pilipinas

Consumer Finance Survey by Bangko Sentral ng Pilipinas

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Published by Janette Toral
The Bangko Sentral ng Pilipinas has released the results of 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).

Info from press release at
http://www.bsp.gov.ph/publications/media.asp?id=2854
The Bangko Sentral ng Pilipinas has released the results of 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).

Info from press release at
http://www.bsp.gov.ph/publications/media.asp?id=2854

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Published by: Janette Toral on Apr 24, 2012
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08/31/2013

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Consumer Finance Survey
A survey conducted by the
Department of Economic Statistics
 
Bangko Sentral ng Pilipinas
Manila, Philippineswww.bsp.gov.ph
TABLE OF CONTENTSI.
 
About the Survey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2II.
 
Key Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4A.
 
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46612131720222223242728293031III.
 
Policy Implications and Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32IV.
 
Statistical Tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35A.
 
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36383841424750525354545961616667
 
 
Consumer Finance Survey
2009
 
A survey conducted by the
Department of Economic Statistics
 
Bangko Sentral ng Pilipinas
Manila, Philippineswww.bsp.gov.ph
Page 2
I. About the Survey
Recognizing the growing importance of generating micro data on consumer finances, the BangkoSentral ng Pilipinas launched the first Consumer Finance Survey (CFS) in the Philippines. The CFSgenerates 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 FederalReserve Board served as the prototype of the Philippines’ CFS, and guidance for the project wasprovided 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 tworeasons: 1) the Gross Regional Domestic Product (GRDP) of these regions lie in-between the highest andlowest 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 datacollection. The selection of sample households in each of the four sample regions followed the samplingdesign 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 EnumerationAreas(EA)/Barangays. A random sample of EAs were drawn in each region with probability proportionalto the size (i.e., total number of households) of the EA. In the second sampling stage, a random sampleof 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 ismost 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 onthe household’s finances based on the questions in the CFS questionnaire. At anytime during theinterview, the survey respondent could consult any person or document that could help him answermore accurately the questions being asked by the interviewer.Preparatory work in the development of the CFS questionnaire involved a series of inter-agencyworkshops to identify the survey coverage and the data to be measured. The workshops enlistedparticipants 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 marketresearch agencies; 2) government statistical agencies; and 3) some departments/offices in the BSP, suchas the Department of Economic Statistics (DES), Department of Economic Research (DER), Center forMonetary and Financial Policy (CMFP) and Office of the Supervisory Policy Development (OSPD). A pilottest of the questionnaire was conducted in NCR, La Union and Davao City by the Asia-Pacific PolicyCenter (APPC) and the Ateneo de Manila University-Economic Policy Reform and Advocacy among 400households randomly selected from the NSO Master Sample. The CFS questionnaire was written inEnglish with translations in Filipino and Visayan dialect. Said questionnaires were subjected to furtherpretest 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 researchagency based in the Philippines which provides consulting services in market research and household surveys.
 
 
Consumer Finance Survey
2009
 
A survey conducted by the
Department of Economic Statistics
 
Bangko Sentral ng Pilipinas
Manila, Philippineswww.bsp.gov.ph
Page 3The CFS generally followed the NSO’s definition of household membership.
2
Data on demographiccharacteristics of sample households covered all the members of the household. For assets andliabilities 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/orthe spouse. Finances of other members of the household such as those of hired help, boarders, andfinancially 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 householdwas 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. Toencourage participation in the survey, a letter signed by the BSP Governor was sent to each of thesample households, informing them of the CFS and its objectives, inviting them to participate in the CFSand assuring them of the confidentiality of their responses. The data collection was conducted startingNovember 2009 until end-January 2010, from Monday to Sunday, 8:00 am - 6:00 pm. In case targetrespondents were not around, enumerators extended the survey operations until 8:00 pm. The surveyhad a total of 9,402 respondents with an overall response rate of 89.4 percent. Details of response ratesare as follows:
Table 1.
 
Sample Households and Response Rates by Area
 
Philippines NCR AONCRNumber Percentage Number Percentage Number PercentageSample Households 10,520 100.0 3,872 36.8 6,648 63.2Respondent 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 dataentry. This, in turn, largely reduced human encoding errors and provided more time for editing encodeddata. 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 samehousing unit and have a common arrangement in the preparation and consumption of food. Meanwhile, indetermining household membership, a basic criterion is the usual place of residence or the place where theperson usually resides. This may be the same or different from the place where he is found at the time of thecensus.
3
A household member is considered to be financially independent if he/she provides/pays for his/her expenses inat least two of the three major expense categories: rent, food, and other living expenses.

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