The country’s total gross savings surged by 35 percent in 2023, returning to the pre-pandemic level of above P6 trillion.
According to the Philippine Statistics Authority (PSA), the Philippines’ gross savings amounted to P6.6 trillion last year, significantly higher than the previous year’s level of P4.89 trillion.
It also surpassed the pre-pandemic 2019 gross savings level of P6.15 trillion.
Gross savings refer to gross disposable income minus final consumption expenditure.
According to the PSA, after three years of posting negative levels of saving, households including non-profit institutions serving households and the general government registered savings of P219.41 billion and P152.26 billion, respectively.
Non-financial corporations comprised the highest gross saving with P4.52 trillion, followed by financial corporations with P1.71 trillion.
Meanwhile, in 2023, the country’s gross national disposable income was valued at P28.67 trillion, registering a growth of 15 percent.
