The country’s total gross savings declined in 2021 by 12.4 percent, according to the latest report from the Philippine Statistics Authority (PSA).
The PSA yesterday reported that the total savings last year was reduced to P3.88 trillion from 2020’s P4.43 trillion.
In terms of the institutional sectors, the PSA said non-financial corporations recorded the highest gross savings with P3.54 trillion. This was followed by financial corporations with P1.46 trillion.
Meanwhile, general government and households including non-profit institutions serving households recorded a dissaving, or when expenditures exceed income, of -P0.49 trillion and -P0.62 trillion during the same period.
Among the factors of production, gross operating surplus still has the highest share of 55.7 percent in 2021. This was followed by compensation of employees at 36.7 percent and taxes less subsidies on production and imports at 7.6 percent.
In 2021, the country’s gross national disposable income was valued at P21.51 trillion, registering a growth of 4.2 percent from the previous year.
This report came from the consolidated accounts and income and outlay accounts compiled by the PSA annually which are at current prices.
The consolidated accounts present a summary of transactions and relationships among the various flows of the economy. – Angela Celis
