Displaying all posts for Economy

11 million RP households do not have bank accounts

About two-thirds of Philippine households do not have a bank account, according to Bangko Sentral ng Pilipinas Gov. Amando M. Tetangco Jr., saying this translates to an estimated 11 million households that remain untapped by the banking system.

Filipino communities turn trash into cash

By Ana Puod – Days after the New Year’s Eve revelry dies down, expect colorful lanterns or wreaths to remain hanging on the windows of many Filipino homes—part of a tradition in this Southeast Asian country known to have the longest Yuletide celebration in the world.

'Remittance-driven economy may be over soon'

By Karen Flores – Money sent home by overseas Filipino workers (OFWs) may no longer be one of the country’s main growth drivers in the next decade, according to the top official of government-owned Development Bank of the Philippines (DBP).

Pinoys need half-a-million pesos to stay in middle class

By Darwin G. Amojelar A FILIPINO household has to earn close to half a million pesos this year to remain in the middleclass, according to the National Statistical Coordinating Board (NSCB).Romulo Virola, NSCB secretary-general, said the country’s middle class is likely to have shrunk in light of the global financial Read more »

Pinoy remittances up 3%

Dollar remittances from overseas Filipinos grew by a mere 2.7 per cent in the first quarter of the year amid the global financial crisis, the government said Friday. The growth rate was down from 24 per cent in the same January-March period in 2008, the central bank said. Read more »

Pinoys saving more, spending less on clothes, vacation—survey

By Judith Balea – As economic uncertainties raise concerns about job security, more Filipinos are opting to fatten their bank accounts or fill up their savings jars with any spare cash they have, a recent survey found.