Food, power, gas-A A +A
Tuesday, July 31, 2012
IT SEEMS that most of the earnings of Filipinos are spent on consumer products. In essence, it means that the Philippine economy revolves around consumerism. The Bangko Sentral ng Pilipinas (BSP) is said to have advised that Filipinos who desire to be entrepreneurs “may find opportunities in the home appliance, motor vehicles and food and beverage sectors as these are the top items Filipinos spend most of their money on.”
In 2009, the BSP conducted the First Consumer Financial Survey (CFS), and came up with the conclusion that the Philippines is a “consumer-spending driven economy.” Its conclusion was anchored on the CFS results that pointed out that the Filipino household gave a high priority for food and beverage.
Some 38.5 percent of a family’s budget is spent on them inside the home, while only 10.7 percent and 7.2 percent were set aside for transportation and communication, and utilities respectively. As to the food and beverage consumed outside the home, some 6.7 percent of the household budget is spent, “compared to education, 5.5 percent and medicine and medical services at 5.5 percent.”
It is quite well-known in the rural areas that during annual religious festivities in the towns and villages, the enterprises that attract the most entrepreneurs are the food sector. Wherever the dances, the stage entertainments, and comedy shows are put up, there would also be the mock-up food stores and retail grocery stands.
The CFS predicted that the country’s good and beverage industry would grow by about five to ten percent this year, “driven by the demand for health foods and beverages.
The CFS surveyed 10,520 households, 36.8 of whom were reportedly from the National Capitol Region and 63.2 percent came from Regions 1, 7 and 11.
“Wages and salaries are the main sources of household income.” What is quite an interesting revelation is the fact one out of every four households owns a motor vehicle. Additionally, the revelation also tells us why power has become also a very desired commodity in our rural sector, on top of the fact that loans for the purchase motorcycles has become rather popular among the rural folks.
More than half f the households surveyed or “54.9 percent of Filipinos owned motorcycle.” Motorcycles are ideal to maneuver in traffic and are easy to maintain,” according to Ma. Cyd Tuano-Amador, BSP assistant governor. Also, 87.1 percent of our households own appliances.
With six different types of appliances—television sets, electric fan, cell phone/telephone, VCD/DVD player, gas stove, and refrigerator—we have now an idea why food, power, and gasoline have, in a sense, become the focus of our lives in the countryside.
Published in the Sun.Star Cebu newspaper on August 01, 2012.