AROUND 86 percent of the people living in Davao Region do not own a savings bank account according to the 2014 Consumer Finance Survey Results Friday, February 17, at Bangko Sentral ng Pilipinas (BSP).
According to the survey, Dabawenyos are saying that they do not have enough money to keep a bank account in the first place while others say they don’t see the need to have an account. Others say they are located far from the nearest banking institution while some also say they do not trust keeping their hard-earned money in banks anymore.
Only 14.2 percent in Davao Region said they have deposit accounts. Around 40 percent store their savings in commercial banks, while almost 20 percent keep their money in multipurpose and credit cooperatives, followed by rural/cooperative banks at 13.8 percent.
Survey also shows that the main sources of household income for the region are wages and salaries at 51.2 percent. This is followed by financial assistance from family members abroad at 10.3 percent. The survey revealed that about one in ten households in the region receive financial assistance from abroad.
Almost 10 percent said they get their income from businesses including self-employment and agricultural harvests.
About one in ten households, or 9.2 percent, of the respondents own a business or farm in Davao Region. This is half of the Philippine average at 18.1 percent.
BSP recommends that with the survey results, financial education campaigns will be intensified and financial education will be institutionalized in the country’s school system to teach younger adults how to properly save their money.