86% of PH...
vehicles are the most common types of assets owned. Other types of assets were motor vehicles, retirement insurance, deposit accounts and other real property apart from their residence such as land, house and lot, and farm and precious objects. A very small percentage of households owned securities and investment products such as stocks, bonds, mutual funds and unit investment trust funds, according to the BSP.
Household liabilities are in the form of consumer and real property loans, the report added. About two percent of households have credit cards.
“Aside from housing and real estate, motor vehicle, and credit card loans, 15.2 percent of households availed themselves of loans such as personal, salary, multipurpose, and business loans,” said the BSP.
“These were used primarily for business start-ups and expansion, educational expenses, debt payments, medical, and house improvement expenses.”
The BSP said the current CFS showed a significant increase in the country’s labor force in 10 years and reconfirmed the young population. The average age of household members are 5 to 14 years old (21.5 percent) and 15-24 years old (20.2 percent).
“These figures indicated that a significant increase in the country’s labor force could be expected considering that a much bigger number of young people will enter the labor force every year compared to the number of older people who leave the labor force working age group,” said the BSP.