NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, October 22, 2015

A World Bank survey, whose results were announced on Wednesday, October 21, showed that 23 million adult acknowledge that their households run out of money for food and other necessary items either “sometimes” (29%) or “regularly” (26%).

The survey, entitled "Enhancing Financial Capability and Inclusion in the Philippines – A Demand-side Assessment," showed that among those earning more than P50,000 ($1,076) a month, 23% said that they run short of money for basic necessities.

It also showed that 6 of 10 Filipinos or 59% said they plan how they spend the money they earn or receive.

Results further revealed that 57% of those who plan or budget their expenses said they have money left after paying for basic expenditures, compared to 42% of those who do not plan their spending.