The country’s gross savings recovered substantially in 2023, exceeding pre-pandemic levels and providing a good sign for future growth in capital investments.
The Philippine Statistics Authority reported Thursday gross savings surged to a record P6.60 trillion last year, a 35 percent growth from P4.89 trillion in 2022 and exceeding the P6.15 trillion recorded in 2019.
The PSA said a breakdown of the data showed non-financial corporations accounted for the bulk of the gross savings at P4.52 trillion while financial corporations contributed P1.71 trillion.
Households, including non-profit institutions serving households, and the general government also contributed P219.41 billion and P152.26 billion, respectively, to gross savings, the PSA added.
Gross national disposable income reached P28.67 trillion in 2023, reflecting a robust growth rate of 15.0 percent compared to the previous year. Among the factors of production, gross operating surplus had a share of 57 percent, compensation of employees at 36 percent, and taxes less subsidies on production and on imports at 7 percent.
PSA said the numbers derived from the consolidated accounts and income and outlay accounts that are compiled every year. It added that these accounts provide a comprehensive overview of economic flows, including production, consumption, income, gross accumulation, and international economic transactions.
The data is valued at current prices and compiled for four key institutional sectors: non-financial corporations, financial corporations, general government, and households including non-profit institutions.
The release of the 2023 CAIO report aligns with the Overall Revision and Rebasing of the Philippine System of National Accounts conducted in 2020, ensuring consistency and accuracy in economic reporting.
