In a recent survey conducted by the Bangko Sentral ng Pilipinas (BSP), food and beverages consumed at home were found to be the largest expenditure for Filipino households, comprising 55.4 percent of their total spending in 2021. This aligns with consistent findings from previous surveys, highlighting food as the predominant household expense.
The survey, which gathered data from 16,212 households across the nation, also revealed a significant portion of household budgets allocated to non-food items. Housing and utilities represented 10.6 percent of expenditures, while transportation followed closely at 7.2 percent. These figures underscore the critical role of government price management in ensuring affordability for essential goods and services.
Meanwhile, non-essential items such as miscellaneous expenses, alcoholic beverages, tobacco, narcotics, and recreation and culture made up 8.6 percent of total expenditures. Within this category, miscellaneous expenses, including personal care, celebrations, and gifts, claimed the largest share at 4.8 percent.
The data also highlighted the country’s relatively young and healthy population, with most households consisting of four members. Nearly half of these members were under the age of 28, with a significant portion either currently studying or having completed at least high school education. With 92 percent of household members reporting good self-assessed health, there is an emerging opportunity to invest in education and healthcare to capitalize on this demographic dividend and fuel economic growth.
The BSP’s Consumer Finance Survey (CFS) provides invaluable insights into the financial condition of Filipino households, complementing other government data on income, expenditure, and poverty levels. This survey is an essential tool for understanding spending patterns, which are crucial for shaping policies to improve the well-being of Filipino families.
