Philippines gross savings up 17% to P7.7 trillion in 2024
MANILA, Philippines — Total gross savings of the country continued to rise last year, increasing by 17 percent from the previous year, according to the Philippine Statistics Authority (PSA).
Data released by the PSA yesterday showed that total gross savings of the country amounted to P7.7 trillion in 2024 from P6.60 trillion in 2023.
In 2022, the country’s total gross savings only reached P4.89 trillion.
Gross savings cover income used for consumption or investment minus expenditures.
“All four institutional sectors registered savings in 2024,” the PSA said.
It said non-financial corporations had the highest gross savings amounting to P4.96 trillion last year, followed by financial corporations with P1.98 trillion.
Households including non-profit institutions serving households placed third with P393.31 billion worth of savings.
General government came in next with savings amounting to P364.98 billion.
The country’s gross national disposable income reached P31.68 trillion last year, up by 10.5 percent from P28.67 trillion in 2023.
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