CEBU, Philippines - A local study has revealed that the Philippines has an estimated P21 billion worth of “untapped wealth” in unused items in households that can still be sold.
The study, conducted by global research firm TNS with buy and sell site OLX Philippines, has noted that major cities in the country have a cumulative total of P21.24 billion as value of secondhand material things that are still saleable to the public.
The breakdown of the monetary value of the unused items surveyed has showed that electronics account more than half of the total value (48.74 percent) with P10.36 billion. Automotive items, which cover 21.24 percent, are second with P4.5 billion.
Fashion items take 14.29 percent with the value of P3.4 billion. Other items include home appliances whose value could reach to P1.96 billion secondhand collectibles are worth P1.38 billion.
The study was done to estimate the cash value of unused items in working condition in Filipino households.
The survey's respondents were asked to list down their pre-loved items that they were not using already.
RJ David, co-founder and CEO of OLX Philippines, stressed this can be considered as untapped wealth being generated from average of three to six months.
"So imagine, Filipinos are generating P21.24 billion from these items," he said during the media briefing in Cebu yesterday. "There is just a huge untapped wealth."
David emphasized that Filipinos must realize the great value and advantage of earning money through trading things that some people may consider as useless already.
"Ang message talaga dito is magbawas ng kalat sa bahay para guminhawa ang buhay," he said.
The CEO said the people can actually augment their income and improve their lives by just taking the opportunity to earn from online trading which, he added, has now become convenient with the help of technology. — (FREEMAN)