The country's total savings in 2020 was reduced to Php 4.43 trillion

Reference No.: 2021-253
Release Date: 29 June 2021

In 2020, the country’s total Gross Saving reached PhP 4.43 trillion, recording a decline of -27.9 percent from the previous year. In terms of the institutional sectors, Non-financial corporations comprised the highest gross saving with PhP 3.80 trillion. This was followed by Financial corporations with PhP 1.43 trillion and Households including Non-profit Institutions Serving Households (NPISHs) with PhP 0.21 trillion. Meanwhile, General government recorded a dissaving of PhP 1.01 trillion during the same period.

Among the factors of production, Gross operating surplus remained to record the highest contribution of 58.4 percent in 2020. This was followed by Compensation of employees at 34.9 percent, and Taxes less subsidies on production and imports at 6.7 percent.

In the same year, the country’s Gross National Disposable Income was valued at PhP 20.65 trillion, registering a -9.7 percent contraction from the previous year.

This report came from the Consolidated Accounts and Income and Outlay Accounts compiled by the Philippine Statistics Authority (PSA) annually, which are both at current prices. The Consolidated Accounts present a summary of transactions and relationships among the various flows of the economy at current prices. Included in this report are production, consumption, income, gross accumulation, and economic transactions with the rest of the world. On the other hand, the Income and Outlay Accounts are compiled for the four institutional sectors, namely, non-financial corporations, financial corporations, general government, and households including NPISHs.

Following the overall revision and rebasing of the National Accounts of the Philippines in 2020, the Consolidated Accounts and Income and Outlay Accounts also underwent the same exercise. This is to ensure consistency as well as to capture the changes in the economic landscape, and to utilize updated, additional, and comprehensive data in its compilation.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

See more at the Consolidated Accounts and Income and Outlay Accounts page.

 

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