The Philippine Statistics Authority (PSA) granted clearance for the conduct of the 2021 Consumer Finance Survey (CFS) by the Bangko Sentral ng Pilipinas (BSP) to be conducted by the RLR Research and Analysis, Inc. The CFS is a household-based survey which is conducted every three years.

The data generated from the survey is intended to provide decision makers and other stakeholders with supplemental indicators for short-term planning, risk management, and surveillance activities. It will also provide comprehensive information on household finances that will allow policymakers to investigate further financial stability concerns as well as the state of financial inclusion in the country, and other indicators of aggregate demand that will serve as useful inputs in the formulation of monetary policy.

The major data items to be collected from this undertaking are as follows:

1. Demographic characteristics;

2. Household assets and liabilities;

3. Information on work and business activities, income, savings, and expenditures of households; and

4. Financial attitude, preferences, and behaviors of the households.

The following are some of the key findings on the 2018 CFS:

1. Majority (73.7%) of Filipino households sourced their income for employment or a salaried job in either the public or private sector.

2. Food consumption accounted for the largest share in the total household expenditure (72.1%).

3. The top sources of household loans were Pag-IBIG Fund and National Housing Authority for housing loans, in-house financing for vehicle loans, and financing companies/institutions for business and other consumer loans.

Details of the 2018 CFS can be accessed at https://www.bsp.gov.ph/Media_And_Research/Consumer%20Finance%20Survey/CFS_2018.pdf

The survey will collect information from the 18,000 households in the National Capital Region (NCR) and other regions in Luzon, as well as in  Visayas and Mindanao utilizing a total budget of PhP 49.97 million. The data collection will run from 4th week of March 2022 to 3rd week of September 2022. Results of the survey are expected to be released in the 1st semester of 2024.

This survey was reviewed and cleared for conduct under the Statistical Survey Review and Clearance System (SSRCS), a mechanism being implemented by the PSA by virtue of Rule 28 of Implementing Rules and Regulations (IRR) of Republic Act No. 10625 to:

1. ensure sound design for data collection;

2. minimize the burden placed upon respondents;

3. effect economy in statistical data collection;

4. eliminate unnecessary duplication of statistical data collection efforts; and

5. achieve better coordination of government statistical activities.

In line with this, the PSA enjoins the selected households nationwide to support and participate in the conduct of 2021 CFS by providing the required information.

For further information on SSRCS, please contact the Statistical Standards Division of the Standards Service with telephone numbers (02) 8376-1928 and (02) 8376-1931, and email addresses ssd.staff@psa.gov.ph or ssdss.staff@gmail.com.

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