Higher domestic saving was driven by the Non-Financial Corporations (NFCs), the General Government (GG), and Financial Corporations (FCs), while the Households’ (HHs’) saving slightly declined in 2022.
By sector, drivers of saving in 2022 were as follows:
- NFC – continued productivity and profitability of wholesale and retail trade; transportation and storage; and construction industries.4,5
- GG – higher tax revenues collected by the National Government (NG) and local government units (LGUs) and increased contributions from members of social security funds (SSFs).6,7,8
- FC – higher bank interest income on loans and intermediation fees on deposits.9,10,11
Meanwhile, the decline in HHs’ saving was due to higher household consumption expenditures.
Higher domestic saving was driven by the GG, NFCs, and HHs, while the FCs’ saving slightly declined in 2023.
By sector, drivers of saving in 2023 were as follows:
- NFC – continued productivity and profitability of wholesale and retail trade; transportation and storage; and construction industries.
- HH – post-pandemic labor market recovery and higher Overseas Filipino remittances.12
- GG – higher tax revenues collected by the NG and increased contributions from members of SSFs.13
Meanwhile, the decline in FCs’ saving was due to higher domestic interest expenses and dividend payments of the Central Bank (CB).
4 The wholesale and retail trade industry includes the repair of motor vehicles and motorcycles.
5 Sources: NAP as of April 2025, PSA; BusinessWorld Top 1000 Corporations in the Philippines; and Construction Statistics from Approved Building Permits, PSA
6 In the Philippines, the General Government (GG) sector comprises the central government (CG), local government units (LGUs), and social security funds (SSFs). The CG consists of the National Government (i.e., budgetary units) and extrabudgetary units (i.e., the Philippine National Railways and the National Irrigation Administration). Meanwhile, the SSFs include the Government Service and Insurance System (GSIS), Social Security System (SSS), and the Philippine Health Insurance Corporation (PhilHealth).
7 Tax collections, which accounted for almost 90% of the NG’s total revenues in 2023, reached ₱3.4 trillion in 2023 from ₱3.2 trillion in 2022. Source: Annual Financial Report of the NG, Commission on Audit (COA)
8 Source: Annual Audit Reports of the GSIS, SSS, and PhilHealth
9 The FC sector consists of all resident corporations, including quasi-corporations, that are principally engaged in providing financial services, including insurance and pension services, to other institutional units. This is composed of the following resident institutional units: the Central Bank, the other depository corporations (ODCs), and the other financial corporations (OFC).
10 The ODCs sub-sector is composed of universal/commercial banks, thrift banks, rural and cooperative banks, non-banks with quasi-banking functions, non-stock savings and loan associations, money market funds (MMFs), and offshore banking units.
11 The OFCs sub-sector include trust entities, private and public insurance companies, pre-need companies, holding companies, government financial institutions (specifically government corporations engaged in financial intermediation), non-MMFs covering unit investment trust funds and investment companies, and other financial intermediaries and auxiliaries (consisting of non-banks without quasi-banking functions).
12 Sources: Labor Force Survey (2023), PSA; Overseas Filipinos’ Remittances (2023), BSP
13 Source: Annual Audit Report of the GSIS, SSS, and PhilHealth