The country’s gross savings went up by 26.6 percent in 2022 to P4.90 trillion, the Philippine Statistics Authority said Thursday.
Gross savings represent the difference between disposable income and consumption and replace gross domestic savings, a concept used by the World Bank and included in World Development Indicators editions before 2006.
The PSA said in a statement that in terms of the institutional sectors, non-financial corporations had the highest gross saving with P4.16 trillion. This was followed by financial corporations with P1.54 trillion.
Meanwhile, the general government and households including non-profit institutions serving households recorded a dissaving of -P0.009 trillion and -P0.79 trillion, respectively, in the same period.
Dissavings refer to the excess amount spent in a given period.
Among the factors of production, gross operating surplus recorded the highest share of 55.8 percent in 2022, followed by compensation of employees at 36.4 percent and taxes less subsidies on production and imports at 7.8 percent.
The country’s gross national disposable income amounted to P24.93 trillion in 2022, 15.9 percent higher than in 2021.
Disposable income is the income remaining after deduction of taxes and other mandatory charges.
This report came from the consolidated accounts and income and outlay accounts compiled by PSA annually, which are at current prices.
The consolidated accounts present a summary of transactions and relationships among the various flows of the economy. Included in this report are production, consumption, income, gross accumulation, and economic transactions with the rest of the world.