Most Filipino families don’t put money in the bank. The principal – and obvious – reason is that they don’t have anything to put there. For those who do, they prefer to keep their money in “shadow banking” entities such as savings and loan associations and the paluwagan, a Filipino tradition of pooling funds in neighborhoods and offices, with members taking turns in receiving money. The Bangko Sentral ng Pilinas’ first Consumer Finance Survey showed that 78.5% of total households surveyed had no money in the bank.
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