International Journal of Management and Applied Science (IJMAS)
current issues
Volume-4,Issue-10  ( Oct, 2018 )
Past issues
  1. Volume-4,Issue-10  ( Oct, 2018 )
  2. Volume-4,Issue-9  ( Sep, 2018 )
  3. Volume-4,Issue-8  ( Aug, 2018 )
  4. Volume-4,Issue-7  ( Jul, 2018 )
  5. Volume-4,Issue-6  ( Jun, 2018 )
  6. Volume-4,Issue-5  ( May, 2018 )
  7. Volume-4,Issue-4  ( Apr, 2018 )
  8. Volume-4,Issue-3  ( Mar, 2018 )
  9. Volume-4,Issue-2  ( Feb, 2018 )
  10. Volume-4,Issue-1  ( Jan, 2018 )

Statistics report
Jan. 2019
Submitted Papers : 80
Accepted Papers : 10
Rejected Papers : 70
Acc. Perc : 12%
Issue Published : 56
Paper Published : 3637
No. of Authors : 7479
  Journal Paper




Paper Title :
Running Low: Understanding the Role of Culture in the Dismal Savings Rate of Filipinos

Author :James Patrick Alonzo

Article Citation :James Patrick Alonzo , (2018 ) " Running Low: Understanding the Role of Culture in the Dismal Savings Rate of Filipinos " , International Journal of Management and Applied Science (IJMAS) , pp. 42-48, Volume-4,Issue-9

Abstract : One key measure of a country’s development is savings rate as this is a major source of productive investments in the future. Sadly, the Philippines lags behind in this front, especially if compared to its Southeast Asian peers. In 2005, the Philippines’ gross domestic savings, as a percentage of gross domestic product , was 15.9%, compared to Indonesia’s 27.5%, Thailand’s 29.5%, Malaysia’s 44.3% and Singapore’s 49.4%. The Philippine economy has boomed for the past decade with a thriving business process outsourcing industry and increased dollar remittances of Overseas Filipino Workers. However, the Philippines’ savings rate surprisingly dipped further. Much of the current literature emphasizes on a highly economic approach to boost savings – just increase income levels and roll-out financial literacy campaigns. Conversely, this paper argues that more than the level of income and financial literacy, cultural ideologies such as “Bahala na” (leave it to God) play a primordial role on Filipinos’ dismally low savings rate. This research proposes that economic interventions can only be effective if it makes cultural reorientation an integral component. In conclusion, this paper sheds light on the rarely acknowledged influence of culture on a developing country’s savings behavior. Index Terms - Culture, Financial Literacy, Public Administration, Savings Rate

Type : Research paper

Indexed : Google Scholar


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